The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-11-06
BANKS ARE TAKING ,
BUSINESS PAPER
No Longer Difficult for Merchants to
Negotiate Notes.
MUCH BETTER FEELING PREVAILS
Plenty of Money ON Call Loans mt
Five Per Cent. aud ON Time at Six.
stocks React aud Then Rally.
Manhattan Breaks Three Points
and Is the Feature Of the List.

New York, Nov. 5-Wall Street has
settled down into placid state, anu
business today was conducted III d
quiet work day order The crowds OF
people which have been in attenuance
at the Stock Exchange for week were
absent today. as We're also the decOra =
tions which ever since Friday or last
week have adorned the interior OF the
Exchange.
The eXultant shouts of the brokers,
proclaiming the victory of sound money
were also hushed, and everybody Went
about doing business just as II mere
had been no such thing as sharp ana
decisive battle at the polls only TWO
days ago.
The London market for American Sc
h curities was also much more quiet, ana
while a generally bullish sentiment pre-
vailed the movements OF prices were
rather irregular. the advices received
from the United States in relation TO
the political situation having been
somewhat conflicting.
Nevertheless, London operators ala
not sell any stocks in this market. pn
the contrary, arbitrage dealers here re-
ceived small purchasing orders IRON
the other side, thus Indicating that the
underlying sentiment abroad Is puiiish'
FAVORABLE EFFECT IN LONDON.
IrlNatp auNlCtS from l-DHuoi s'o'NN
the favorable influence of the Ameri-
can election is felt both there and ON
the Continent There Is more confidence
too in a peaceful solution of the East
ern question and British consols again
advanced sharply.
An idea of the feeling existing on the
other side may he cleaned from the
following cable, which Hallgarten n
Co. received today from their special
a n 1la1 1tFnt ~ Tan l.
rope:
"As never doubted. American civic
virtue trfumphed. A new era of pros
peritly has begun"
Notwithstanding the cheerful 1eeilhS
abroad the tendency of the market on
the resumption of business today was
reactonary. Stocks of all description
ran off beneath the closing figures OF
Yesterday, but the bears We're not at
all aggressive and the selling was
chiefly i'm the interest of the bulls VINO
were satisfied with the profits which
they had made on the recent advance.
The Decline which was general, eX-
tended uD to 3 points in Manhattan,
which sold at 80. Sugar fell off "a
points to 119h, and all the other prom
inent stocks reccded 1G11a points, but
around midday there was general
rally from the low prices.
The money market again ruled eX-
tremely easy, and this fact served to
strengthen the market after the initial
decline. Opening loans on call in the
Stock Exchange We're made at per
cent. and one transaction of S3OOOOO
was recorded at that figure. thus show
ing the plentiful supply of funds Of
fering, now that the maintenance or
the gold standard has been positively
assured.
COMMERCIAL PAPER BETTER
TOO.
The Improvement In monetary condi-
tons is not confined to the call loan de-
partment, but has extended to all other
branches as well. Time money, which
for several weeks prior to election was
almost nominal, owing to the indispo-
sition of lenders to let their money out
of their control for more than twenty
four hours at a time, was more active,
and per cent. for all periods was the
rate quoted, whereas heretofore the
very best figure obtainable on prime
stock exchange collateral has been
per cent.
Besides. the market for commercial
paper has undergone quite change
for the better There has been prac-
tically nothing doing in this branch of
the money market for long time past,
as manufacturers and merchants have
not required extensive accommodations
while the banks have refused to pur-
chase paper Of any kind. Today. how
ever, makers of paper were in the mar
ket more extensively and the banks
We're eagerly absorbing all the good
names rendered, thus indicating a far
more healthy condition of affairs in the
mercantile situation.
There We're several other matters
which told of the revival of confidence
and the broadening aspect of general
business. potent among which was
more active demand for sterling ex-
change from uptown importers. The
increased inquiry from that quarter,
coupled with the decidedly easier con-
dton of the money market, gave the
foreign exchange market a firmer as
well as more active appearance, and
actual selling quotations early in the
day were fully one-quarter higher to
the pound sterling than at the close yes
fpr1ay