The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-10-18

home and abroad arc more than likely to hnve
afnr-reaching influence for good. even IL the
effect is not M quickly felt rs many demand
Europe has asserted Its position as market
leader. and n removal Of speculative interest In
the several foreign money centres as
sures tho continuance Of activity in
American railway securities. France has
had no difficulty in floating so dues-
honabc security Ms that OF the Russian
Government loan. in which event there Is no
cause for Americans to blush for their various
offerings In this year OF commercial and agri-
cultural prosperity. Another indication OF
financial onse in Europe is tho fnct that not
withstanding the heavy drain OF specie from
abroad no steps have yet been taken
by the English bank authorities to
check tho outflow Estimates OF tho
probable extent OF tho present gold move
ment are valuelcss 30 far as any approach
to accuracy Is concerned. yet IL is some salts
faction to note that tho estimates OF the for
eign flnanciers exceed by several millions OF
dollars those OF our own Just at the moment.
however. tho movement is somewhat restrict
ed in consequence OF the FREQ selling OF Amer
loan stocks in the London market early in the
week. but tho moro recent purchases in that
market Of the same securities. together with
the heavy exports Of brcadstufIs. promise fur
thcr achievements OF gold from Europe at
no late dry.
The homo situation is ono OF increasing
hopefulness. Money Is abundant for tho crop
requirements. nnd. whilo thero may be some
advance In Ahe rates during the coming two
months as tho demand for funds increases to
move the cotton crop. the West has. for tho
time being. boon supplied. and the return
movement, together with gold imports. prac-
tically removes tho money question far into
tho background MS q market influence. It Is
also significant fact, as indicating tho future
enso in the rates for loanablc funds. that tho
banks and other institutions are already be-
coming moro len!ent in respect to collateral.
accepting in many cascs security that
ten days ago they would not look
mt. at only slightly higher rates than
those asked for giit-edgcI collateral
Furthermore. the prospect Of easy money will.
in all probability. DO accompanied by nn in
creasing demand for bonds and investment
securities generally. Already there aro the
prenonitory symptoms OF life in the bond mar
ket. tho speculative issues being particularly
strong in the face OF temporary weakness in
the share list. and there Is growing inquiry
for bonds that have lain dormant for months.
In tho hurry burly OF August and September
tho bond market was entirely lost sight of. yet
before there can DO n substantial advance in
stocks there must be those indications OF pros
perity which the investment demand for secur-
tiles alone foreshadows.
The stock market again to-day took on its
professional appearance. London did little.
but the momentum Of yesterdays rise gave an
unnatural strength to the opening. which was
lost before tho two hours OF business had ex-
PRED. The first indication OF tho realizing
movement. that ultimately carried prices be-
low last nights closing was upon tho an
nouncement that the Chicago Board Of Trade
building was on fire. in which event there
would be moro or less disturbance in the telo-
graphic communication between the two
cities. The fire. however. proved to DO
trifing matter. but tho selling movement
had started. and as soon as the bank
statement was published there was fur
Their scramble to realize. As usual the
transactions in Atchison were the heaviest
OF the day. but to-day its place as leader was
closely contested by Northern Pacific pre-
ferred. which was favorably affected by the de-
cision Of Judge Cauldwell, referred to yester-
day. There was also disposition to buy the
s % tbs
The tra1ss9ntinental meeting to-day II
Intsrested st. PsuI was s' also strong
the Second Weei Of ocsober and the bee that
the pool that was instr4mental in its late I'D
vance had completed Its arrangements for |
another upward movement in the price OF the
point Of the day. but. owing to it's purely pro
fessional character. there is no perceptible |
diminution Of confidence on the part Of the |
bull faction.
As compared with the final prices of last Sat
urday. the majority Of stocks are lower. The
land. Cincinnati. Chicago and st. Louis. Ii y
cent: American Sugar Refneries Co... l:
Northwest and Richmond and Terminal. Y |
each: Lake Shore, Louisville and Nashville |
end! and Wabash prefcrred, =. each: st. Paul. Dis;
Cordaee = = cent. each. The noteworthy all. |
vances were in Lackawanna. IL y cent: Chi |
cago Gas; Reading. =: Tennessee Coal and |
Iron. Il n cent. |
Final sales compare with those OF yesterday