Evening star., 1896-09-11
Initial Prices Unfavorably Affected
by Foreign Action.
THE COURT AND fHE WAR In RATES
Good Effect on Value of Proper
ties Interested.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, September l1.-A further
decline in British oonsols. due to yeste--
days advance In the Bank of England
rate OF discount, had depressing influence
on the foreign market for American Sc
curities. Fractional concessions were con-
sequently reflected during the initial trans
actions In the local market. The declining
tendency was only temporary. however,
the short interest beginning a liquidating
movement upon the announcement of the
courts Interference in the southern rate
war
Properties directly interested. particular
iy Nashville and Southern, were bought ly
traders heretofore conspicuous In deprcss-
Ing prices. The ruinous policy of carrying
irelght at the expense of ckholders has
temporarily te been abandoned, and confidence
In an early return to legitimate business
methods has been noticeably increased by
the courts action.
The activity in this group of stocks ex-
tended to the entire list later In the day.
the prospects of a sentimental rally upon
the announcement of next weeks election
returns forcing out very considera BILE
snort interest. The demand for stocks for
covering purposes resulted in gains vary
ing from to per cent. the latter amount
being added to a half dozen of the moro
active properties
disturb.
ances at New Orleans for which dIsan-
pointment in the cotton crops is partially
responsible, were again a disauieting IN
uee .,a iess apparent In prices than In SEN
uHent The failure OF the Bank OF Com
merce OF that city had no influence ON the
upward movement in prices In progress al
'nS time OF the announcement
Inc arrival Of more than 81 600 600 eold
after the close Of yesterdays busin,sss
SSoupieo wfth the prospect of further with
SsS rSa IRON Europe. amounting to f6,-
"g:oo; mad beneficial influence on prices.
Inc bank or England's action in adyanc-
ing rates is now known to have beep the
result or early information as to the nrob-
ahie extent OF the demand from this sida
r,arras aacu IN .nal money rates in the open
pshk rate clearly indicates advance knou,I
euee OF further heavy withdrawals con.
sels We're sold freely throughout the day
nrostat5 premiums no longer yielding a
Piohtdpie return In view of the change in
money conditions. 1t is considered ,,roh
apIe mar the rate will be advanced TO z
FER cent some time during the month
recent stock operations. particularly g.,
South African enterprtses canno, -aeis ~
uuphcated during an advancing tendency IN
ia'es Ior borrowed funds. If the monetary
standard OF this country had not been Sc,
iecteu as tne chief issue of the nolitjc,I
campaign, a change in Euroneap $780,,
nehts would have been previously recorded
S ne" securities representing dividend
paying American properties.
Inc prompt action taken 70 lirpi. e,,-,h-
Mitiuld"ais destroys the presumption pre-
salnhs IN certain quarters that recent inn
p: pot td'oms @ are due 10 artificial banking da-
vices. The total receipts of gold sinns ~.
return movement was inaugurated are ne.
ported TO be So. 20a0. fair proportion OF
balance. 'edSuty
RAILROAD earnings continue TO he o,,oses
70 general Improvement in prices and mn
sishlilcant revival in business is rpnorted
ne market has been advanced snbstan-
.laiy py professional operators. hut To.
DAY s annihilation of the short interest de.
s.roys It's chief support. The greatest f1uc-
tuatlons from the present level are c.onse-
9Soehs.y not Immediately likely to be OF
benefit to prices.