The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-08

NEW YORK, Nov. THE noteworthy
results scored today in the stock market
would hardly seem to require elaborate
elucida;cn. They were entirely involved
in the upshot of yesterdays election and
would have been inccssible otherwise.
When that much has teen said the real
story of the day in the market is told.
The country now enters upon a new in
dustrial and political era. the meaning of
which is fully comprehcrded by persons
with capital.
They are satisfied that the industrial
expansion and the political ard financial
tranquility assured by yesterdays cleo
ton will impart fresh elements of value
into American securities. Ii is only nat
ural, then, that tcday's stock market
should have furnished the extraordinary
results that were shown. Upon the OPEN
ing of business the very machinery of
the stock exchange was taxed to carry on
the business offered. and Throughout the
day there was very little abatement in ac-
tiyity.
Enormous buying orders. many of which
appeared to be of an investment charac-
ter. heretofore withheld On account OF
the political uncertainty, poured into the
market. with the result Of forcing up
prices rapidly. There was also, as might
have been expected. tremendous selling.
representing the realization of PROFITS, and
throughout the day the more strictly pro-
fessional element of the room contested
the advance on the familiar theory that
such rapid rises necessarily involved re-
actions
The market also stood the brunt of ex-
60,
count. which, in the aggregate, footed up
upward of 100000 shares. These sales
doubtless could be accounted for in large
measure as representing the resale here
of purchases made in the London market
yesterday and, at any rate, they had no
diseernible effect regarded the local
market Their only reflection, indeed, was
in a rather sharp recovery in sterling eN-
change. The local money market quickly
reflected the result Of the election.
Persons who mad the time and patience
TO examine today's returns of railway tfaf-
fc. notably those of the Southern lines,
might have extracted some encouragement
tlerefrom. but it was OF no avail to direct
attention at any other matter than the re-
suit of the election. The general move
ment in prices was a rhythmical and or
derry one. No special gossip attached 20
the movements in particular stocks, and
the more extensive gains simply reflected
the influence of the buying power in the
case in point.
Il the railway list exceptional strength
was displayed by the Atchison shares, by
both the preferred and common stocks of
Northern and Unicn Pacific and by St.
Paul, New York Central. Southern Railway
preferred, and Pennsylvania, notably the
latter.
The days enormous dealings covered
every quarter of the market. Particularly
extensive advances were scored in the local
traction group. where Manhattan and
Metropolitan Street Railway were the fea-
lures. In the industrial quarter Sugar Re-
finirg. American Tobacco. National Tube.
Federal Steel, and the other steel indus
trials rose sharply, ard among the special
ties Peoples Gas, Tennessee Coal and
Iron. Colorado Fuel and Iron. and Pacific
Mail kept pace with the general market.
1t has been many months since such ami
nation has characterized the market for
securities. and it was the common report
Of experienced observers of the dealings
that the absorption of stocks was of an
exceptionally strong character. Indeed. as
already noted, professional jo5bers were OF
one accord in dispcsiEg of their commit
Inents at their first opportunity. While, as
was to be expected, the course of prices
showed occasional reactions. the undertone
OF the market was altogether strong.