Evening star., 1896-09-21
Effect of the Continued Inflow of
Gold Coin and Bullion.
OUTSIDE INTEREST In THE MARKETS
Railway Earnings Continue to Be
UnfavorabIe.
GENERAL MARKET REPORTS


Special Dispatch 10 The Evening Star.
NEW YORK, September 21-Under the
influences of increasing optimism today's
stock market developed a remarkably
steady tone, which, usual of late. found
81 eater reflection in sentiment than in
prices The London market is less unsym-
pathetic than 1t was week ago and a
moderate demand for securities is reported
from that center. The sale of f203.OO0 in
American eagles by the Bank of England
for export to the United States was an
hounced during the morning. Further with
drawals Of coin are expected to follow from
time to time during the next fortnight.
Foreign houses are confident that both
England and France will send gold to This
country instead of the burdens being shift
ed solely to the latter country, as seemed
probable last week.
The continued inflow of gold coin and
bullion has already had a favorable infiu-
ence on the volume of commission buying.
The activity of firm usually represent
ing strong investment interests was gem
orally commented upon during the day as
being incident to a return OF outside par
ticipation in the market. Purchases CT
round amounts of AT least half dozen of
the day most active railroad shares were
believed TO have been made for clients not
accustomed to margin transactions. Pro-
fessionai operations dominated prices, of
course, but the short account was notice
ably less favored than heretofore. the
result of the foregoing signs Of improve
ment.
Railroad earnings continue unfaN orabie,
and would dolbtedly have bad effect
on prices We're il not for the fact that in
coming gold and decreasing political appre
henSiOn make ii possible to appreciate
prices as undeservedly as they have recent
Iy been deprecated. The low average level
Low prevailing is relied upon to establish
the presumption that present unfavora5l. !.
developments have previously been dis
counted.
Among the more important reports of
earnings submitted during the day, de-
crease of ss13.s15 by Northwest. for the
month of August, is the most significant.
The price Of the stock was not influenced
by the announcement, as such a showing
was not wholly unexpected.
Manhattan was the feature Of the days
trading a gain of 2l2 per cent being re-
corded on a volume of business about even
ly divided between the two accounts. The
Changers wer. in fair demand. Burlington
and Rock Island profiting most by the ac-
tivity.
Sugar was well supported but attracted
selling upon every return 10 1i4, the bulk
OF the transactions at that price being
realizing sales. As the fluctuations indi-
cate the volume of the days business was
not evenly divided, although the percentage
credited to the railroad list compares favor
ably with recent records.
Money rates ruled between 3 and per
cent, no special demand being reported.
The loan market is relied upon to respond
more noticeably to the increasing supply
Of borrowable funds the week progress
es- Silver bullion was sold around 66 :S-S.
an advance of 81 per cent over last weeks
fiEal bid price.
The bid price dropped off considerably
during the afternoon on adyices from Lon
don reporting a weakness in the silver
market at that center under free offerings
by representatives of American houses
Final prices throughout the active specu-
latiye list reflected fractional net gains for
the day.