New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-24

"Wednesday. Sept. -. p. ID.


Stocks continued to move toward higher level
to-day There no notable activity. except
in Reading and Sugar Refining. and the transac-
tious Of the professional element dominated the
dealings: vet there was an increase i'll outside
orders due to the constantly Frightening politi-
cal and business horizon stock brokerage ana
bond houses reporting renewed activity among
customers who for long *ime have been out o.
the market. Renewed buying for invcstinert
account may not he pronounced until the size OF
Mr. McKlnleys probable majority has been an
nounced and until it is known how Congress
will stand upon the money question; hut ii is 10
he observed that there a number nf far-see-
ing people picking up bargains in Wall Street
on the assumption that Mr.. Bryans vote will
show small percentage Of the total vote cast.
and that sound money Congressman viii make
up a large majority Of the next House. Doubt
less the increase in security values will be meas
ured by the extent Of a sound money victory
At present brokerage houses advise their clients
TO buy on all recessions and 1t IL yet 10 be
ticed that any broker advises sale on the
slim possibility OF Mr.. Bryan's election. As
noted in this column this morning. the demand
for railway and Government bonds has increased.
and bond houses. which have connections and
customers in ali parts Of the country, report a
is beginning TO be extended on conservative lines
is indicated by the larger business in the CONNER
cal paper market and the disposition of money
institutions which have long been out of the
market 10 give accommodation. both on mer-
camille offerings and on time loan contracts the
business in the last named branch Of the money
market having shown an appreciable increase
in the last few days
4
ton is now more easily obtained II is not likely
that there will he any marked decline in rates
for some time to come. and in this connection
the question Of continuance Of gold imports is
concerned. as lower money rates here. with the
advance in discount rates abroad. Will tend to
stifYen the foreign exchange market. Easier
money viii help the payment OF a number Of
sterling loans which will be due next month. and
gold imports for time may. later on be inter
fered with by the renewal Of mercantile remit
tances which made impossible earlier in |
the season from the inability Of merchants to
secure accommodation. Even II the gold import
ing movement should he intcrfered with. il would |
doubtless he for short time only. The opinion !
of several leading drawers of foreign exchange |
regarding the gold movement was summarized !
O-day by the New York News Bureau as fol- !
Ows 1t is estimated that Of the first Sl5.WW.- !
Mo gold imported. about wo-thirds was against /
sterling loans and the remainder against com
nercial bills. OF the second S15.oOOOOo. at least /
% per cent is believed TO have been against com
nercial bills and all OF the last $10.0OOOO0. The
present supply OF commercial bills is large, but |
,s indicated sbove they will be needed from this
IN TO Offset delayed remittances. II IL believed
hat if the governors OF the Bank Of England
we're well Informed Of the situation here they
would see no occasion for advancing its rate of
discount al this time so far such action would
rave a bearing upon the movement OF specie TO
his country. Foreign bankers are of the opin
on that the imports of gold not likely to stop
altogether. and even II they should, the Inter
upton will in all probability I'D temporary
To-day's foreign exchange market showed
light increase In demand. but there was a large
upply OF cotton and grain bills offering. More
old WAS taken for export to this country from
he Bank OF England. and though the bank may
a ise its discount rate to 3 per cent tomorrow.
old imports are likely to be unaffected by II.
mr. the present at least When about SoOoOOOOo
CESSATION in the movement There was some
elling OF stocks in the afternoon the belief Of
n advance In the Bank Of Englands minimum
iscount rate. and although final prices were at
pcessions from the best or the DAY, net gains
,erc recorded IN the majority Of active stocks.
ne volume of business was considerably larger.
n, heavy dealings In Sugar Refining and Read
20 wera accountable for the Increase. rather I
IAN any heavy increase In general transactions.
uying of Reading stocks and bonds was III
reat part from good sources, ana traders were
to take the stock by me commence
.rtain interests expressed in the future re0r-
,pization OF the property, the nTst real step OF
hich was accomplished to-day. when the ROAD
as sold at foreclosure to the reorganization
anagers Reading stock advanced per cent,
Of LOST a part of the gain at the close. Sugar
eHning was weak at net loss OF n per cent
hese stocks. Sugar and Reading. contributed
6 1921 shares out Of a total in all OF ~, lb"
ailway shares were attacked by the bears In
q morning but rallied In the Afternoon Inc
pee was somewhat unsteady.
Closing prices for Q number OF dctlFe slocks