The age-herald., 1900-11-18
WILD SPECULATION
 IN STOCK MARKET Buying Was of a Sensational
 Nature BIG ADVANCES WERE MADE Prices Reacted on Profit-Takng, But Recovered on the Close, Which Was Strong and Active-Favor-
 able Bank Statement.
BIG ADVANCES WERE MADE

New York November 17.-Yesterday's def mite resumption of strength in the seeuri- ties market and the evidence of large and aggressive buying for investment had an influence upon speculative sentiment to- day that the most sanguine could scarcely foreseen. Such speculative excitement as that on the change at the opening has rarely been seen in the history of that in- stitution. Brokers had orders to buy in large amounts without price limit apparent ly. Such orders were sheer recklessness on a market where stocks are as strongly held as at present and the sensational advances which resulted were almost Instantaneous ly lost. The urgency of the bidding gave color to the suppositon that large short interest was in process of closing out by freed buying. There has been more 2r less short selling at intervals ever since the election and an uncovered bear account after yesterdays market was in parlous state. The general advance of large frac- ton and running up to over point was imposing, but in a few individual stocks the rise was sensational Consolidated Gas was sold for 201 at the same time that IL was selling for 194, and Tennessee Coal oponed at 76 to 7712, rising afterwards to A points over last night. General Electric jumped points, which is less than its aver age daily rise for several days.
 This speculative excess quickly brought its penalty in the eager selling pressure indorsed by these high prices, and the re- lapse was so violent as to awaken uneasi- ness. The relapse carried prices back to within fraction of last night and in some conspicuous instances, notably Pennsyl- vania's prices fell below. But after the ap- pearance of the favorable bank statement buying was renewed with confidence ana prices were lifted again in some cases 10 the best, making the closing active and strong.
 No special influence could be assigned as to the cause of the large demand, the move ment being based evidently on confidence in the comprehensive nature ot conditions making for prosperity and large earnings in all branches of business and industry.
 The governments statement of the coun- try's October foreign trade comes as a striking item of the new industrial era. V has become manifest that the vagaries in recent bank statements must be attributed largely to the operations of trust compa- nies and other institutions outside the clearing house association. It is reported that these institutions after making large deposits of funds in banks previous to the elections have drawn freely since and have been large lenders In the stock >gaarKet. The prospect of new war loans in England and in Germany affeeted our money mar ket early in the >week, but with the beliet that the issps of the loans would be de- erred>sunfil early next year the money mar J5fer became easy, thus contributing to the strength in the stock market.
 Bonds have been broad and active, but the principal buying has been Tor bonds of speculative value or with contingent ln- terest payments U S. 3s and 5's declined b the refunding 2's B and the old As A per cent below the call prices of week ago.
 (By Private Wire to Murphy & Co.,