Evening star., 1896-10-22
FINANCE AND TRADE
Advance in Values kscribed to Elec-
tion Confidence.
BORROWABLE FUNDS In GOOD SUPPLY
The Speculative Undertone is
Strongly Optimistic.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 22.-Although rou-
tine developments were, in the main, IA
vorable to moderate reaction in values
today's stock market was stronger than
any of Its immediate predecessors Open
Ing prices were moderately lower than
those recorded at the close of yesterdays
business, but the absence of pressure to
sell encouraged a good volume of specu-
lstive buying.
The advance in the Bank of Enyiani's
rate OF discount from to 3 20 4 per cent re-
suiteu IN a lower range OF values in the
Loioon market, but the action was not
seriously considered on this side An ;d-
vance In posted rates for sterling followed
the announcement Of the banks action but
no considerable volume of business was re-
ported in the foreign exchange market
Hoid lmportationS may be restricted as
the result OF this effort to prevent the in
ward movement to this country, but ra ties
are not likely to advance to the point war
ranting an immediate return of the coin
The continued weakness of the wheat
market was entirely ignored by traders
Notwithstanding the fact that the motive
Tor recent Improvement In security values
had been ascribed to a sympa thetic ad-
vance with grain
The lower prices for cereals were re-
garded as probable incentive to a revival
OF activity on the up grade, owing to an
Increased demand from abroad.
Earnings were not permitted to retard the
advance. decrease of S4os 365 reported by
Northwest for the rlonth of September was
loiowed by an advance of IL per cent In
the price OF the stock Prices are dom
mated by traders, and commission houses
are not sufficiently sure of the money mar
ket to advise increased activity on the part
OF clients.
The steady advance In prices can conse-
quently only be attributed to the daily re-
Taxation in apprehension as to the outcome
OF the presidential campaign. The more
generally confidence in the result is mani
Tested the less likely monetary compli-
cations. Borrowable funds are in good
supply under the legal rate. and il is per-
haps spirit of over-caution which sug-
gests the present attitude Of large opera
tors.
Realizing sales by timid holders have
heretofore been regarded certain during
the hnal hours of the campaign, but this
view has been modified of late owing to
the decreasing probability of a cause for
unusual tension. The undertone of the
market is strongly optimistic and will not
be easily turned in the opposite direction.
The Incorporation of a riva. sugar COM
pany under the laws of New Jersey Lad
no effect on the stock Of the American
company, opposition of the proposed char
ac:er not being seriously considered Ey
traders. Tennessee Coal and Iron advanced
under a good demand inspired by improving
trade prospects.
The companys supply Of surplus iron has
been decreased materially of late owing to
the increasing demand from trade and
speculative sources. The Granger shares
were again conspicuous features Of the
trading, but the low-pr.ced coal and iron
shares ale active contestants for positions
or prominence.
The bulk of the trading while unchanged
in character continues to be better dis
trfbuted, and indicates confidence in the
comprehensive effect of a settlement OF
present doubts. Lower cables for wheat
and a general selling movement late i'm ;he
Gay. breaking the prices down around 40
for the December option, caused some
realizing on early purchases. All offerings
were absorbed within the limit of a few
fractions from the best prices of the pre-
vious hour.