The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-06
Stocks WERE VERY FIRM
NOTWITHSTANDING THAT CALL
MONEY RANGED FROM 10 TO
% PER CENT
DAYS BUSINESS WAS HEAVY
Speculation Brisk in the Face of
AbnOrmaIIy Tight LOaning
Funds and Today's Im-
pending Election.

Close. Day
Bar silver. New York :....... 81 6lis
Call money, New York. 1925
NEW YORK, Nov. 5.-There was
very ardent speculative spirit manifest
in the stock market all day. 1t was re-
pressed at times by the o1ff1culty OF Sc
curing accommodation in the loan mar
ket, but before the day had closed, the
market burst into animation because of
a relapse in the call loan rate and The
activity continued up to the close, al
most wholly ignoring a recovery in the
money rate to about the top rate of the
morning. Taking of quick profits by
room traders made some slight impress
sion on prices here and there. but the
last prices were generally very near the
top. The feeling in Wall street this
morning was that Fridays jump in the
call loan rate has been due to manipula-
tion that Saturdays bank statement old
not truly represent the available re-
sources of the banks and, in short, that
all of the usually trustworthy indications
of pinch in the money market We're
misleading and artifcial~slt was IN this
spirit that sEecula tors rushed TO buy
stocks at the opening.
They raised. prices 'FRONT.' to 11s points
over Saturdays level ir1 a large. number
of prominent stocks within few min
Ltes. Then began the calling OF loans by
some of the banks Leans made today
carry over until Wednesday,. and when
speculat tors began to look about TO find
new accommodations with which TO carry
their holdings of stock over election day
they ran the cali loan up rapidly &c 70
per cent. The firstzloans were made at
10 per cent. One broker placed 81 oo.oOO
at that rate, another million at 10 per
cent and then demanded % per cent Tor
million more. This suddenly checked
the animation of the stock market and
was followed by a period of contempla-
ton. A conspicuous feature of the mar.
ket at this Tine was the large NUMBER or
transactions for cash, and the small con-
cessions from the ruling price at when
-, fad Nl10-
money market was of course, responsible
for this. When the rates for money Tell
away to 10 per cent again, the SpeculapoFS
very promptly aVailed themselves OF the
resources offered and rushed prices up
to the top level Of the day. The. strength
in the market was very general and on
the whole quite uniform. Inc Sttel
stocks. tho prominent in''-Ttrials anG tpe
Southern and SoT %'2TE-@st tern ra1lro2 is,
especially the Atchisons and Union Pa
cific. were he leaders in point OF strength
With gain ranging from to 21s per cent
The closeness with which the speculation
kept pace with the resources IN the
money market and the SensitlVeness OF
the sterling exchange market 70 me Qe-
yelopments in the InoEey. market were
very striking. The rate for sterling eA-
change fell weakly at the time OF the
furry in the money market, but became
firraer again when the money rate weak
ened. The rate went well below the
gold import point during the day, Dut no
engagements were made owlng TO 9re
teIbporarv. There is no doubt that very
considerable loans on time were secured
last week, to guard against the posi-
bilitv of an unsettled money market after
the election. The same feeling prompt
ed the Withholding of funds today for
speculative purposes. except on the most
approved collateral. 1t IS the heAef IN
Wail street that money conditions will
relax during the course of tho week. =
Standard Oil sold. IN the outside market
at CPS, compared with the previous record
of 613 on Saturday t.-- -
Quite a large business was done an
bonds, and prices were well maintained;
United States new IS advanced % ana
the old As declined IL per cent on the ISst
call. Total sales bonds par value, Sl,Sl''-
wv STOCK Quotations. in
Furnished by Charles II: F. Smith q
change, Pioneer Press building, who nave
direct wires to Chicago and New YORK
Closing prices are bid: -