Evening star., 1896-09-09
FINANCE AND TRADE
Opening Prices Reflected Improve
ment, Which Continued.
SHARP REACTION THEN OCCURRED
Effect of the Importations of
Gold.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK, September 9.-Opening
prices this morning reflected improvement
varying from ii to Is per cent and in a
majority of instances were substantially
improved by the subsequent trading The
volume of business, while not materially
improved, was well distributed. the railroad
ard industrial lists being equally active.
The declaration of the usual quarterly div
idend or Western Union and a reported
surplus CT sl,6e4.55O. together with the
usual div idends on the American Sugar Sc
curities, were among the days more inn
portant routine developments.
Evidences of profit taking were conspic-
uous during the early trading. but the Of
ferings, coming principally from traders.
were readily absorbed. as the higher range
of Values during that period fully attest.
Tne buoyancy of the morning gave way
to a sharp reaction at the close of the noon
hour on rumors of the failure of a New
Orleans national bank.
A probable decrease in ST. Pauls earn
ings for the current month was used 10
affect the creditahle showing made in yes
terdays statement of the years opera tions.
Traders again sold the list without attract
ing any significant outside business. The
fact that the decline extended leyond frac-
tionai limits In many instances adds to the
accommodating evidences of professional mar
rowness.
The few encouraging reports of prosper
ity are justly entitled to their present con-
sp!cuous position speculative factors,
but SO far the recent rise is attributable
II political prospects the advance has been
purely sentimental The element of sta
bihty is consequently lacking, and reactions
due TO sudden abandonment of senti-
neatal in favor of practical arguments are
among the probabilities of the near future.
imprOkal
| recent importations of geld. about sl5.voo.-
90 of which has been received by local
consignels. being largely responsible for
tfis favorable change in conditions Mod
crate engagements under new contrac is
were reported during the day. The Offering
of a call on sl.oU,oo gold. good the bal
ance or the year at per cent, was taken
an expression of confidence in the ulti-
| mate abundance of this metal
Holders of securities nave undoubtedly
been reassured by the course of recent
events and are no longer disposed to sacri-
hce present hldin9s. The movement in
turn to normal conditions, will not be fully
| ihaugurdted until present holdings are in
creased. not merely retained
The Importance of preventing liquidation
is not to be underestimate however, but
the significance of a traders campaign is
frequently oyerestimated whichever direc-
tion Is adopted during the non-participat ion
of the public. The conservative element i'm
the market Is not disposed TO extend the
long account materially without an inter-
vening reaction. Discriminating purchases
on concessions are likely TO limit the de-
cline and prevent II assuming proportions
warranttng apprehension.
AT the best, however, conditions are IA
Norable 10 experienced traders only. A re-
ducuon OF u per cent in posted rates OF
exchange VS. announced during the final
hour and further gold importations are eN-
pected to result. Final figures were gen.
orally under the best for the day.