Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-10-07
More Promising Outlook for South
African Stock.
LONDON BUYING AMERICAN SHARES
Commercial Enterprises Absorbing
More Money.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October 7.-Opening price.
this morning reflected advances ranging
frcm 1-S to SO per cent but as usual of
late. the improvement attracted liberal
sales for professional account London's
prices were higher as the result of q more
promising outlook In tho Kafir situation,
and moderate buying Of Atchison and st.
Paul was credited to an improved foreign
demand.
A prolonged period Of almost unprece-
dented speculation in mining shares and the
severe tension noticeable in Europe's diplo-
matte relations fully warrant cautious oper-
ations in the several international securi-
ties. Home conditions are constantly i'm
proving, and will eventually overcome all
arguments opposed to increased values, but
during the supremacy Of the professional
trader the market must continue to be mar
Tow and extremely sensitive to rumor and
prophecy.
The supply Of borrowable stocks now in
the street indicates the presence Of NO sig
niacant short interest in speculation. This
fact under existing circumstances ID Q
strong reactionary argument. The evident
want Of confidence on the part of the gen.
eral public at the present range Of prices.
and the assurance that short sales will en-
tail no embarrass ment in making deliver
les, are influences likely to prevail In de-
termining the character Of room TRANSACT
lions. There was almost no evidence Of
support in today's market. except such az
arises from the temporary demands OF an
element whose operations in this respect
are merely in completion Of an earlier
trade.
The prospects are favorable to an activs
money market during the week, owing to
the steadily decreasing bank reserve.
Twenty-Five per cent of the reserve report
ad al ho of Ioc hpo ia
said to be held by one bank, while many
Of the banks are below the reserve. I'm
der these circumstances any increase in
the demand for money must force addi-
tions to present interest rates. The con-
slant Withdrawals Of funds from the local
Institutions have been on account Of O
growing need for money in commercial en-
terprises. The success Of such enterprises
in speculation, as until the proceeds Of the
same are invested in stocks there Is little
likelihood Of much new capital coming
into Wall street. High interest rates are
always a strong argument in favor OF
higher stock values when they result from
legitimate demand for money for the
promotion of business interests.
The foreign exchange market continues
weak, the supply Of bills being fully equal
to the demand, with Indications that .
stronger money market will assist In per-
petuating the easier tone
American Tobacco was an active and
weak feature of the days trading. the ag-
gressiveness Of the rival cigarette manu-
facturers having assumed proportions no
longer easily ignored.
Sugar sold down without opposition In
spite Of the announcement that refined
sugars had been again advanced In SYM
pathy with the demand.
Chicago Gas sold down In consequence
of additional vagaries on the subject Of Its
reorganization, and the lack Of support
from those recently active on the long side.
The railway list was uniformly lower,
the extent Of the decline varying from one
to two per cent.
The evening up contracts was responsible
for q moderate rally during the last hour.