Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-14
Stimulating Effect on Values of Ad-
vices From Maine.
EUROPES WAR SCARE OVERESTIMkTED
Looking Forward to an important
Movement.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star
NEW YORK, September 14-Opening
prices this morning reflected substantial
fractional gains but served only 10 attract
renewed selling by the professional ele-
ment. The market relapsed into durlness
toward midday, concessions varying from
u to Y per cent prevailing in all depart
ments. Encouraging advices as to the
progress OF the Maine elections stimulated
moderate purchases during the early af-
ternoon, and forced prices back to the
opening level London prices reflected the
fears OF dear money now prevailing at that
center, as the result OF the gold move
ment to the United States
1t Is possible that the Bank of england
rate of discount will be further increased
On Thursday. in order to restrict the loss of
gold.
1mportatons have already been provided
for by local bankers, and fractional adj
hances In the foreign discount rate are not
likely to terminate the return movement
The foreign diplomatic situation is believed
10 nave been largely overcstimated on Sat
urday, and was consequently a factor of
secon larry Importance today.
Inc money market reflected no significant
changes from last week. call loans being
made at the average rate for the last two
weeks. Sentiment has improved materially
throughout the banking community but
precautionary measures are strictly adj
hered to in order to ward of political sur
Irises.
The impression that an important mar
ket movement is likely 20 lie undertaken
prior to the presidential election is daily
gaining ground, but conservative operators
are not disposed 10 begin immediate ac-
cumulation OF stocks The trading el.-
nent which has. for the time being, at
least, almost undisputed control OF the
Gaily fluctuations in prices. is not inclined
To postpone profit taking on the long side
of the market. substantial rise has been
succes sfully accomplished on small VOL
un:e Of business, and without the sympa-
thetic cooperation of general business con-
ditions. Stock movements based on sen:i-
ment are rarely permanent. and motives
of different character from those at pres
ent operative are necessary TO Il further
material extension Of the advance.
The first price recorded for silver during
the day reflected a decline of Is per cent
by comparison with the closing bid price on
Saturday. Subsequent transactions resulted
in a partial recovery Of the decline. The
fluctuations in the bullion value of this
metal have been uniformly opposed TO the
presumption that confidence in its future
coinage value has been Increasing The
trading during the final hour was dun and
void of feature.
The course of prices indicated the pres
ence of conflicting opinions as TO the lrob-
able outcome OF the Maine elections. q
disposition to regard the favorable pros
poets cas- having been already discounted
was perhaps less general than during the
early trading. Political Influences DOM
iEated prices up 10 TIE close OF business,
ordinary financial items being practically
dls!egardea in determining values.
Advance in Cotton.
NEW YORK, September 1l.-The news
from the Liverpool cotton exchange this
morning was not as UnfavCrable as ex-
pect,d, and shorts covered freely on the
first cali here. causing an advance CT $40
points. after which there was an casing
off of point or two. but the market again
rallied on renewed covering. Buying was
checked later by receipts at the ports and
selling orders from Liverpool and New Or
leans At IL 80 tine market was very steady
at opening figures.