The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-09-23
AN UPWARD TENDENCY
The 6reater Part Of tho Losses Sustained
In tuesdays RelGlIon Regained. /
THE BEARS BECAME: DISCOURAGED
rhe Disposition OF London Operators
and or Commission House Customs
erst TO buy Stocks at n Decline AZ.
forded n support to tho Market.
Rates for Coll Honey 4 per Cent.

New York, Sept 22-The result OF to-
days transactions on the Stock Elk
change was the recovery OF the greater
part Of the losses sustained in yester-
days sharp reaction, many stocks clos
Ing tonight higher than Monday night.
During the early part Of the day the
market was extremely irregular and I'M
certain In tone, a number of specialtles
continuing to show; marked weakness
even after the railroad list had recover
ed from Its reactionary tendency. But
by the second hour Of trading the bears
had practically abandoned their efforts
to work a reaction, and the whole mar
ket was tending strongly upward. The
manifest disposition. of London opera
tors and of commission house custom
ers to buy stocks at decline here
afforded support to the market that
discouraged the bears. The nervous
ness over the hardening Of the rates for
| money also largely suDsided, as the
shifting Of loacls developed more accu-
rately the true level OF the money mar
ket. The rates for call money con-
| tinued to run as high as per cent,
but as fast as rates were marked up to
| THIS figure there was abundant supply
offered at as low as per cent This
was not regarded as Indicating q strin-
gent coalition of the market: The high
er rate was not felt to be justified by
| the condition OF the market and the
| failure of the exchange market to re-
Spond with any marked weakness to
| The per cent. asking rate went to con-
| firm the same view. There was marked
reaction at one time during the day.
due to the sharp profit taking in Rock
| Island on the announcement of the de-
! clarltion of per cent. quarterly CT
| Vldend. The recent sharp rise In Rock
| Island was accompanied by some ire
SponSlble rumors that the dividend rate
would be increased TO per cent. Some
of'thc sellers of the stock prof sscd dis
| appointment that the rate was made
only per cent. and the bears used this
as material for drive against the mar
kct. But the strong recovery In Con-
solidated Gas and Brooklyn Cuion, the
former rising IL points and the latte
bA. tended to steady the market. The
| reports of an engagement of gold for
| import were vague and not definitely
| confirmed until the close of the mar
| ket, but the rumorS served TO rally the
whole market strongly. and bring prices
TO the best of the day at the close, the
net gains in all OF the active stocks
ranging from l TO 2 points,
| Foreign bankers are generally agreed
that there Is no profit In the importa-
ton OF gold at the ruling rates Ct ex-
| change here and of gold abroad, and
| the banking house which has engaged
| the gold for Import intimates that It
| has been able to do so owing to some
special advantage secured, though 1t
was affirmed that 1t was made in the
regular course Of exchange business.
| The engagement Is not considered as
Indicating that further movement Of
gold VIII immediately follow, without
a further decline In the exchange mar
! ket. The total sales OF stocks to-day
| were 624,6 shares