The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-11-03
THE MARKETS.


New York, Nov. 2.--The stock market
took on Il show Of great animation and
strength today. and some very striking
net gains resulted. The general list,
however, though higher in price at the
close developed little activity. The
operations, which totaled $50. 200 shares,
sold. were largely confined to the pro-
fessIonal element. The upward move
NJ ut was obviously based upon the
notably easier tone of the money mar
ket. The largest operations were by
powerful pools and strong financial in
terests which have at command money
resources outside the usual money
market. The prevailing opinion in Wall
street is that prices of stocks would
move upwards easily if the obstacle of
stringent money was removed.
The large outstanding short interest
In stocks has been palpably uneasy for
some time past, and any indication Of
relaxation in the tightness of money
makes them inclined to cover their
short contracts. The professional pool
operations in a number of prominent
stocks today were obviously directed
against the bear contingent and with
good success. 1t is very probable, how
ever. that the large buying at other
points is based on expectation of a rise
III prices on account Of a growing pub
lie interest in stocks. 1t is the period
or the year in which, under normal cir
cumstances, the extra uses for money
In the moving of the crops bcciNa to
snow diminuition, releasing lar~r is
for employment in stock specula ion.
Expert opinion, however, is by no
means unanimous that funds will be
released in the usual volume this fall.
| owing to the marvellous business eX-
pansion. Outside the highly speculative
industrials, the movement in the rail-
roads centered in the Southwestern
| group The special strength and activ-
ity in Southern Pacific helped the
Southwesterns and was based on cur
rent rumors of readjustment of control.
The belated movement in Cotton was
a factor of strength among both South
ern and Southwestern railroads. There
| were special movements beside in
| Cleveland, Cincinnati, Chicago and St.
| Louis and Chesapeake and Ohio. and
some demand for the coalers. The up
| ward movement in the Iron and Steel
| stocks encountered difficulties as did
| that in Brooklyn Transit. Speculation
| in Leather continued on an enormous
| scale, the stock rising an extreme 3l5,
sugar was also very prominent and
| rose at one time points. There were
| notable movements in standard Rope,
Peoples Gas and Manhattan. The eX-
tent of the advance invited heavy re-
| alizing, especially during the last hour.
| and some stocks showed reactions of
| between ! and 9 points from the high.
| est The general tendency was down.
ward, in spite of a fresh advance in
| southern Pacific and ChesaDaake and
| Ohio. The upward impetus at the OPEN
| ing was caused by higher quotations
| from London, and the effect was eX-
| aggerated by the circulation of cam
| ard alleging a disastrous defeat of the
| Beers at Ladysmith. Manipulation for
the rise was very apparent all day.
! Total sales. $50, 200.
The bond market was active and
| strong, the demand being very we'll
distributed. Total sales par value, 49, =
$4,000.
United States old As advanced a and
the 3's, new AS and SIS u in the price.
| The range Of today's prices for the ac-
| tive stocks of the New York stock mar
| kets are given below. The quotations
| are furnished The Tribune by ]. A. RUS
| SELL d CO, members of the COnsOli-
! dated stock Exchange, 40 and All Con-