Evening star., 1896-10-29
FINANCE AND TRADE
Lower London Quotations Duplicated
on This Side.
SOME EXCITEMENT over MONEY RATES
Promised Issue Of Clearing House
Certificates.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

Special Dispatch to The Evening Star
NEW YORK. October 9.-I,ower ouota.
tions in the London market incident tn tho
unsatisfactory monetary conditions at that
center were generally duplicated on this
Side during the opening hour. The mini
mum discount rate at the Bank of England
remains unchanged at per cent, but ac-
tuaI loans rule fracttonally above the off,
cial rate. Continued selling of South Afri-
can securities by Paris houses causes some
apprehension In foreign money centers,
FEARS OF money stringency being clearly
apparent In the nervous fluctuations of Sc
curity values.
Recent cables to the leading London
datlies. while In the main totally at vari-
ance with popular opinion on this side.
have Inspired fears of an unfortunate FER
mination of the presidential campaign
American railway shares were sold dur
iLs the early trading by arbitrage houses,
OUT private caDlegrams. correcting the err
roneous impression created by these radi-
cal and pessimistic forecasts, served to
stay the decline.
Ihe course of the money market in Lon
don Indicates q disposition on the part of
money lenders at that center to delay a
further extension of loans until after the
pontlcaI crisis has been passed on this side
Inc local money market was active and
excitable throughout the entire session
rates advancing from 10 to 80 per cent. as
the demand became urgent, toward the
ciosc Of the noon hour
Inc announcement that clearing ho,.se
certificates would be issued by the commit
tee 10 any institution demanding them had
benencial effect on stock values The ac-
tlon OF the money market was clearly in
opposition to the advancing tendency of
security prices, the general list Welding
Tor substantial declines under realizing
sales The international list was first to be
attacked. in view of the unsettled condi-
l,,$
We're in the Industrial department because
of the well-known discrimination against
the class of collateral.
revival Of the manipulation in CHI
caSo gas served to advance the price OF
that stock in direct opposition to the pre-
Vafling sentiment. Rumors of a favor
able decision In the Illinois courts were
utliiZed to good purpose in forcing covering
OF short contracts Chicag, houses were
credited with liberal sales in the general
list. as the result Of increasing skepticism
as to the outcome of state campaign in
Illinois Acute political tension and an
insignificant short interest render the mar
ket peculiarly vulnerable just at this time
Professional traders alone are active and
fluctuations are likely to be violent and
efratic during the next three days
A holiday IN London Monday, the cleo
ton holiday Tuesday and the uncertainties
as to Wednesdays opening level suggest a
dull market devoted to the reduction of
speculative liabilities.
Money rates advanced to 100 Der cent
during the final hour and prices yielded be-
low the low level Of the previous hour in
many instances.
No new developments of any significance
were recorded during this period and no
important new business was reported Up-
ward Of S.OW,O00 gold is expected from
Europe by tomorrow's steamers, but 1t is
doubtful If the full amount will be re-
cefved in time to show in Saturdays bank
statement. Should the bulk of the weeks
receipts OF specie fail to appear, the pros
ing.