The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-02-18

= ssv sseeks partieulsrIy IN euear Reanina
and Distnline. but the professional dealings
In those stocks have left them materially lower
than they were q week ago.
TIT failure Of the Common Council OF CHI
eaeo 10 pass over the veto Of the Mayor an
ordinance directed against the Chicago Gas
Companies. and the declaration Of the ueual
quarterly dividend By the O., b and Quincy
Company. we're minor Incidents that affected
prices within narrow limits. The great ma
iority OF stocks have been neglected. aud In
consequence have not ~iuetuated widely henes
net results for the week. so far as prices are con-
eerned. are unimportant. To-day's stock mar
ket was very dull. except for Sugar Refining
and st. Paul The first closed IL y cent.
lower than yesterday. while all the Granger
stocks we're comparatively steady until the
last hour, when they moved In unison with the
remainder Of the LIST.
There has been no more interesting develop
ment this week than the sustained strength
Of the foreign exchange market. The deal.
inRs in exchange have been sbnormally light,
and the tone OF the market unusual at this
season Of the year. The steady advance In
rates has raised the question whether exports
OF gold might not become necessary. II lie ex-
ceedingly doubtful II they are made on an ex-
tensive scale. In the nrst place. this country has
llluidated its Indebtedness abroad to q de-
gree that has never before been approached.
Besides. statistics Of our foreign commerce
for the last seven months show that owing to
the falling on in imports the trade balance 10
distinctly In favor OF the United States. An
other deterrent factor Is the low rates for
money abroad and the lack OF an incentive for
European banks or Governments to of
fer inducements that will attract gold
from this side. The strength OF the
exchange market is due almost entirely
to the very small amount Of bills Offering. and
this Is the outcome chiefly OF the cessation OF
exports OF cotton. To be sure. large ouanti-
ties Of wheat have been taken for export
during the last week or so. but the price Is SO
low and the cereal goes out so slowly that the
amount Of exchange made against the move
ment 10 comparatively small. 1t is possible
that some gold may be shipped. but the
amount is not likely to be large.
The weekly statement OF averages OF the
Associated Banks shows o loss in lawful money
Of s12, 143. 900. At the same time the banks
have increased their loans nearly S0.750.OO0
These two changes are. in oil probability. due
to the final payments for the new issue ol
Goyernme emit bonds and account for . decrease
in the deposits Of over $~4.0Oo.OOO. The mel
result is o decrease in the surplus reserve
which brings that item down to nearly nomt
nal proportions.
As compared with the closing prices OF last
Saturday the majority Of stocks are lower
The more important net declines arein Amer
lean Sugar Refining. ~ y cent. St Paul. TX
Distilling and Cattle Feeding. *; New Yori
Central. l: Chicago Gas and National Cordage
a each; Northwest, Burlington and Quincl
and Southern. Pacific. "a y, cent. each. IN
noteworthy advances were In Manhattan. =.
y cent Erie and Tennessee Coal and Iron. :
each; Western Union. -: Louisville and Nash
willie and Reading. "a y cent; each. -
Final sales compare with those OF ysster
lay &C solINua.