The herald., 1896-11-05
ON CHANGE
Business Transacted and Prices Faid at
Home and Abroad

NEW YORK, Nov. 4.-The first post cleo
tion trading on the stock exchange this
morning was strong in tone and buoyant
in character and for the first quarter of
an hour prices rose sharply. The ad-
vances ranged up to per cent, with su-
gar as the leader of the market There
was, however, a feverishness about the
transactions which quickly led to realiz-
ing sales, resulting in reactions of about
1M2i2 per cent. These We're followed by
sharp but only partial recoveries, the deal
inss meanwhile being on an enormous
scale and reaching proportions that have
not been witnessed for long time past
There was good buying on orders from ou.
of town, which WIS stimulated by the re-
celpt of cable advices reporting higher
prices for American securities on the Lon
don stock exchange. Foreign buying or
ders were executed in fairly large volume
and materially assisted in the upward
movement. There was. however, large
selling for the account operators. who de-
sired to take advantage OF the. rise which
was expected TO occur in the initial deal
lngs. opinions differing as to the stabil-y
of the advance. The hour preceding noon
was marked by fairly steady toue on a
moderate business. which, brought the
market to about its normal condition. APP
preaching midday the market was again
on the upward turn and the specialties at
ta!ned consderable prominence by rea-
the low priced shares, also excited inter
est ana comment, and in some instances
the best prices of the day We're attained
Rock island. The trading in the afternoon
session was characterized by considerable
nervousness and diminished volume OF
tributed than in the forenoon The news
developments bearing upon the tributary
markets We're various and extremely in
teresting and in sharp contrast to recently
ruling conditions. Foreign exchange was
Irregular and to a large extent the, quota
tons were :, nominal Early in the, day
cents and posted figures ! cent below
the final rates on Monday. but later raj
lied slightly. Leading houses We're report
ed undecided as. to the immediate course
of exchange and appeared disincined to
transact much business temporarily. The
premiums on gold that have ruled for q
long time past entirely disappeared. and
people who had withdrawn the gold some
time age, made ineffectual efforts to eX-
offices of the bullion brokers. At the sub
treasury applications were rejected except
subject to delay for examination and in
entire clerical force of the establishment
was taxed to their utmost in counting
heavy accumulations of silver, Finally
savings institutions and some of the banks
that are understood to be short Of cur
at the clearing house temporarily in gold
Money was distinctly easier. Large tram
sactions were made, on call and the rate
was quickly forced down from 10 per cent.
the initial figure, to. and finally to per
cent, closing off at that price. Stringency
in time money also disappeared and' all
borrowers on good collateral were accom-
modated at per cent for all periods from
funds was not pressing. A corelative re-
moval of restrictions in the mercantile
paper market was also noted and the de-
mand for choice paper was i'll excess of
supply. Rates We're lowered to 6M7 per
cent. A fairly good business was reported
at the lower figure. Silver certificates
were conspicuous by a decline of 21a per
cent to 67la in. the. early, dealings. subse-
quently with liberal purchases a rally en-
sued to G4ti. The total transactions were
s12000O. Aside from sugar. which came
first in point of activity and scored the ex-
list, the industrials We're overshadowed in
extent of trading by railway shares. Rail-
way bonds made substantial gains with
the international issues. the last named
the more prominent. The sales aggregated
So 1S0, 900. Government bonds were buoy
ant and moved up 11aM2 per cent. The
transactions footed up S12S.lO0.
Wheat opened with considerable excite
ment attending a 2A cents advance in
prices since Monday night. The sharp
rise was in part due to q bullish sentiment
created by the election results. After
reaching 81. December gradually began 10
mark off until it touched Ss7$, from which
cents at the close. On the advance. how
ever, heavy unloading of long wheat was
a feature. Gables at first stimulated the
bull feeling here by showing an advance of
5b cents since Monday. but later foreign
news from Liverpool was disappointing.
ulation was rather slack. total transac-
tions footing up 5.S35,000 Foreign houses
sold at the opening. Final prices showed
1iaM1ss cents net advance