The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-06
FEVERISH JUMP UPWARD
Speculation Active With General
Rises in Prices.
An Apparent StrinEcncy I'm the Call
Lem Money Mnrkct-Lendcrs Re
fuxe to Extend Time Over Election
Dealings Foot Up n Large AEErc-
gate - business Well Distributed.

NEW YORK, Nov. 5.-Today's stock
market presented all the phenomena which
might have been predicted with safety.
The speculation was exceedingly animated
and there was a general and material rise
in prices, yet the trading was character
lied by a somewhat feverish tone. The
furry in the money market of last Friday
was duplicated today, although everybody
recognized the transient and artificial ma
ture of the apparent stringency.
In their anxiety to put out their funds
proftably on time, the associated banks
have quite generally exhausted their facii-
tiles, leaving the market for call loans
altogether in the hands of extra clearing
house lenders. 1t was quite impossible
to fix upon any mean quotation for money
on call during the day. Standing loans
were ordinarily fixed at per cent and
great deal of money was lent at that fig
ure, in some cases with a proviso in re-
gard to the quality and quantity of the
collateral.
Other lenders took advantage of the
situation and exacted the full rates cur
rent, which were often as high as % per
cent As noted the movements in money
were recognized as more or less artificial.
1t is not the case that the available sup
ply of capital at this centre is less than
it was last week. but on the other hand,
many lenders are naturally DESTROYS OF
keeping their funds under their direct
control over the election and are willing
to forego the profitable opportunities Tor
employing them that existed today.
Sterling exchange was again weak but
that market was virtually nominal, and ar
titage dealings in the market were very
much restricted on account of the impossi-
bility of fixing rates for exchange.
The days dealings footed up large ag-
gregate and interest was expressed in prac-
tically every quarter of the market. The
unusually large number Of transactions
for cash" attracted attention, as reflect
ing the anxiety of both the buyers and the
sellers of stocks as to the validity of con-
tracts carrying over election day. There
was evident heavy realizing of profits W. 4
the course of the day by persons willing to
take no chances.
But on the other hand. there was more
than equally heavy buying by others evil
Gently counting upon high opening for
the market on Wednesday morning. The
unstable market for sterling in.erferes
count. which were in consequence Of small
proportions. At the same time the London
market for American stocks was very firm
a circumstance which contributed to the
noteworthy advances made at the opening
of business. These advances we're bettered
with the course of the day., although the
general rise in prices was punctuated by
occasional reactions, and with the rush of
profit taking sales occasionally outstripped
the buying power.
II the railway list the dealings were the
heaviest and. the advances were the most
pronounced in the Atchison shares, Union
Pacific common, Southern Pacific and the
Alton issues. The granger shares and the
higher priced stocks generally were also
active and very firm. The more pronounced
movements in the market were in the in
dustrial quarter and especially in the lower
priced shares.
Particularly strong features were Con-
tinental Tobacco common. American Smelt-
ing, National Tube, and Federal Steel. The
local traction stocks were also firm and
active. particularly for Manhattan and
Brooklyn Rapid Transit.