The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-11-06
WITH ARDENT SPIRIT
Spectators Pursued Their
Game Yesterday
TO THE CLOSE
At Prices Near the Top
Money-Rate Fluctuations.
ACTIVE TO THE CLOSE

New York. Nov. 5.-There was a very
ardent speculative spirit manifest in the
stock market all day. 1t was repressed
at times by the difficulty Of securing ac-
commOdauon in TIE loan market, but
before the day had closed the market
burst into great animation after FOL ow-
ing a relapse in the can loan rate and
the activity continued up TO the close,
almost 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
cali loan rata had been due 20 manipa
laticn. that Saturdays bank statement
did not truly represent the available re-
sources Of the banks. and in short. that
all Of the usual trustworthy indications
Of 3 pinch IN the money market were
misleading and artificial. Il was IN this
spirit that spectators rushed to buy
stocks at the opening. They raised prices
from 1 to ~ points over Saturdays level
in a large number Of prominent stocks.
within few minutes. Then began the
calling OF loans by some of the banks.
Loans made today carry over until
Wednesday and when spectators began
to look about 70 find new accommoda-
lions with which to csrry their holding
of stock over election day. they ran the
cali loan rate up rapidly to . per cent
The first loans were made at 10 per cent.
One banker placed 100000 at that rate.
another million at Is per cent and then
demanded . per cent for a miiliCs more.
This suddenly checked the animation Of
the stock market and was followed BY
a period OF contemplation. A conspicuous
feature Of the market ct this time was
the large number Of transactions fer
cash. and the small concessions from the
ruling prices at which these were quotea
The condition in the money market was
of course responsible for this. When the
rates for money fell away to 10 per cent
again. the spectators very promptly
availed themselves Of the resources Of
fered 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. The Steel stocks.
the prominent industrials and the South
ern and Southwestern railroads especial
ly the Atchisons and Union Paclfos,
were the leaders in point Of strength.
with gains ranging from 2 to 2iz per cent.
The closeness with which the specula-
ton kept pace with the resources in the
money market and the constituencies Of
lie Str44Ala5 CANAlalEEC iAltsA net 10 TIT
velopments in the money market were
very striking. The rate for sterling ex-
change fell weakly at the time Of the
furry IN the money market, but became
firmer again when the money rate weak
ened. The rate went well below the
gold import point during the day. but
no engagements were made, owing to the
feeling that the days conditions are
temporary. There is no doubt that very
considerable loans on time were secured
last week TO guard against the possibit-
" of an unsettled money market after
the election. The same feeling prompted
the Withholding Of funds today for spec
ulative purposes, except on the most arr
proved collateral. It Is the belief IN
Wall Street that money conditions viii
relax during the course of the week
Standard OIL sold on the outside mar
ket al 635, compared with the previous
record Of 613 on Saturday
Quite a large business was done in
bonds and prices were well maintained.
Total sales, par vaiue 1.315,1o0. United
States new As advanced : and the old
As declined Is per cent on the last call.