The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-11-08
STOCKS AND BONDS.

New York, Nov. NO such excited
demand fortstocks has been witnessed
on the New York exchange since the
boom days of the fiotation of the Sc
curities of the new industrial combi-
nations in the spring of 1899 as today
kept all departments of the stock ex-
change at fever heat of animation
and activity. 1t is rarely in the specu-
lative world that a preconceived plan
of operations which has been widely
discussed in public results so success.
fully 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 almost
certain to overdo itself, and the flood
of selling to realize often carries prices
down on the very elimination of a
favorable event. But the rush today
to buy stocks was so Overwhelming
as to absorb all the very large selling
with no great effect on prices.
The professional operators who have
been taking on long stocks for sew
eral weeks past threw over their hold
ings on an enormous scale to take
advantage of the outside demand The
buying continued with such animation
and speculative sentiment became sc
buoyant that buying for long account
was renewed on d very large scale
by both professional and outside spec
ulators. The sudden relapse in the
money market had much to do with
the renewed outburst of speculation.
1t became clear that the pinched con
dition of Monday was the outcome
of conservative safeguards against
contingent disturbance of the money
market and funds were poured out
very freely. AS against the % pei
cent rate on Monday, the first loan to
day was made at 5 per cent, which
was the highest of the day. In the
dealings, after needs had been largely
supplied. the rate fell to 1 per cent
The exchange market promptly re
sponded, demand sterling rising fully
"a over Mondays nominal rate The
large transfer of stock ownership
from foreign to American hands also
affected the exchange market very
materially. In general terms, it MAY
be said that the price of railroad
stocks is from " to 2 points higher
on an average as a result of today's
trading. The movement in Pennsyl
vania was very notable, even in the
days broad and active market. anc
Northern Pacific shared this promi
nence in less degree. The extreme
advance in Pennsylvania was 81
points and in Northern Pacific 3H
in the Industrial department gains
were even more marked, but the move
ment there was far more feverish anC
irregular. Steel stocks were in the
foreground and many of them adj,
vanced between 4 and 5 points. There
was a late reaction in the market or
profit taking, led by Sugar, on a re
ported cut in prices by rival retineries
A number of industrials reacted be
tween / and ? points, but in the rail
roads the last prices were only frac
ton below the best and the market
was iii progress of recovery and CLOSED
firm.
The bond market was quite as act
i've. comparatively, as that for stocks
and was also very broad. although
the mortgages with speculative value
were prominent. Several of these ros'
from to Ia per cent. Total sales
(par value), $5,225,000s
United States refunding rs, the ole
As and IS advanced IA and new 4:
u per cent ON the last call.
The total sales of stocks today were
/ .42S, 700 shares, including the follow