The daily morning journal and courier., 1896-11-05
BIG BOOM IN STOCKS.

New York, Nov, 4,-The opening of the stock market was awaited with i'm mense interest to-day. That there was to be a great advance was assured, to those who needed ocular demonstra- tion, by the appearance of the early London quotations showing advances over the closing figures here on Mon day of from 1 to points and of from ? to over London's prices yesterday. Another broad hint was the early post ing of sterling exchange rates at 1 full cent below the last figures, The New York houses which kept their offices open last night for trading in London before the opening here were said to have taken between S0,000 and 10000 shares in the foreign market. Brokers said that before the local opening they had refused many orders which they could not attend to. It was estimated that orders were sent to London last night aggregating 250,00O shares, Many of these were limited as to price, of course, so the business actually done cannot be estimated.
 All the houses with telegraph con, nections south and west were flooded with buying orders, Chicago and Washington both taking large blocks of both railroad stocks and the indus trials. The western buying was most noticeable in Chicago Gas, which is eX- pected to have an era of peace now that Altgeld and his associates have come to the end of their power and the har- assing litigation so long used to annoy iy,t tI, business is at last ended.
 When the gong sounded at 10 o'clock the rush to buy was instantly turned into mad scramble that produced such records on the tape as these: Su- gar (which closed on Monday at 11SA), opening sales, 1,500, from 125 to 121; Chicago Gas (closed at 72A) 1000, from 75A to 7412; Burlington (closed at 77%), 4,500, S0@S11a; St. Paul (closed at 76), 10000, from 80 to 7S1a; Tennessee Coal and Iron (closed at 271s), 5000, at 32
 A feature of the situation was the sensational drop of nearly cents an ounce in the price of silver bullion. This was naturally ascribed to the overwhelming defeat of the free coin- age scheme and more technically to the
 
 theory Of a possible victory for Bryan and free coinage The drop in silver was, however, almost ignored in view of the excitement elsewhere. Besides, though a serious matter from an eco homie point of view, the word and the subject are tiresome to Wall street. Naturally also, now that the country has declared for the maintenance of the gold standard, the demand for that metal ceased and the premium disap- peared.
 The throng of spectators in the gal lery of the stock exchange was one of the densest in the history of the insti- tuition, The crowd began to arrive at the opening of the doors at g o'clock, and by 10 o'clock the gallery was ore solid mass of humanity packed six to eight deep. Those in the rear ranks of course, could see nothing of the scene on the floor, but they heard the wild roar arising from hundreds oi brokers throats as the orders were shouted. At a conservative estimate 1,500 persons were in the gallery, while scores of late corners were unable to gain admittance
 The bond department shared in the strength of the stocks, large purchases being made ae advancing figures. The feature was the cancellatio of many large selling orders for foreign ac- count and a decided change in the at titude of foreigners to speculative is- sues.
 Wall street, and by that term the t,<1o rg4 +, ;aI was one wild scene of jubilation this morning, and with the exception of the transactions on the stock exchange but little business was done. Every one was too busy congratulating his neigh bor to think of settling down to busi- ness. Bank presidents called on each other and exchanged congratulations their customers called on them and kept up the congratulating, and it was one continuous round of thanksgivine all day long.
 That the victory for honesty and hon. est money exceeded the widest antici- pations of the most sanguine, particu- larly in respect to the next congress was freely admitted, by all. Bankers especially, as the men most vilified in | the campaign by the anarchists and free coinage cranks generally, had the most cause for profound thankfulness J. Edward Simmons, president of the New York Clearing House association expressed the views of all the member of the association in the following statement to reporter for the Even ing Post:
 "The triumphal success of Mckinley and Hobart relieves the business com munity of a tension that has been most severe, and gives assurance to all of the maintenance of our government on the basis of law and order and the pay ment of all it's obligations in the best money of the world. This is triumph not of party, but of principles; and every good citizen should congratulate himself upon victory which can only be most beneficial to all. I believe that the triumph of sound money the repu- diation of a financial heresy and of an archistic doctrines will be of lasting benefit to the country. It puts the stamp of popular disapproval upon the disreputable attempt of the Bryan fac ton to stir up class and sectional feel ing. The sound money democrats have proved themselves to be patriots in this great crisis in our countrys history; and the result shows that they have disregarded all party alliances and have given loyal support to McKin- ]