Evening star., 1896-09-12
Opening Prices Lower, in Sympathy
With London.
MORE FOREIGN GOLD is COMING
An Advance Checked by Later Ad-
. vices From Abroad.
GENERAL MARKET REPORTS
'pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. September 12-Opening
prices this morning were frartionally lower
In sympathy with the continued declining
tendency In London, consols again being
reported weak and active. The concessions
In the foreign market were not confined to
American securities, the entire list suf-
ierlng from realizing sales. prompted by
the Increased rate OF discount. An ad-
vance OF rates in the open market 10 meet
the new bank rate was announced during
the morning and added to the activity in
speculative enterprises.
An engagement Of f1O0,O60 gold at the
Bank OF England for export to the United
states indicates the presence OF a contina-
GUS demand, notwithstanding the stiffening
OF money rates at that center. The foreign
market can no longer conceal the concern
occasioned by the return movement OF gold
since further advance i'm the rate of dis
count incident to such movement might
operators.
After the first half hour local prices were
improved by an increased demand from the
trading element, based on forthcoming po-
ntlcal developments and the prospects of
more encouraging bank statement Ad-
Vances varying from l-2 to I IA per cent
We're recorded in many instances, on a
small volume of business. Rumors of later
disturbances In. the London market, caused
by the reported issuing of call for a spe-
cial meeting of the British cabinet, resulted
in an active selling movement right at the
close OF business. All the early improve
ment was destroyed. prices closing irreg-
ular, within a fractional radius of the
opening level.
The weekly statement of the associat ID
banks reflects a partial return 10 more
normal conditions. An increase of 1893 "a,
In reserve holdings and a contraction of
only SI1,3oo in loans are almost satisfar-
tory in view of the liberal decreases in
these items during the preceding weeks An
Increase OF s. 21G4,.-U in specie mora thaa
offsets the decrease in legal tenders due To
ouI-oi-to~n drafts on local repositories
Inc need OF FINDS at New Orleans during
the week Is in some measure resnousilIe
for the loss an legal tender holdings Ip.-
posits decreased Sl.:l7,.p0 and circuIatian
Increased sdS2.lpo. With further imi,orIa-
lions or gold assured. the panking trans
actions during the coming week should
continue TO Reflect improvement
The market does not broaden Significant
ly. and buyers wisely refrain from p,Ir-
chasing securities al 20 per cent advances
from the professional trader Sentiment
among the active speculative element cum
tinues strongly optimistic, the rresump-
ton being that a rise in values will pre-
cede the November elections and thai r.ai-
lZing will follow. This argument while
based on routine theories. is scarcely ep.
titled to immediate consideration
There Is ample time between now and
November for variety Of small move
merts. and the continuation of an already
substantial rise is not likely to contfnu.
materially beyond the period required for
olscountlng the Maine election returns.