Evening star., 1896-10-27
FINANCE AND TRADE
Disposition to Realize Profits Check
ed an Advance in Prices.
CONFLICTING VIEWS OF OPERATORS
Sharp Advance in the Rates for
- Money.
MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. October 27.-Opening prices
were fractionally irregular this morning,
but In a majority Of instances slight gains
over last nights final figures were record
ed. disposition to take profits became
manifest among traders early in the day.
and the advancing tendency gave way TO
hesitancy. All offerings were quickly alb
sorbed. however, and the underlying spirit
OF optimism prompted a revival Of pur-
chases on election prospects. Sentiment
has not changed In the slightest degree,
although 1t is generally admitted that the
absence of a short interest makes the mar
ket peculiarly sensitive to unfavorabIe de-
velopments. The rumors usually incident
to the final hours of a great political cam
palgn are consequently to be guarded
against.
In some quarters the action of the mar.
ket Is ascribed to the effort of an organ.
tzed .I POOL the purpose Of which organiza-
.ioh Is 10 prevent an ante-election recession
IN prices. The best opinion of the street
Is. however. opposed to this view, the
s.rehgth or the market being attributed to
~ ne ~ seHeIaI reIaxatton in apprehension as
10 the future monetary standard The cor
rectness of either view is direct evidence
OF the prevailing one-sidedness of snecula.
.ion, and In the absence of more general
vulnRra nf
the market must be apparent
general effort to realize lust prior IN tho
noon hour resulted In sharp CONCESSIONS in
an parts OF the active speculative list.
ousar ana Chicago Gas yielded easily TO
safes OF large amounts, the decline in tho
iormer extending to per cent
sharp recovery from the low figures
.oliowed renewed buying by the brokers
an uiiientai IN forcing the decline. The
Ieilroad list yielded less rapidly during the
iaIo on The industrial issues, but in every
instance substantial declines temnorar rily-
prevailed. III!
,,an" ne u Grange: group. owing to the propor-
tions OF Its recent advance, was seIeefed
LOT this sudden demonstra ion. but ali
tAihgs considered, the process was .tuh
porhiy contested. sharp advance in fhs
nY ney ,,llarket, resulting In he negotiation
Oh call loans up to II per cent, had a dis
couraSing influence on values and facilitate
ed the declining movement The promnt
onerlng OF round sums on a scale down
soon restored the normal loaning level
Loans renewed from day to day on street
collaterals were marked I'D to per cent
over night. This action Of the money mar
ket Is the logical deduction from the recent
pronounced tendency to reduce risks to a
minimum over next weeks deyeIopmenrs
Gold Is not to be had at the usual rates
1or loans when the borrower NAV con-
tr1pute his vote to a scheme providing for
the cancellation of existing debts by 50 Der
cent payments. There is no actual fear of
this result, as the tendency of prices in
the face Of the possibility attests. but
bankers are not willing to take unneces-
sary liberties with depositors' funds. The
money market is in a condition demanding
serious consideration by would-be pur-
chasers of stocks. A declining money
market would practically insure an ad-
vancing security market
The same cause would produce both re-
suits. Patient waiting for five business
days will settle all doubts as to the prob
ability of the naturalization of these very
desirable events. The interest to be saved
should prompt temporary inaction.