Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-10-19
FINANCE AND TRADE
Stocks Sold Saturday We're Repur-
chased This Morning.
EFFECT OF TEE ADVANCE IN WHEAT
Awaiting the Result of the National
Elections.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star.
NEW YORK, October lathe stocks
sold during the tight money scare which
followed the publication of Saturdays
bank statement were repurchased during
the early trading this morning. The sharp
advance In wheat coupled with increasing
optimism to the future course of this
commodity, counteracted the influences Of a
possible money stringency. The subse-
quent weakness of the foreign exchange
market added impetus to the advance in
security prices and inspired renewed conf
dence In further substantial additions to
the aggregate gold importations.
Call money advanced to 10 per cent to-
ward noon, and prices yielded slightly in
consequence. The concessions from this
Cause were confined within extremely mar
row limits. and an no instance were they
the result of significant selling. The vol
Time OF business decreased noticeably, how
ever. and sixty-day contracts became con-
spicuous features of the tracing. Buyers
OPTIONS at prices ranging from Ia to 81
per cent in advance of the last regular sale
wire noticeable in all of the more active
issues.
The willingness to trade on contracts OF
this character is direct evidence of the
prevailing confidence in the outcome of the
political contest and the temporary scare
ity of borrowatle funds
III securities are to be bought at all at
this time the provision for carrying them
over probable ante-election money strin-
sency is extremely wise. The develop
ments which must be recorded on Novem-
Der in order to vindicate the wisdom of
present stock accumulation will release
boarded funds and dispose of the present
embarrassing strength of interest rates.
The professional narrowness of the ms r.
ket is also indicated by the efforts to make
transactions on this basis. The volume of
sSnlfcant proportions, and clients in many
Instances have been advised to wait until
conditions supplant theories as a basis for
investment enterprises.
The strength of the grain-carrying roads
needs no special analysis in view of the
action OF the cereals. from which the bulk
of their revenue is derived. The advance In
wheat Is sympathetically advancing corn
ard the size OF the latter crop insures profit
able results TO the roads favored with its
transportation.
For this reason it is not illogical to pre-
sumo that conditions may change so as to
give the Speculative preference to the corn
carrying roads. The scarcity of tonnage
for export purposes and the continued de-
mand from abroad are factors indicating q
continuation Of activity in the market for
breadstuffs,
The coal and iron Industries are regarded
as being among the probable leaders of
future activity in both the commercial and
speculative sense. Politics must be elm
mated from the field of doubt before any,
thing Of unusual significance is undertaken
in enterprises involving the expenditure CT
large sums of money.
American sugar attracted the bulk OF the
trading in the Industrial department the
price being bid up sharply for a gain OF
per cent. At the advance some realizing
on early purchases was recorded, out the
price was said to be well supported by the
manipulative interest.
The professional character of the market
destroys confidence In its ability to MAIN
tain its present level during the two weeks
of political uncertainty ahead. The pre-
dictions Of conservative judges, based on
similar reasoning. has failed repeatedly OF
late. and logical results may again fail Of
naturalization.