Evening star., 1896-10-30
FINANCE AND TRADE
Higher London Quotations Had a
Good Effect on Prices.
BANKS EQUAL TO ANY EMERGENCY
No Money Stringency, as Regards
Reliable Borrowers.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, October 3O.-Today's stock
market opened strong under the influence
of higher London prices and a better un-
derstanding Of the local money situation.
The sharp advance In call money rates,
which was the feature of yesterdays trad
Ing, was duplicated this morning, but at
tracted only passing notice. The demand
for money for commercial uses is not
urgent, and rates for loans to reliable bor-
rowers In no case indicate a money string
ency. The banks are in an exceptionally
strong position. and are fully equal to any
emergency which may arise. A statement
Issued by the Clearing House Association
denying the presence Of alarming monetary
symptoms had a reassuring effect and in
spired a good volume OF security buying
Several Of the larger banks had agreed
over night to supply all the funds likely
to be demanded, and this knowledge of the
willingness to lend went a long way
toward discouraging the advancing ten
dency. TIE first loan of the morning was
negotiated at 50 per cent. the rate yielding
steadily until 10 per cent was reached.
From this low level rates were advanced
to Il OF 1 per cent and the legal rate
added.
This latter quotation is practically equi-
valent to the 100 per cent used in yester-
days quotations.
The demand for money at these high
rates comes almost exclusively from bor-
rowers offering miscellaneous securities
and does not reflect the needs of the gen.
eral public. The scarcity of money is
localized in the vicinity OF belated DOWN
Cwn borrowers.
The chief feature Of the weeks currency
operations has been the boarding of gold
In the south And west. where the silver
element has developed its full strength
The gold received from Europe is not likely
In consequence of this boarding TO find
complete reflection in tomorrow's bank
statement.
The loss of currency to the interior and
the daily operations at the subtreasury will
likely result in G decrease of upward OF
se.750,0o0 in cash holdings.
The Bank of England sold 100000 in
American eagles for export to this side
during the morning. but no significant in
quiry for gold at that center is reported.
Foreign houses were liberal buyers of our
securities. notably Reading. and will con-
tinue to purchase should the elections re-
suit satisfactorily. Considering the volume
OF securities returned during the years
panics, the buying back of Europe Is a
factor of unusual significance, once the
operation is fairly launched.
An editorial in leading silver paper this
morning dedicated to the memory of the
candidate on that ticket was conceded to
indicate the selection Of a place and time
for dignified exit from a lost cause
The market was mainly professional, but
buoyant at all times The more active rail-
way issues reflected advances of more than
2 per cent from a high opening level. Read
ing, St Paul. Burlington and Western
Union all indicated increasing confidence
in higher prices after the counting of next
Tuesdays ballots.
Sugar was unusually active and strong
under buying by strong interests. based on
both trade and election prospects. The re-
sumption Of dividends by Chicago Gas on
November Is attracted a good volume of
business to that property, the first quota
tion being L IL per cent higher than last
nights bid price.
Money worked back to per cent toward
the close of the day, under an increased
supply and a decreased demand from all
sources The undertone of the speculative
situation has. perhaps. never on the eve of
an important settlement of doubtful oues-
tlons influencing the whole structure of the
government. exhibited the degree OF con-
Edence shown in tOday's course of prices