The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-06
IT trlaMCyul.
THE STOCK Nh RK 1T.
An Ardent Speculative Spirit Mani
tested,

tested.
New York, Nov. 5.--There was very
ardent speculative spirit manifest in the
stock market all day to-day. 1t was re-
pressed at times by the difficulty of Sc
curing accommodation In the loan
market, but before the day had closed
after decline in the call 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. The taking of quick
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 Saturdays
bank statement did not truly represent
the available resources of the banks and
in short. that all Of the usually trust
worthy indications of a pinch in the
money market were misleading and ar
tificial. 1t was In this spirit that spec
ulators rushed to buy stocks at the
opening of the stock market They
raised prices from to 1 IL points over
Saturdays level in a large number of
prominent stocks within few minutes
after the opening Then began the call
ing of loans by some of the banks.
Loans made to-day carry over until
Wednesday, and when spectators be-
gan to look about to find new accom-
mediation with which to carry their
holdings of stock over election day they
ran the call loan rate up rapidly to rs
per cent The first loans were made at
10 per cent. One broker placed a mil
lion dollars at that rate, another mill
lion at Is per cent and then demanded
rs per cent for a million more. This
checked the animation of the stock |
market A conspicuous feature of the
market at this time was the large num-
Der of transactions for cash, and the |
small concessions from the ruling prices |
at which these were quoted. The cond-
ton in the money market was, of
course, responsible for this. When the |
rates for money fell away to 10 per |
ttlIl- dSdIu, luG SDpGuldt Very |
promptly awaited itself 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. The steel stocks,
the prominent industrlals and the
southern and southwestern railroads,
the Atchlsons and Union Pa
cific were the leaders in point of
with gains ranging from to
2 IL per cent. The closeness with which
the speculation kept pace with the re-
in the money market and the
of the sterling 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
market. but became Armer again when
the money rate weakened. The rate
went well below the gold import point
during the day, but engagements were
make 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 possibility of an unsettled
money market after the election. The
SdiiAe Ateiiii6 PIolupleu lHe WlLnnOlulnB |
Of funds to-day for speculative pur-
poses, except on the most approved col
lateral 1t Is the belief in Wall street
that money conditions will relax dur
Ing the week, and for this reason moth
ng was done towards engaging gold
for import
Standard Oil sold in the outside mark
It at 625, compared with the previous
'ecord Of 613 on Saturday. II
Quite a large business was done in
bonds and prices were well maintained
United States new Is advanced is and :
he old As declined is per cent. on the
asst call.
Total sales of bonds, par value, ST. ,
is, 200,
NEH IORK STOCK M1RKET.
/!
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