Evening star., 1896-11-14
FINANCE AND TRADE
Higher Prices Abroad Prompted Do
mestic Advances.
GOOD SHOWING OF BANK STATEMENT
Gain of Over Twelve Millions Dur
ing the Week.
GENERAL MARKET REPORTS

Special Dispatch 10 The Evening Star.
NEW YORK, November l4-Higher prices
and increased activity in the London mar
ket prompted advances varying from Ia TO
5-S per cent during the opening hour this
morning. In a majority Of instances early
prices were the best recorded for the day.
The volume OF business was small and re-
fiected considerable difference of opinion
as to the natural tendency OF prices No
pressure to sell was apparent from any
source. but the buying was equal to sus-
tanning prices only, not improving them
Ihe overthrow Of the markets one
sidedness may he classified among the
really desirable events of the week Pro-
fessional operations in the short account
will eventually furnish valuable assistance
to an advancing movement based on d
more general recognition of the Significance
OF recent events. Declines should continue
to attract patient Investors nothwithstand-
ing the repetition of Cuban war scares. ami
the predictions of hostile legislation this
winter. There is no doubt that attempts Of
the latter character will be made from
time to time. but the trust stocks are like
ly to be the only ones directly influenced
thereby.
An attack on this class of securities would
naturally be followed by a sympathetic de-
cline in the general list, but shrewd opera
tors are not likely TO miss the significance
of the movement. The cautious investment
of savings which has been going on during
the week indicates very clearly that ap-
prehension outside Of Wall street is reiuc-
ed to a minimum.
The figures submitted by the Manhattan
railway to the states authorities at Albany
corroborate the unfavorable semi-ofiicial
showings previously made. The surplus
aft nharu cl1nAf fro AitHdanAs IL
ported to be $l41, 1i2 for the quarter ealing
September ~. an amount equal TO a deficit
of over $3U,WO after payment Of the usual
dividend at the present rate.
This surplus compares with one OF only
$62, 900. for the same period of 1875. and. on
the surface, appears to be Favorable. but.
owing to the diScontinuance OF action. In
terest charges connected with the funding
OF the per cent loan, the reverse is really
true.
The mysterious treatment of the consoli-
datfon scheme by prominent interests con-
nected with the management. coupled with
the figures submitted, suggests the employ
ment of manipulation rather than facts
In sustaining the price of the stock. There
can be no doubling the fact that for private
reasons the stock is being firmly held in
the neighborhood of par.
As the present fashion is TO discount the
future and ignore the present, prevailing
quotations may be taken as representing
value to be added during the future period
Of prosperity assured to all business en-
tcrprises. In practical financial circles tho
relative strength Of the general market .
&C needed to be the real reason for sustain
ed values in certain instances in which ad-
verse surface conditions are reported.
The bank statement reflects an unusually
strong and improving financial condition.
The total gain in lawful money for the
week has been s12, ,673. 900. two-thirds OF
which is In specie.
This increase reflects the return of hoard
ed gold. An Increase of s., ,22S.S00 in loans
is reported, and indicates the increasing
liberality OF money lenders now that ,hs
money loaned is certain to be repaid in
fl nds of equal value. The increase in this
item coupled with the foregoing increas-
ing in cash holdings. Increases the total
deposits $l5.919.9O0. OF the total Increase
in cash. 81 693, ,525 is carried to the reserve
fund. increasing the surplus above legal
requirements to about $23,J00,0O.
Easier money rates are practically as
su-ed by this showing of the associated
banks. and organized efforts to advance
prices need no longer be postponed because
of an unsympathetic money market Tn
less the amateur war rumors of the past
week crystalline around some tangible
foundation there would sem to be little ma
terial for any noteworthy decline in prices
The market will work both ways within
narrow limits, perhaps. for some time TO
come, but the recessions should be the least
consequential of Its fluctuations