Evening star., 1896-10-23
FINANCE AND TRADE
Foreign Demand for American Stocks
Causes Prices to Advance.
SUGAR AND CHICAGO GAS ACTIVE
American Eagles Coming Back to
This Country.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October 23.-The upward
movement in security values was resumed
this morning, under the influence of higher
London quotations and an increased de-
mand from that center. Reading and
Nashville were in good demand by foreign
houses, the prospects of each being con-
sidered quite as good as its high-priced
Eeighbors. The shares having a purely
local market. notably Chicago Gas and
Sugar, were the most active features of
the day, under exceptionally confident pur-
chases.
Inc probable outcome of the state CAM
paign in Illinois is construed to be extreme
ly favorable to the best interests of the
property rights vested In the Chicago Gas
companies. the company has demonstrat-
ed Its ability TO earn dividends on its can
ital stock. and is now on the verge Il Is be-
Neved, of regaining it's chartered privileges
governing the distribution of the same A
surplus equal TO a substantial dividend dis
bursement has accumulated during the
period Of legal Intervention, and the pres
ent intention is favorable to an Immediate
resumption of dividends, provided that
hostie interests are defeated in next
months s elections.
The advance in American sugar was at
trfbuted to speculative buying by traders
on the prospects OF increased activity on
the part of the management after the
election.
Western Union was the feature of the
regular list a good volume OF business re-
sulting in a substantial advance from the
opening level The affairs of this company
are reported to be in a condition satisfac-
tory to the management and fully equal to
the demands incident to the perpetuation
OF present dividends.
The Granger shares were given excel
lent support throughout the day, but no
significant improvement in values was re-
corded. The main features OF the market
have not changed during the recent period
OF Improvement. No large undertakings
are reflected in the daily transactions, and
no general demand is reported
Traders. impatient at the delay, AMI
mindful OF the hazards OF short sales, have
begun to anticipate the improvement which
conservative moneyed interests refuse to
Undertake in advance of the absolute assur-
rance ;hat present money values will sur
vive the turmoil of the next ten days.
A reduction of I'D in the market rate for
gold coin in the London market. reducing
the price 10 IIslos4d per ounce, resulted In
the withdrawal of s1o2vo American eagles
from the Bank of England for import
The withdrawal of s2.5o000o gold for
boarding purposes during the aftern Don
was followed by some realizing on early
stock purchases. OF the $1o.WpDoo recent
ly imported from Europe IL is estimated
that fully S2D.UO0,OU have been frightened
cut Of circulation and are now boarded
against possible revolution in national
Frances.
1t is. of course, Impossible to determine
accurately the exact proportion of the new
coin which has been withdrawn from cir
culation. and consequently no reliable
innate Of the weeks specie movement can
be made in advance OF tomorrow's bank
sta tement.
The associated banks have probably lost
through subtreasury transfers about ST.
O00.00O. and through the express move
ment to the interior about s2.5oo.ooo addi-
tional.
II is extremely doubtful. in consequence
Of this showing. whether the gain in specie
Will offset the loss in legal tenders Tor the
week. Uncertainty as to the future of the
money market is a factor justifying ex-
trerae caution in market operations at the
present sentimental advance