The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-22
LARGE Volume OF TRADE
The Market Strong in Spite Of IT.
regular Movements.
stocks of tire Same Class Diversely
Affected - Will streets Capacity
Taxed 20 Meet Demands of Specu-
lntors - The ProGt-Re Calling Sales
Followed by Heavy Buying.

NEW YORK, Nov. 21.-Tbroughout
what can be described only as the iriesu
larity of today's stock market. a wonie.-
fully strong tone was evident. The al
ings continued in tremendous volume,
and as regards the motives underlying
the market little more can be said than
that they were identical with those which
have prevailed since the morning after
election day.
Price movements and final changes
were somewhat irregular. Stocks of sa ne
classification moved in contrary direc-
tions, but only upon the temporary excess
OF buying or selling orders. Speculation
in the stock market has now reached u
stage where il is nothing more than
psychological problem. In the cases of
the greater number of stocks actively
dealt in. il may be said that plain and
arithmetical reasons may be given for
their common tendency. but in the pres
ent speculative state of mind these rea-
sons are being discounted, or. mere
broadly speaking, anticipated.
Nothing approaching the current spec
ulative enthusiasm and activity has ever
before been Witnessed in Wall S rect.
The memory of the most experienced o.
server does not carry back to any such
era as that now prevailing. The. prices
for particular stocks have, ind sed, been
quoted higher than they are now, but On
the other hand. new price levels are con-
stantly making, and the volume of bust
hess surpasses all presidents.
The real significance of the market in
short, lies in the latter fact. The physi-
cal facilities of the stock exchange were
again overtaXed today to carry on the
business offered. The market op ned &c
tive and buoyant under the lead of he
prices for American stocks quoted in the
London market, together with the heavy
and general buying here for foreign
houses. II is one of the noteworthy pie-
nomena of the current speculation that
both Londcn stock jcbbers and III, larg,
majority of local professional operators
have altogether moderated the general
forces operative in the current market.
London operators not only sold calls
upon an incalculable amount of American
stocks, but after the election. they, in
common with local professional operators.
went heavily short on the market Both
classes counted upon a decided reaction
following the elections, and they have
pursued the same policy ever since that
time. In the interval, it has been the
common report of commission stock
brokers that they have been daily Shipping
TO the interior securities purchased by
cash buyers, and indeed. that phase OF
the market situation is distinctly reveal
ed in the bank statements of the past
two weeks.
Had not the buyer for cash been in the
current market, there would have I'M
doubtedly been witnessed tremendous
expansion in leans following upon The in
creased activity of commission houses. As
y.atr .r6c TODD xy-c 1ort-a - ~ 4
that there was nothing new in the morn
ing's situation appealing to speculative
sentiment, and scarcely a development OF
general importance with the course of the
business session.
few statements of railway traffic were
submitted. and the call loan money mar
ket was easy throughout the day. while
there was an increasing enquiry for time
money. These circumstances were, how
ever. altogether overlooked and speeula-
tive tendencies were as plainly the result
OF the elections as they were on the
morning following the event.
il may be repeated that, Notwithstanding
the very decided underlying tone of
strength. price changes and movements
we're decidedly irregular. The Northern Pa
,ific issues. for example, which were the
eaders in yesterdays rise, were decidedly
'eactionary. The Union Pacifics, on the
were decidedly strong, as were
he granger shares the Atchison issues
1otably. and Louisville and Nashville. The
-eaction in the Northern Pacific appeared 10
be owing wholly TO the reduction in the
oreign short interest in yesterdays ex
movement.
Among the speciaities Peoples Gas and
Pacific Mail were particularly firm and ac-
tive. and in the Industrial quarter Amer |
can Linseed preferred scored a sharp re- !
,overy, while Sugar Refining was actively |
lealt in, the trading apparently rejecting |
he uncertainty felt as to the action of the |
directors upon the dividend two weeks |
renee.
Elsewhere in the industrial quarter the !
net changes were irregular, the steel !
stocks and the tobacco shares showing the |
Effects of profit realizing sales. The more
sensational movements OF the day were |
furnished by the local traction group. par
icularly by Brooklyn Rapid Transit and !
in both Of which instances sub
tantial advances were scored. The cur
ent disposition in regard to the last named |
,roup Of stocks seems 10 be that, irrespec-
i've Of judicial decisions regarding the !
franchise Tax act. any onerous features Of
he latter will be remedied al the approach
ng session of the Legislature.