The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-11-06
IN THE STOCK MARKET.
A Steady and Ardent Speculative Spirit
Was Manifested.
LOANS WIRE nlFFICUlT TO SECURE
The Last Prices of the Day Were
Generally Very Near the
Top Quotations.

New York, November 5.--There was a
steady very ardent speculative spirit mani
tested In the stock market ali day. II was
rerressec at times by the difficulty OF Sc
curing accommodations in the loan market
but before the day had closed the market had
burst into great animation after following a
relapse in the call loan rate, and'the activity
continued up to the close, almost wholly ig-
noring recovery In the money rate to
about the top rate OF the session.
The taking of profits by room traders made
some slight impression 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 had
been due to manipulation, that Saturday s
bank statement did not truly represent the
available resources OF the banks and in
short, that all OF the usually trustworthy in
dlcatons of pinch in the money market
were mirleading and artificial. IT was in
thls spirit that spectators rushed to buy
stocks at the opening. rhey raised prices
from to TX points over Saturdays level In
a large number of prominent stocks within
a few minutes, Then began the calling OF
loans ty some OF the banks, loans made to
carry over until Wednesday and when spec
ulators began to look about to ind new ac-
contradictions with which to carry their
holdirfs OF stock over election day. they
ran the call loan rate up rapidly to 70 per
cent. The first loans were made at 10 per
cent. One broker placed $1,000 900 at that
rate, another million at 10 per cent, and
th9A demanded 20 per cent for a million
more Thls suddenly checked the ANNA
ton oil the stock market, and was followed
by period OF contemplation.
conspicuous feature of the market at
TINS time was the large number Of trapsac-
tons for cash and the small concessions from
the ruling prices at which these were quot
ed The condition in the money market was
oil course responsible for this. When the
rates fol- money fell away to 10 per cent
again the spectators very promptly awaited
themselves of the resources offered and rush
ed prices up to the top level OF the day. The
strength in the market was general, and on
the whole quite uniform
The steel stocks, the prominent industrals
and the Southern and southwestern rail-
ways, especially the Atchson and hte Union
Pacific, were the leaders in point of strength
with gains ranging from 2 to ~ per cent.
The coseness with which the speculation
Kept race with the resources in the money
market and the senstiveness of the ster-
ing exchange market to the developments
IN the money market were very striking.
The rate for sterling exchange fell weakly
at the time OF the furry in the money mar
ket, but became tirmer again when the money
rate weakened The rate went well below
the gole import point during the day, but
no engagements gere made, owing to the
feeling that the days conditions are tenn
porary
Their is no doubt that very considerable
loans or time were secured last week TO
guard against the possibility OF an unsettled
money market after the election. The same
feeling prompted the Withholding of funds
Tor speculative purposes, except on the most
approved collateral.
1t is the tHlef in Wall street that money
conditions Will relax during the course OF
the week
Standard Oil sold on tn. outside market at
6 20 compared with the previous record OF
6.13 on Saturday
Quite large business was done in bonds
and prices were well maintained. Total sales
par value sl.3l5, 600