New-York tribune., 1896-09-03
A HOPEFUL DAY IN WALL ST.
MARKED EFFECT OF THE ELY ,TION
NEWS FROM VERMONT
GENERAL FEELING or CONFIDENCE-ADvANCE
IN THE PRICE OF sroCKs-THE BANK OF
ENGLAND's DISCOUNT RATE

ENGLAND's DISCOUNT RATE.
The most hopeful day that the financial COM
munity has experienced lat many months was
yesterday. The improved feeling was due 10
the news OF the overwhelming Republican vic
tory at the State election in Vermont 1t was
recognized that as the Vermont campaign was
conducted on National lines the result OF II ar
forded a good gauge Of the result Of the gen
eral election in November 1t was believed
that there was no longer room for doubt that
BRYAN would be the worst beaten man VINO
ever ran for the Presidency All fear as to the
maintenance Of the gold standard in THIS cour-
try disappeared In one day commence aP-
peared to be wholly restored. and the. belief
was that a revival of business activity mish'
be looked for almost Immediately.
The enthusiasm in Wall Street seemed bound
less. As the corrected returns were received
showing the real majorties in Vermont 10 be
larger than the estimated ones. the brokers on
the Stock Exchange. Democrats as well as Re-
publicans cheered Justify From the opening
the stock market gained in strength until some
thing akin TO n boom was under way. The glad
tidings from Vermont we're cablcd to Europe
and in response very considerable orders for the
purchase Of stocks were received Ihe omen
contained in the Vermont election. together "l'h
the heavy movement of gold from Europe TO
America was taken to for oreshadow continued
~ probation in the values of securities
Net advances in leading stocks. comparing
Yesterdays closing prices with those OF TUESDAY
were American Sugar Refining, "'4: American
Tobacco 1s.; Bay State Gas. l12; Burlington ana
orncv IL. Canada Southern. 12s: Chicago Gas
o7k. Colorado Fuel and Iron, 21s; Consolidated
Gas 4. Delaware and Hudson. "a; Erie
~. General Electric 1la; Illinois Steel
.. Iowa Central |: Lackawanna. "a Lake Shore,
o.: METROPOLITAN Traction. 2ls, Minneapolis anu
c. Iouis IL: Minnesota Iron ! National Lead
.. New Jersey Central 3i4: New York Central
1ss: Nickel Plate second preferred. :; Northwest
II; Omaha. =; Pullman. ]; Rock Island. -
St Paul, Is: s. Paul preferred. D. oo"'no," I'l
Railway preferred. !: Tennessee Coal ana ron
~. Cordage guaranteed, ~; Leather pItleireu
c5s: Rubber !; Rubber preferred l. W apds"
preferred IA; Western Union. IS
There were 40 additions yesterday 70 the en-
gagements Of gold for importation, but there was
an arrival Of $4,000 by the Teutonic, ol the
White Star Line. making tn. arrivals To Ia uane
ST 600 600 our of the S2O.OOoOOO ana HttIe more
ordered ImpOrtatOns OF rather ehgaeeiheh'9
Cor importation may be nterfered with tenn
norarv by the higher discount rates IN the open
market in London and the slight advance III III
sterling exchange. EXchange accuInuIateS ,at -,
rapidly that there is little or no doubt that stei
linc rates will he broken down ana the ihloW ol
gold resumed almost Immediately ,-,..,..
Ii is worth noting that the Bank oi ri5ldl.u >
minimum rate OF discount reduced on feD-
ruary ~ 1894, TO per cent ana mas reiiaiheu
at that point ever since. This rate mas conse-
uuentlv been in existence for more than Two
and Il half years which is the longest period OF
chem money evel known in England or any
where else The accumulation in Lond II or
loan sble capital made itself felt 10 cohsderdpie
extent toward the end Of 1894 in the best class
of Investments while the year lS'io, and Tor thal
matter the year 1896 up TO short time ago
afforded an unbroken record Of advancing prices
for high-class stocks ana growing disposition
TO speculate in mining and Industrial enter
prjses An advance now in the Bank OF Eng
lands discount ra;e you'll be looked upon as
a menace to home speculation in London NO
doubt great many of the beat STOCKS pF reason
OF the restrictiOIi on trustees ana the eNt.eh,t
security offered by them, would probably hod
their price even should money become worth -
per cent There wou!G, however. he a partial
collapse in second-rate stocks in the case OF the
raising Of rates for money. The small advance
that has ALREADY been made has perceptDy
shaken the markets and checked speculation
There is not much apprehension that the Bank
Of England will raise its price for American
eagles for II it did shippers of gold to America
would take sovereigns. and no advantage would
he gained by the bank.
The North German LLOYD steamer 1raVe
which sailed from Southampton AT 3 p m. yester-
dav for New York has S4.23OOOO in gold on
board