Evening star., 1896-10-21
FINANCE AND TRADE
Higher Opening Prices Led to Selling
to Realize Profits.
EFFECT OF REACTION In WHEAT
American Sugar Was the Active
Feature Of the Day.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK, October 2l.--Opening prices
We're generally higher this morning. but in
majority of instances the Improvement
attracted selling rather than buying. The
reaction in the wheat market while at
tflbutable to perfectly natural causes, was
largely responsible for the profit-taking I'm
iaiiroad securities. The concessions were
conhned within fractional limits and rare
~ exhausted the percentage OF gain record
hour VI S ms
Inc attempt to ascribe the advance in the
market Tor agricultural products to political
,hhahipuiation ma mas failed signally in view of
Ihe multiplying evidences of legitimacy
Sllsat lapses in the foreign demand are to
be expected and may be attended by tenn
porary depreciation of prices, but this con-
dltioE is to be expected, and is not con-
elusive evidence of artificiality
An advance in posted rates of exchange
extending to 1-2 per cent was credited TO
| decreased supply of commercial deal
inss. Money rates were trifie more sat
lsfactory, per cent loans being in fair
supply during the active market period
London cables reported an advance IN
the Bank of England rate to per cent as
being among the Generally expected ieyel-
opments of tomorrow.
Tne first effects of this action are likely
10 be unfavorable TO values. but traders
snow little disposition to revive. trading in
the short account. While the business of
The last day or two has been somewhat
better distributed, commission houses ad-
mt lack OF inquiry from non professional
sources. In view of this latter fact Dur
chases are only advisable on concessions
Ihe undertoEe of the market is strongly
opumistlc, but the character of the trading
is not wholly desira BILE. The buying power
clearly showed evidence of exhaustion after
the noon hour. and concessions became es-
sential TO trading. The more influential
interests are believed 10 be opposed to con-
tlnuouS Improvement just at this time and
thls opposition Is sufficient of itself to war
arnt cautious trading.
The uncertainties of the presidential cam
palsn may hav= ba-n reduced but not
sunicitntly 10 inapgurate a fortnighl's dis
counting OF the probable result.
American Sugar was an active, faatura
OF the day AT "A decline of mere than . per
cent The action of this sto TX has been
tonSlpicuousiy ui.s!mpd. he:ic during the
recent advance in The general list The
MAJ agement has consequently been cred
ited with having private Reasons for limit
ing the upward movement.
The Granger shares were advanced To "a
new nigh level during the morning but be-
came especially active during th,. profit
taking period recorded toward midday
Readins and Tennessee Coal and Iron p:.r..
wen bought in anticipation of fayorai i,lr
election results. Low-priced stocks are IA
Nofen at thlS time, owing 20 the uncertain
ties Of the money market
hlgh-priced securities are in good de-
mahd on merit, but purchasers of this
group are usually financially SUPERIOR 20
lhe temporary fluctuations CT the call
money market. The fractional concessions
OF the day have improved the situation Inv
| mere aSing the probabilities of AN increased
| demand.