The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-11-08
ON CHANGE
Business Transacted and Prices Paid at
Home and Abroad

NEW YORK, Nov. 1.-THE volume OF
business today was upon an extraordinary
scale for a half holiday, 800. 900 shares,
record that has not been equaled on any
Saturday since the Venezuelan episode.
Aggressive strength was displayed all
along the line, with broadening tendency
of the market and the east with which
the offers were absorbed. exciting general
interest and comment The buying was
largely by commission houses and the low
priced shares were unusually prominent.
The upward movement halted around 1880
o'clock on the appearance of the bank
reserve Of $2,652, S25. Operators who had
overlooked the fact of the heavy with
drawal from the banks in the early part
of the week were disappointed at the eX-
hibit and sold a few stocks, but the after
ngs were taken without a ripple and the
advance resumed with renewed vigor. In
number of instances the best figures
recorded in the present rise were reached.
The market left off strong at about the
best prices. The stock speculation of the
week was animated and many stirring
phases were presented aggressive strength
and extreme activity marking the deal.
ingS. The pivotal factor in the market was
the change in the general business and
financial outlook and complete abate-
ment of monetary ct stringeneyf Reports
and mercantile operations ON a large scale
and further animated speculation in the
cereal markets encouraged expectation of
impending radical improvements in the
earnings of the railroads and stimulated
enormous purchases of our stocks and
bonds for local and foreign account and
the shorts were scattered in all directions.
The return to normal figures for call and
time monetary accommodation and a con-
sequent revived inquiry for mercantile pa
per caused great encouragement in and
out of Wall street and the furore with
which the stock market opened on We'd
nesday morning was dramatic in point OF
anticipatory interest. In word, the mar
ket movements have not been more violent
at any time since the Venezuelan episode.
On Monday call money had been scarce
81 per cent and time funds We're practically
unobtainablo for short periods, while there
was no market for mercantile paper. Late
and time money was in abundant supply as
low as per cent for all periods, while
prime mercantile paper was readily dis
counted at sol per cent. An interesting
development was the complete disappear
ance of the premium on gold and the anX-
iety of the people who had previously
currency. Prices generally fluctuated vic
lently, the early top lever recording. gains
over the preceding weekc> close of to
10 per cent, the last in sugar, A sharp re-
action in prices occurred on Thursday, on
realizations, partly inspired by unfounded
stock jobbing alarmist reports but the
market steadied later and most of the de-
clines were recovered. Some stocks had
the best prices recorded in the present
movement at the close. The railway bond
market developed aggressive strength on
enormous dealings, with special inquiry
for the bonds of recently re-organized
companies. Government bonds were also
in active demand and advanced materially
on large investment orders.
A feature of the market in the midWeek
dealings was break Of 212 per cent in sill
Yer certificates to 62h The decline was
subsequently recovered The stock mar
ket left off strong at net gains. The aggre,,
gate sales were 20O2,650 shares. The bond
ancy on heavy transactions, including all
varieties of mortgages, foreign houses
purchased large stocks of the leadings is
sues. The total sales We're S14,774OOO. Gov.
eminent bonds were active on revival
of the investment demand. The new fours
rose 31a and other issues 11aM2 per cent.
The sales were $780, 900. Silver certificates
were pressed for sale during the early
part of the week and yielded 3 per cent,
to 621a but rallied later to 65A. The deal
ings amounted to 1912 900.
Wheat got within a quarter or cent or
the years highest point, this morning
and then fell for want of support. The
bulls were much in evidence. despite fer
eien selling and rather slim array OF
helpful news. They relied on creating
traders, but the temptation to accept prof.
its finally upset their plans after prices had
been carried up ~ to S6A cents for De
cember The break came in the last guar
ter hour. December dropped sharply to
S51s and on the curb to SIS cents. Conserva-
tive traders refused to buy on the advance
Most of the buying was by shorts and local
traders. The news consisted of strong
Liverpool and Berlin cables light sprns
wheat receipts. liberal weekly exports and
strong Pacific coast markets. Dealings in