The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-09-24
CONTINUED ADVANCE.
The Strength Of Sugar Helped Along
the Rise 10 an Extent.
$1,000, ENGAGED For EXPORT
Tho Failure of tho IxchnnGo Market
10 lInrdcn Under tho Announce,
mcnt Was quito Noticeable - The
Advance ia tho Morning Ranged
fran TO Points.

New York, Sept 23-The recovery in
prices. which began yesterday, was con-
tinued to-day during the earlier part of
the session Of the stock exchange, and
the advance Of prices of all stock was
apparently in full force again until the
afternoon, when the support seemed to
be withdrawn from the market and
prices fell away to a general level be-
low last nights close. The rise was
stimulated by the announcement that a
local bank had engaged $1,000 900 In gold
In France for import to this country
making a total with yesterdays engege-
ment Of S2,5o0Go0 gold due TO arrive.
Receipts of gold reported from San
francisco as arriving there from Aus
tralia also helped the recovery The
action OF the Bank of England in adj
vancing It's rate OF discount y per cent
to w per cent. was anticipated in
view of the continued depletion OF Its
gold holdings and the additional strain
or yesterdays Withdrawals for ship
ment TO this country.
The strength of Sugar, which rose
nearly four points on the reported in
tertlon Of the Treasury Department to
apply the countervailing duty on Dutch
refined sugars, helped along the rise
There was support afforded the market
| all through by heavy buying of some of
the bull operators who have been con-
sp!cuous in the recent rise. The effect
or the gold import movement
was largely dlssipatcd during the
day by a skepticism as to its
natural character The exchange
bankers, who usually handle the move
nent of gold both Import and export
were unanimous In the opinion that at
| the ruling rate of sterling and CONT
ncntal exchange here and of gold in
London and Paris, there was no profit
in the Importation Of gold and the fig
urcs or most of them would indicate
| quite q heavy loss on the operation
| Much curiosity was expressed as to the
| Identity Of the clients for whom the
| banks are making the importation and
| the opinion was quite freely expressed
| that the operation was designed entirely
| TO influence thc price OF stocks. The
| failure of 'thc exchange market to hard
en- under the announcement was quite
| noticeable. Equally so was the contin-
| ued firmness of rates for call money
| which became pretty well established
! on basis OF per cent. AS these con
dHt)ns became more clearly defined the
| upward movement of prices became
checked, and there We're periods of dull
ness, followed by n steady decline to
the close, the upward course OF the
morning being almost exactly retraced
In the afternoon so that the net changes
for the day only exceed Il fraction i'm
small number of cases. The advance
OF the morning ranged from 10 points
in nearly all Of the active shares.
Among the less active stocks gains of
| n point or over were shown by Cotton
| Gu preferred, Lake Shore, Minneapolis
and st. Louis (2M). do. OH second pre-
| farred, Norfolk and Western preferred
Oregon Navigation preferred and Pull
| man.
Itumors were disseminated late in the
day that further engagements fer gold
for import had been made, but they en-
ercised 10 influence on the market