The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-11-04

is a misfortune that every political party tina,
happens to be In the sscendsncy when a reac.
ton in business takes place has 10 contend
against. and often suffers for unjustly. That
will always be the case as long rs the great ma.
iority of people fail 10 perceive the difference
between politics and human nature and natural
causes "a factors in shaping commercial events.
A sort of tidal reaction circllng the globe and
resulting naturally, hence logically, from over
speculation and overtrading, appears 10 have
RIM its course Just az every one Is feeling the
effects Of IL most keenly. This may result in an
expression OF dissatisfaction at the polls
next Tuesday. Tho speculative commu-
nifty. both in and out OF Wall street.
and both directly and indirectly, Is
netting upon such an expression. The waeers
that are laid indirectly arc chiefly responsible
for the improvement In prices on the stock Ex-
change this week. A large proportion Of the
moderate buying that has lifted prices has been
to cover short contracts; still. there have been
some purchases for long account.
Another circumstance that has influenced the
market is the expectation that railway earn
inss this month will compare favura-
bly, with those Of the corresponding Pc
riod OF last year. owing to the cesse-
ton Of abnormal passenger trafic returns
on account OF the Worlds Fair soon after Nov.
1 last year. Progress in a number Of reorgani-
cations, particularly in that OF the Reading
Company, the advance in the price OF corn.
and the fact that no gold was exported
this week, have also Influenced local senti-
ment. The trade reports, however. contain
little that Is encouraging. They show that the
public Is buying sparingly, even of staple goods.
and that the only active demand is for low
priced manufactured products.
The simple fact is, both as regards business
AMI speculation. that the great majority Of peo-
pie are poor or feel compelled to re'rench. The
only indication OF an expansion in trade is
found In the volume Of imports. and that Is
doubtless due very largely to the expendi-
lures Of those whose fortunes are so large that
they are practically Indifferent to hard times.
\ different condition Of affairs cannot reasona-
bly, be expected. except through the operation
of natural causes. The impending elections will
settle some uncertainties. and perhaps infu-
ence sentiment to a degree; but. as every sensi-
BILE person knows. politics and legislation are
not more than incidents in producing or check
ing prosperity.
The feature of the stock market early in the
week was a continuation Of the selling Of the
coal stocks that carried them to tho lowest
prices recorded for a long time. Suisse
uuent trading, however. indicates that Jer-
sey Central was the only one in which
liquidation has been a factor. Activity in all OF
the others died out speedily, and all except
Delaware and Hudson closed higher than they
did n week ago. The advance in Reading securi-
ties. however. can be regarded as rejecting a IA.
vorable reception Of the plan OF reorganization
In spite OF unusual heavy selling of Northwest
and efforts to create the impression that the
bulk of it was liquidation. the entire Granger
group closes higher than IL did last week.
Sugar Refining has been rather neglected. hut
has held Its own. although. according to all ac-
the industry is now being conducted at
loss. The decision Of the General Appraiser as
to the value Of imported German beet sugars.
though construed to be in the main favor
able TO the refining industry. failed to
trading In Sugar Refining stock to-
day. The American Refining Company has at
last fled with the Secretary OF the State
OF Massachusetts a statement of its
financial condition on Nov. 30, 1893.
This though required by law.
Is purely technical. and even IL {
were not. the date upon which it is made is so
remote that the figures are Of very little value.
The only noteworthy net fuctuation this
week is an advance of 81 q cent.
in Pacific Mail, which those familiar
with the affairs of the company assert
is due to an improvement in its financial condi-
tion and prospects of more amicable relations
than have heretofore existed with the Panama
railroad Company.
Tn-day's market was almost at a standstill,
and politics received more attention than stocks.
The weekly statement OF averages OF the
Associated Banks shows a loss in law
full money Of Sass, 900. and All in
crease in the loans of 81, 900. These two
are mildly encouraging. as Indicating u
demand for capital. The two changes are re-.
more accurately than usual in the de-
posits. and the net result is a comparatively
small decrease in the surplus reserve.
As compared with the fnal prices of last
the majority of stocks are higher.
more important net advances are in Pacific
Mail, ~ L cent; Denver and Rio Grande pre-
rs: I.ackawarna, llG; Louisville and
Nashville, IL. Reading and Wheeling and
Lake Erie preferred, Ia each; Chicago Gas.
Rock Island, General Electric, and Manhattan,
l each; Atchison, "a; Union Pacific, IS: Dis
tilling and Cattle Feeding, Missouri Pacific.
Lead, and L. $. Cordage, ~ b cent.
each. The noteworthy declines were in y. j.
6ss 2 cent; American Cotton oil. els:
Tobacco, /: Delaware and Hudson
and southern Pacific, y y cent. each.
Final sales compare with those Of yesterday
as follows:
Nor. :. Nor. ~ Nor. ?. Nor. =.
AZ, T 4 5 Fe... 5S 5aI Nat Leah. 31A 40