Evening star., 1896-11-07
FINANCE AND TRADE
Strongly Marked Confidence in Future
Prosperity.
HIGHEST PRICES OF fHE SEASON
Sentiment Favorable for a Con-
tinued improvement.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star
NEW YORK, November 1.-Confidence i'm
future prosperity was strongly marked at
the close of tcdays short speculative ses-
sion. The accumulation of commission or
Gers over night resulted in a strong opening
level. from which further substantial gains
were made Investment buying was a con-
spicuous feature Of the trading and encour-.
aged an extension of the professional move
ment in the long account. In many i'm
stances the highest prices of the season
were recorded during the final hour
Fears of significant setbacks have been
reduced to a minimum, the Cuban con-
troversy alone being considered a proba-
BILE source of apprehension to investors.
Today's advices on this point were almost
unanimously against the probability Of any
radical change m the status of this con-
troversy during the remainder OF the pres
ent administration. General trade Coni-
dences of assured prosperity, and values
will not be allowed to recede far without
attracting buyers.
The security market is henceforward TO
be Judged by new standards and not by the
narrow gauge of pessmism set up during
protracted period of speculative fright
Capital is again confident, ard daily fiue
tuations will not be permitted to over
throw confidence in final results Money Is
certain TO find its way back into the banks
and savings institutions, and prohibibve
interest rates are consequently eliminated
as a factor
The weekly statement of bank averages
reflects today the final effects OF the money
scare. now happily past. The total loss In
lawful money is shown to he s4.i.h'ro. not
withstanding a gain OF Sy2i $40 in specie
holdings. This boarding of legal tenders is
credited largely TO the ante-election with
drawals OF out-of-town banks. and should
be corrected during the coming week.
A decrease of $4,07O.7 700 I'm loans is due
to an enforced reduction growing out Of
the demand for cash by scared depositors.
A decrease of more than $S.wnvp in de-
posiis is the logical result OF the decreases
in the foregoing items. A decrease Of
81 g., ,s25 IN reserve brings the surplus
above the legal requirement down to sli,-
$4,000.
No special significance was attached 10
the adverse summary of the weeks bank
irg operations, confidence in an immediate
reflection of favorable conditions prevail
ing In all quarters. Gold has been paid out
fer securities In considerable volume dur
ing the week, the daily deposits with
bankers and brokers since the opening If
business on Wednesday showing a noeral
sprinkling of the yellow metal A fair es-
timate of the gold boarded during the con-
tinuation OF the import movement puts
the am ount at ioO0D.g9. The addition Of
such a sum to the circulating medium will
rot be indifferentiy recognized in the course
of prices.
The net results of the days trading re-
fleets gains varying from 1-2 to i l-2 per
cent. Burlington, Manhattan, Sugar and
Chicago Gas being among the more prom
inent features. The prevailing sentiment is
fayorable TO a continuation of the i'm
proyement. disappointment as to the vol
ume of commission buying may cause tenn
porary recessions should occasion for such
disappointment exist, but the rebound
should be extremely prompt.