Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-24
Increase Of Bank Of England Rate
Did Not Influence Values.
READING STOCK SOLD AT A PROFIT
Rumors Regarding improved Ele-
waited Road Earnings.
GENERAL MARKET REPORTS


Special Dispatch TO The Evening Stsr.
NEW YORK. September 24-Opening
prices this morning were about on a parity
with last nights closing figures and were
subsequently improved on professional pur-
chases for both accounts. The increase In
the discount rate of the Bank OF England
TO 3 per cent had no special influence on
values. either here abroad Indications
pointing to such action had been too gen
eral to make the actual announcement a
basis for new ventures i'm the stock mar
ket The stocks sold yesterday in antic-
patton OF the event were consequently COW
cred almost Immediately after the OPEN
ing. London sold some st. Paul on a re-
ported decrease Of s11 .205 in earnings for
the third week of the month. and a total
decrease since July of S2s 4G7
Foreign houses subsequently became pur-
CT f-sers, in sympath. with the local SEN
timent, Nashville being particularly ia
vored.
The recent advance in Reading securities
attracted considerable realizing during the
morning, holders of the stock selling on;
to avoid the payment of the fourth as
sessment Under the new plan. The room
sold moderately in anticipation of a free
offering of long stock.
ne Interests lutntlneu Win The ADVANCE
were again noted among the purchasers,
but nothing was attempted beyond the pre-
yention of sharp break in the price, as
the result of free realizing. The reorgani-
cation interests are relied upon to give CON
siderable attention t. the market position
o. this property as conditions improve
An advance In the price of Manhattan
was accompanied by reported in .reases in
the daily receipts of the company In some
quarters the last fortnight's Improvement
IN this particular was estimated TO ne from
ssn to 5000 day. The last amount is
based on noticeable increase IN the traffic
of the present week, incident to the IAN
shopping season
Sugar was generally regarded as being
| slightly unsympathetic with the general
tendency of the market, and was at times
solo literally by professional traders for a
| decline.
The price yielded stubbornlv however
and found good support on every decline.
The disposition to buy on reactions is again
more marked than the recent disposition to
extend the snort Interest.
The Bank of England sold fl4S,9p Amer
| lean eagles for import Notwithstanding tine
| improved discount rate. Local money
| rates fiuctuated between 4 and AZ per cent
| during the active borrowing period. The
condition of the loan market foreshadows
| ali early return to normal conditions and
| confidence in speculative enterprises is con-
sequently improving The strength Of the
| abroad, is attracting attention to the
| course of prices in the stock market. Lib
| eral exports are assured and any increase
| in the foreign demand should find promp-
| reelection in speculative values.
| Politics are responsible for the bulk of the
| skepticism as TO the logic of the present
| upward tendency of prices
| In professional circles the outcome of the
| money debate has been determined in favor
| CT sound money. The outside operator will
| commercial interests is less confident OF
| The result, and refuses TO adopt the pro
| fessional estimate of values. Steady de
| cieases in earnings do not appeal to such
| operators as being entirely offset by polit
| ioal ent husiasm.
If, however. the confidence of the room
| ca be maintained for the next two weeks
| tn" generally expected reaction may not
| come in advance of the elections The be
| lief in more thorough discounting of q
| sound money victory i'm advance of the fact
is largely responsible for the present specu.
| latye strength.