Omaha daily bee., 1896-11-08
Volume of business Was on nn Ex-
ceediBgly Heavy ScnIe

NEW YORK. Nov. THE volume OF business
was upon an extremely heavy scale for half
holiday reaching 3lSOO0 shares a record that
mas not been approached on any Saturday since
the Venezuelan episode. Aggressive strength wos
displayed all along the line. with the broadenIu,
tendency Of the market, the ease with which ali
offerings We're absorbed exciting general inter
est ana comment. The buying was largely by
commission houses, and the lOW-priced shares
We're unusually prominent The upward move
ment halted around II 80 O'Clock on the apDear-
ance of the bank statement. showing a decreas Sc
il i''e leGal reserve OF s2G52, S25 Operators who
had overlooked the fact Of the heavy win
drawal from the banks in the early part of the
week We're disappointed at the exhibit and sold
few stocks but the offerings were taken with
OUT ripple and the advance resumed with re-
ne"ti EIsor' mere were number OF instances
IN which the best figures recorded in the present
rise were reached. Characteristicaly Wide fuc-
tuatiuns occurred in the specialtles. MetropoI-
itan Traction exceptionally Jumped AZ per cent
rcactlng point later Consolidated Gas gained
per cent, and other substantial imprnvemsnte
were recorded, despite further advance in ster-
ing exchange. The trading was well distrIb-
uted' with Sugar, Reading, St Paul and Bur
hngton recording the heaviest dealings. The ad-
vances In active shares extended to 2A per cent
In Sugar. Manhattan in the early operations
rose per cent, but later developed irregularity.
closing IA per cent higher. The market left on
strong at about the best prices The stock spec-
ulation OF the week was animated and many
stlrllhs phases We're 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
outlet and complete abatement OF monetary
strngency.
Reports every side OF the starting OF in
dustrial and mercantile operations on n large
scale, and further animated speculation in the
cereal markets, encouraged expectation OF i'm
pending radical Improvement in the earnings Of
the railroads ana stimulated enormous purchases
OF our stocks and bonds for local and foreign
account. and the shorts were scattered in an
directions. The return To normal figures for call
and time monetary accommodations and a con-
sequent revived inquiry for mercantile paper
caused encouragement In and out of Wall street
and the furore with which the stock market
point or antlcipatory interest. In the money
markets movements have been brsker than since
the Venezuelan episode. on Monday call muney
had been scarce at ~ per cent, and time funds
were practically unobtainable for short periods
while there market for mercantile paper
and time money was in abundant supply AT as
low as o per cent for all periods, while prime
mercantile paper was readily discounted at from
to per cent. An interesting development was
gold, and the anxiety Of the people who had
previously Withdrawn the coin, 10 exchange II
for currency, Heavy accumuatiOns OF gold
the banks. owing to the refusal OF the subtreas-
ury officials TO receive II except subject to tenn
porary delay are expected TO result In payments
of clearing house balances. and at the custom
house. In the yellow coin.
Wednesday the exchange market broke % for
actual and lc for posted sterling under the
offerings OF exchange that had previously been
partly on tho ease In money here ana Its harden
ing tendency abroad, and particularly result
81 payments for gold 10y importers and cover
lngs By shorts, the market advanced sharply,
The closing figures were 1t As5ls TO tiS5A for
actual demand ana AS2A and As2ls for sixty
day bills. Bay State Gas was n conspicuous
fgure of strength on the settlement between the
connle.ing interests and consequent discharge