Evening star., 1895-09-20
Foreign Exchange Rates Less Salts
factory Than Yesterday.
OUTLOOK FOR TEE NEXT TEN DAYS
American Tobacco the Feature of
the Day.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September 2O.-An advance
in the rates for foreign exchange, lower
prices in London and the continuous ad-
vance in values during the week prompted
considerable realizing in today's stock mar
ket. Opening prices were substantially i'm
proved over yesterdays final level, but al
most Immediately shaded off under the
movement to take profits. The exchange
situation. Is less encouraging than yester-
day. the supply Of commercial bills being
| especially disappointing. The original esti-
mates of the outflow of gold at the end of
the week must he greatly reduced to con-
form to the actual amount, but the opinion
obtains that a round sum will be sent out
during the next ten days. unless surface
appearances are deceptive. Exporting
houses are credited with desire to keep
the shipments down to the lowest possible
amount, and will use gold in settlement Of
foreign obligations only when deprived OF
other means.
A slight concession of 1-8 per cent in
sterling rates during the afternoon was i'm
mediately reflected by traders rally in
all parts Of the active list. The professional
character of speculation during the week
has had a tendency to postpone an active
outside demand until after a moderate re-
action. The willingness to absorb all Offer
that the market is well supplied with pur-
| chasing orders slightly under ruling prices.
American Tobacco was the feature OF
the days trading on liberal volume Of
trading. Opening from 1O3 to 104 the price
was quickly depressed to 9S 3-4 on sales for
both accounts The denial of yesterdays
reports relative to settlement OF ciFer-
epces with the Independent manufacturers
was responsible for the sudden change in
sentiment.
1t is understood that the production of
cigarettes will be begun by the rival in
dependent concerns in the very near future
and a determined effort made to perma-
nently destroy the monopoly now enjoyed
by the trust
the first hour. but subsequently declined
sharply under realizing sales and the Gre
alton of a new short interest. Sugar, Cen
era' Electric and Tennessee Coal and Iron
half of the day; all reacted for the full
amount of the early gain and were finally
marked up under good buying demand, IN
which commission orders were conspicuous.
The Granger shares were the leaders In
spirited upward movement during the
afternoon, which added l per cent to the
value Of the more active members of the
group.
The meeting of trunk line presidents in
Chicago was reported to be proceeding mar
mcnioTsly. AMI with every prospec- Of talk
ing active measures for the benefit OF the
several roads represented.
Railroads earnings. as on previous days
of the week. reflected encouraging in
creases, which in turn are expected to be
improved upon from time to time during
the balance of the year. The general trade
outlook Is satisfactory and fully justifies
the, STRONG optimistic forecasts for the fu-
ture. The treasury's gold reserve having
been made the basis Of a general contrac-
ton in the volume of business by reason Of
| its depletion during the last two months,
has come to be regarded as an exponent of
| national prosperity, and viewed in this
1iph 10 dafo ipfn
ton.
Without argring in justification of this
position the sentimental effect produced on
the stock market is such as to prevent any
sustained advance while there Is shadow
of doubt that the reserve cannot be main
| taired at $100,00OO00 either by natural or
artificial processes. At the moment 1t is
hoped that increasing exports of grain and
cotton will remove the existing doubt in
this particular. but the date on which such
excess of exports will materialize is still too
vague for practical use. Sentiment. how
ever. Is Of such d hopeful sort that no decid-
ed setback seems probable.