Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-10-12
Large Undertakings at This Juncture
Generally Opposed.
CAUTION FOR TEE NEXT THREE WEEKS
Engagement of More Gold in Eng
land for Americn.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 12.-Opening prices
this morning were fractionally lower in
consequence CT concessions in the London
market and the increasing Indifference of
local operators. While opinion Is divided
on the general course of prices the street
is practically unanimous in opposing large
undertakings at this juncture. The COM
ing three weeks of political doubt will in
splre extreme caution on the part Of both
the sanguine and skeptical. The desire to
accumulate securities at low prices involv-
ing unlimited risk has been displaced by a
Willingness to ray high prices for a re-
duced risk combined with reasonable as
surances of future prosperity. Prevailing
sentiment favors a professional market a
decrease in the daily volume of business
and fractional concessions as the result of
the retreat of the nervous
The engagement of f1U.dD0 at the Bank
OF England for import to this country and
a decline OF " per cent In posted rates of
exchange were the most encouraging de-
velopments of the day. The continued de-
mand for gold In England is again at
traclng the attention of the governors of
the Bank of England, and foreign bankers
are apprehensive of an advance in the or rs
ent rate of discount.
Previous advances in the foreign loaning
the inward movement of gold and future
additions are not likely TO overcome the
Natural conditions which make the return
movement possible at this time. Unless a
radical change In trade balances is recorded
the specie movement should cause no an
prehension for the immediate future
L ne buying OF the fayorite internal ioaal
issues by arbitrage brokers was one of the
Conspicuous features of the early after
rooms trading. and inspired a sympatheIic
movement on the part Of the room. There
was very little legitimate buying for local
account however and traders rallies al
most invariably attracted superior selling.
st PaulS statement for the first week in
October reflects a decrease of $50 U.,l and is
1urtner indication of the prevailing bust
ness depression. Earnings are In the main
as strongly opposed to Improvement in
values as the uncertainties of the political
situation.
1t is argued. however, that the solution
of one difficulty involves The solution of
both. For tins reason the preponderance
| OF confidence in favor of satisf lctory out-
come OF the presidential campaign causes
earnings to ne dlsresarded paLdng the re-
suit OF The elections.
Immediate prosperity after November 2 Is
| not at all likely to be reflected in earnings.
| but sentimental enthusiasm is relied upon
| TO fill the gaps between the assured posi-
bility of prosperity and the tangible evil
dence of the same
The trust stocks are generally conceded
| 10 occupy an unenviable position, the sue
cess OF either ticket involving them in un-
desirable legislative discussion, from which
| escape can only he had through concessions
| of profitable privileges
The present manipulation in American
Sugar is largely directed to the emphasizing
| of this prospect. but the desire for lower
| prices for purchasing purposes has on pre-
| rlous occasions inspired similar reasoning
The stock yielded slightly from the opening
| level, but was prevented from breaking
| sharply. HE movement in Manhattan was
| of the same puzzling character incident to
| last weeks trading. Silver was weak under
| liberal offerings in both the local and for
| eign markets.