The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-08
~ financial.
THE STOCK MdRKET'.
Excited Demand for stocks and Great
Activity.


Activity.
New York, Nov mo such excited
demand for stocks has been witnessed
on the New York stock exchange since
the boom days of the fiotation Of the
securities of the new Industrial com
binations In the spring of 1899 as that
which kept all departments of the stock
exchange at fever heat of animation
and activity to-day. 1t is rarely in the
speculative world that a preconceived
plan of operations which has been wide
ly discussed in public results so sue
cessfully as the taking on of long stocks
by professional operators for some time
past in anticipation of the large de-
mand to follow the election. The effort
/ to discount the result Is almost certain
1 to overdo itself, and the flood of selling
to realize often carries prices down on
the very elimination Of a favorable
event
But the rush to buy stocks to-day was
so overwhelming as to absorb all the
very large selling with no great effect
on prices. In the opening dealings to-
day there changed hands instantane-
ously with the sounding of the gong no
less than $4,000 shares of Union Pacific,
5000 shares of Atchson, 5000 shares of
Southern Pacific and of American Steel
and Wire, and several thousand shares
each of a number of other important
stocks. This was as near as could be
ascertained by the usual method of rec
ords. The same stocks sold al the same
time at prices u points apart, and it
was believed that the record of large
number of transactions was entirely
lost in the feverish excitement of the
trading Many commission houses were
overwhelmed with buying, orders and
We're obliged to decline much business
offered to them.
During the early part of the day small
individual transactions had no place
whatever in the trading. 1t was a no.
ticeable fact that later in the day, when
prices were at the high level, the small
orders, including whole strings of odd
lots, began to make their appearance.
A very large business in Americans had
been done in the London market before
the stock market opened in New York,
Commission houses kept their offices
open all night and took orders which
We're executed in London as early as 3
o'clock New York time. Foreign ar
hitrage brokers In New York estimated
that as a result of the New York buy
ing In London and the London selling in
New York 100000 shares of various
stocks changed hands from foreign to
American owners. The operations by
cable, however, We're largely confined to
professional opera tors.
The events of the day in the New
York market proved that the great
mass of outside spectators, which is
attracted by a national political event,
waited to place their orders In the New
York market The professional opera
tors, who have been taking on long
stock for several weeks past, threw /
over their holdings on an enormous
scale to take advantage of the outside 4
demand.
The buying continued with such ami
nation and speculative sentiment be-
came so buoyant that buying for long
account was renewed on very large
scale by both professional and outside
SPECTATORS
The sudden relapse in the money
Of Monday had much to do
With the renewed outburst of specula-
ion AS against the rs per cent. rate
IN Monday, the first loan to-day was
made at per cent, which was the
highest Of the day. In the late dealings,
tfter needs had been largely supplied,
he rate fell to 1 per cent. The ex-
hange market promptly responded, de-
nand sterling rising fully II over Mon
laws nominal rate. The large transfer
f stock ownership from foreign to
American hands also affected the ex-
hange market very materially space
5 not available to specify at length the
market movements.
In general terms it may be said that
he price of railroad stocks is from IL
o 2 points higher on an average as a ,
esuIt of to-day's trading. Pennsylva-
la made a notable advance of 5la per
ent. and Northern Pacific 37s points.
n the Industrial department gains were
ven more marked, but the movement
aere was far more feverish and irreg-
lar. The steel stocks We're in the fore (
round and many Of them advanced be-
yeen and points. There was late !
FACTION in the market on profit-taking
ID by Sugar on a reported cut in the
rices by rival refneries. A number of
ldustrials reacted between 1 and per
mt, but in the railroads the last prices