New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-08
BOOMING STOCK MARKET.
HEAVY BUYING FOLLOWS BRYAN'S
DEFEAT
RESTORATION OF PUBLIC CONFIDENCE RE-
PRICEsNEARLY RECORD DAY.


Upon the issue OF the National election Of
Tuesday, II was everywhere recognized by |
thinking men. depended the restoration OF bust |
ness confidence. the existence of which is the !
vital clement of commercial and industrial ac
tivity and enterprise and the integrity of which
was so desperately assailed and so gravely i'm |
paired by the nomination OF William ]. Bryan
at Karsa, City That confidence has been re-
established by the sweeping defeat OF Bryan
and the rejection OF his reactionary platform.
and that the long period of threatening financial
storm is over and the clouds of uncertainty are
lifting are plainly enough indicated by the
course yesterday Of the financial barometer of
the country. the New-York stock market For
although that barometer had for weeks been
showing upward tendency, corresponding
with the increasing probability Of the reelection
of President Mckinley. 1t was not until yester-
day that the tendency became a pronounced
movement the significance OF which could not
be misnterpreted- 1t was record day, with
total transactions exceeded in volume only once
in the history OF the Exchange. and with more
issues dealt in than any previou day. II was
the day Of the public the outside investors pour
ing in volume of buying orders that swept the
professional traders from their position. and
advanced prices all along the line, despite the
traders tactics of selling the market"
The movement was the reflection OF the con-
fdence regalned by the investing public and the
large operators that Bryanism had received
staggering. if not mortal, blow. that for four
years least, and probably for all time. the
Nation would keep the faith financially and
honor it's own obligations to the full: that
for four years at least there would he no as
saults by the party in power upon vested rights
and upon capital capital; and that con-
sequently. with these conditions OF industrial
peace and protection assured the industrial de
velopment OF the Nation could not but continue,
with its concomitant OF increasing and broaden
ing prosperity in all parts Of the land.
WHAT EXPERIENCED OBSERVERS SAY.
Yet natural as was the enthusiasm which
founi it's outlet in the stock market yesterday
and fully the situation would seem to justify
the advance in prices. 1t is the opinion of the
most experienced observers that big boom in
stocks is warranted, but rather that
there should be a gradual but steady apprecIa-
ton in values, it being generally recognized that
although there have been considerable advances
already compared with the low prices OF the
weeks following Bryar's nomination current
prices do not fully measure values.
One entering the Stock Exchange yesterday
morning ignorant OF the great news of the cleo
tion-if such a man could have been found
would nevertheless have known that the day
was remarkable The galleries were
crowded long before the opening with and
women, standing four or five deep. and even
the south gallery. usually reserved for the use
Of the members, was thrown open to the public
and was, like the other galleries dsnscIy crowd
ed. On the trading floor. where usually about
five hundred brokers assemble 10 transact
business, yesterday morning gathered
fully seven hundred and fifty the largest
I
sit. Sugar. Tobacco Southern Pacific, and At
Gibson posts Promptly at 10 O'Clock Chairman
Kennedy's gavel fell and the days business be-
gan with a rush OF orders and a roar of excited
voices. In many of the active stocks there was
a wide opening" sales being made simulta-
reousy in different parts of a group at prices
from Il TO IL points apart. The opening rush
of trading so fierce and excited. indeed.
that it is said that not much more than one
half Of the transactions of the first few min
utes found record on the ticker tape.
"CRoKER's BUYING 1T"
The first recorded transaction of the day was
the purchase by ". B. oliver. jr.. OF 100 shares
Of American Ice common. at 80, an announce
ment which caused a general laugh when a
facetious broker shouted "Croker's buying it,
Then came block OF 1000 Sugar at 127 to
l21la something like a point gain; then 22O0
Pennsylvania, at 1851 to 1885, up 21z; then 1000
Manhattan at par. a gain OF .; then 5000 South
ern Pacific at 39lz and some more Manhattan at
par; then lot of American Smelling. common
and preferred. with gains OF 1l2 and =. re-
spectively-
Next came a large lot OF American Tobacco
at 1O2 to 1O21s up AZ points; then lot Of Fed
eral Steel common at 43Ia to A, gain of over
points: 5000 Steel and Wire common at 3T1a
70 20 up 21z; /. 700 Southern Pacific. at 80 and
$500 Missouri Pacific at 80 5SA. a gain
of 1h
The greatest gain was registered by National
Steel which sold up points. National Tube
advanced + points. American Tin Plate. 21a:
Tennessee Coal and Iron, pa, and Consolidated
Gas d., All through the list there were gains
more or less extensive. the industrial group
having rather the better Of it at the outset At
the end Of the first half hour there indca-
tons Of profit taking. and the market sold off
here and there becoming rather irregular. This
condition was reflected for the rest OF the first
hour. but as a whole prices held we'll and all
offerings appeared to be readily absorbed.
Commission houses were doing the largest
business for months past, and Chicago. Phila-
delphia and Boston wers reported to be liberal
buyers Business at time heavy that
brokers absolutely refused to execute orders OF
less than several hundred share bids.
The advance was we'll maintained throughout
the day, prices closing not far from the top. as
a rule About 10000 shares had been bought
by cable in London in the early hours OF the
morning. as the fact of McKinley's cleo
ton had been definitely learned. and London
was a heavy seller later in the local market
There was. too. enormous realiZations selling
and the traders many of whom short OF the
market. sold extensively early in the session But
the traders found themselves compelled for pro-
lection 10 turn huYers later and the profit TAX