Evening star., 1896-11-09
FINANCE AND TRADE
Foreign Interest in American Invest
ments Revived.
MONEY OFFERED In LIBERAL AMOUNTS
Prices Should, Barring Surprises,
Tend Toward improvement.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, November 3. - Opening
prices this morning were about on parity
with Saturdays final figures, and We're not
significantly improved by subsequent trad
ing. The volume of commission buying
was noticcably improved, and the stability
of the market was due entirely to business
of this character. The room element was
unanimously in favor of a reaction and
operated solely in the interest of lower
prices. The recent sharp advance was the
only argument used for this purpose, AMI
was not seriously considered outside of
the room. Stocks recently purchased have
gone into strong hands. and the natural
recessions of an advancing market will not
add any considerable volume of long stock
to the present floating supply. Fractional
declines are consequently likely to multiply
external evidences of confidence in ulti-
n2ately Higher prices.
London cables reflected a slightly lower
level In the markc; for international is
sues, but reported a revival Of interest in
American investments. The future course
OF the foreign exchange market Is largely
dependent upon the volume of the foreign
demand for local securities. The increase
In foreign importations as the result of
general restocking of depleted commercial
supplies must he offset by European pur-
chases of stocks grain. While pur-
chases of this kind are probable, later in
the season perhaps, the present tendency
of the exchange market is toward higher
level. Posted rates were advanced half
per cent during the morning as the re
suit of a decreased supply of bills and in
creased demand from remtters.
Money continues to be offered i'm liberal
amounts from i to II. per cent under the
legal rate, and bankers are confident Of
overcoming the conditions reflected i'm last
weeks bank statement. Routine develop
ments are encouraging rather than other
wise. and prices should, I'm the absence OF
surprises, tend toward further improve
ment.
/. The reassembling of Congress may in
spire caution i'm the industrial shares. COM
monty regarded as trusts. and, if precedent
he followed, the railroad list will lie in
fiuenced sympathetically. The possibility
of favorable action on The pooling bill may
offset the effect of possible tariff revision.
Washington news is almost certain TO
dominate prices during the early winter
and the present movement is likely to ter
inmate the moment telegraphic advices
from that city begin to increase. The
Cuhan and Venezuelan affairs are being
watched carefully. and are certain to be
reflected i'm the course of the market sooner
or later and present indications suggest
a favorable outcome of both controversies.
Well-distributed but unconfrmed rumors
relative to a consolidation of Manhattan
and the Metropolitan Traction Companies
resulted In an advance of 23-4 per cent
III lfle price OF the FORMER security. We'd
nesdays annual meeting Will demonstrate
the real status of these negotiations, and
rImors previous to that time likely TO
be received with extreme caution, now
that the stock is again above par.
Realizing sales of speculative holdings
were credited with the = per cent decline
in Chicago Gas. but the buying at the
decline was considered to be for the ac-
counts OF large interests. A traders effort
to repurchase the stocks sold during the
morning resulted in a fractional rally IN
prices during the final hour. The market
as whole is acting entirely to the salts
faction of the large speculative interests.