The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-11-08
all FRANTIC TO BUY.
ProdigiouS PO8t-EIection De-
mand for Stocks,
EVEN THOSE WHO LOADED
Up for the Result Didn't Load
Deep Enough,

New York Nov. mo such excited
demand for stocks has been witnessed
on the New York stock exchange since
the boom days of the hotation of the
securities of the new industrial combin-
atoms il the spring of 1893, as today kept
ali departments Of the stock exchange
at fever heat Of animation and activity.
It is rarely in the speculative world that
a preconceived plan OF operations which
has been widely discussed in public re-
suits to successfully as the taking on of
long stocks by professional operators for
some time past in anticipation Of the
large demand TO follow the election. The
effort to discount the result Is aim st
certain 20 overdO itself and the flood
Of selling to realize often carries prices
down on the very elimination Of q fa-
vorable event But the rusa today to
buy stocks was 50 oYerwhe ming as TO
absorb ali the very large selling, with
no great effect on prices. In the open
ing dealings there changed hands i'm
simultaneously with the sounding of the
gong no less than 1909 shares Of South
ern Pacific and of American Steel and
Wire, and of several thousand SHARES
each Of a number Of other important
stocks. This was as near as could %
.ascertained by the usual method Of rec
ords. The same stocks sold at he same
time At prices 112 points apart. and 1t
was believed THAI the rec I'D of a large
number of transactions was entirely lost
in the feverish excitement Of the trading.
Many comm ission houses reported that
they were 50 overwhelmed with buying
orders as to be obliged to decline to un-
dertake the execution of many that were
offered to them During the early part
Of the day small individual transactions
had no place whatever in the trading. 1t
was a noticeable fact that lster In the
day. when prices were at The n gh leve
the small orders, including whole strings
of orders, began to make their appear
ance on the tape. A very large business
in Americans had been done on the
London market before the stock make
opened in New York. Cincinnati houses
kept their offices open all night and
took orders which were executed IN
London as early as 9 o'clock this morn
ing. The brokers in New York estimated
that as a result of the New York buy
ing IN London and the london selling in
New York no less than 5000 shares of
various stocks changed hands from for
eign to American owners. But the oper-
atiOns by cable were largely confined %
professional operators The events of
the day in the New York market proved
that the great mass Of on side specula-
ton, which is attracted by a national
political event, waited to place their or
ders in the New York market The pro-
fsssional operators, who have been Jak-
ing on long stock for several weeks past,
threw over their holdings on an enor-
nous scale TO take advantage of the out
much animation and speculative senu-
ment became so buoyant that buying for
the long account was renewed on q ve~y
large scale by both professionals and OUT
side spectators. The sudden relapse ia
the money market had much 10 do with
the renewed Outburs Of speculation. IL
became clear that the pinched condition
of Monday was the outcome Of ceaserv-
ative safeguards against contingent S.
turbances Of the money market, and
funds were poured IN the market very
freely. As against the . per cent rate
on Monday, the first loan today was
made at per cent, which was the high
est point Of the day in The late deal
ings after needs had been largely sup
Piled the rate fell to ] per cent. The
exchange market promptly responded,
demand sterling rising fully 2 over
Mondays nominal rate. The large trans
fer OF stock ownership from foreign To
American hands also affected the Ameri-
can exchange very materially Tn M
eral terms, TT may be said that the price
OF railroad stocks is from ~ TO 90 nts
higher on an average as result 81 to-
days Trading. The movement I'm Penn
sylvania was very notable. even Ia the
days Of broad and active market and
Northern Pacific shared this prominence
in a less degree. The extreme advance
an Pennsylvania was 81 points and in
Northern Pacific H. In The industrial
DEPARTMENT gains we're ev q more mark
ed but the mos ment there was far more
feverish and Irregular The steel stocks
were in the foreground and many os
them advanced between 8 and points
There was a late reaction IT'D the mar
ket on prodt-taking. led bv Sugar on
reported cut in prices by rival rehneries
A number of indus-rials reac. ell De wee u
i and points bur iu the railroad
last prices were only q fraction below
the best. and the mark was IN pres ess
OF recovery and closed firm, closing
prices being as follows.