Evening star., 1896-10-20
FINANCE AND TRADE
The Speculative Undertone Continues
to Improve in Strength.
MONETARY REVOLUTION NOT EXPECTED
1t is Regarded as Being Less
Probable Contingency.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October 20.-The specula-
tive undertone continues to improve in
strength, and misgivings 20 the future
value of vested interests decrease with
each succeeding day. On a volume of
business usually credited with ability to
produce only factional changes In quota
tions, substantial gains were recorded. The
monetary revolution is regarded as being
less probable contingency. and traders
are sufficiently encouraged to buy in ad-
vance of the demand which will come
upon the official confirmation of present
hopes.
The withdrawal of 5000 600 in gold coin
for import was factor of considerable i'm
portance. and fully justifies the predictions
as to probable proportions of this weeks
movement. London cables reported a de-
cline in consols, the price yielding to
107 9-16. as the result of the continued loss
of gold to the United States.
The Bank of England's minimum dis
count rate is again brought into the situa-
ticn a speculative factor. an advance TO
4 per cent being among the possibilities.
according to competent authorities. The
present volume of the banks business may
admit of further Withdrawals, however.
without necessitating protective action OF
this character.
The Bank of France has been relied upon
to supply gold in the event of the London
rate becoming prohibitive, but recent de-
velopments are not entirely favorable &c
the success of this plan.
1t is not likely that the action Of either
institution viii prevent importations. ex-
cept perhaps temporarily, during the nexi
fortnight.
Should the demand for gold for hoard
ing purposes cease a very considerable vol
ume of the demand abroad would disap-
pear
The market movement today was in a
great measure due to political influences,
| frn hain ha m a fra l.
ing at gain of per cent from the open
ing level.
The success of the sound money move
ment in Illinois. and the consequent cessa-
ton of political persecution inspired
good demand for the stock of this COM
pany. The privilege of disbursing accumu-
lated dividends is sufficient to cause a ma
terial advance in price once the privilege
is granted by the courts.
In the railroad list the action of Burlng
ton and St. Paul commanded unusu-
al attention. the former selling a full
point in advance OF the latter fol-
the first time in some weeks. The we'll
known recuperative ability of Burlington,
coupled with the prospect of an enormous
corn tonnage, are factors worthy of con-
| sideratior at this time The transportation
| of wheat has been profitable to st. Paul
! and past traffic has advanced the price to
| its present level
The transpor- alton of corn will ROW be-
come a factcr, il is believed. and the corn
| read should reflect double the percentage
of gain likely to be reflected by its rival.
| This conviction has resulted in the buying
| of property and the selling of the
othe- as a means of reducing speculative
| risks to minimum proportions.
The trading of the final hour was un-
changed i'm character. prices ruling at the
| best level OF the day during this period.
| Traders reactions are probable, but un-
| less money rates advance sharply, the
market is likely to be given good support
on all concessions.