The sun., 1894-12-02

al probability will begin bcfore the middle Of
! the month. Foreign investors have suffered 80
severely on account of their holdings Of Ameri-
can railway securities and are so dissatisfied with
/ our present currency system and methods of
! financing the Government. that they are syerse
| To reinvesting here their reduced income
| from our securities. In many cases they
doubtless require all OF that reduced
| income to live upon. Still another fac
tor that will stimulate exports Of specie is the
fact that foreign bidders for the bonds were un-
successful in their independent efforts to secure
| part Of the issue. and that none Of them will
participate in the handsome prohs that the
syndicate bids fair to make.
The course Of the market for Northwestern
this week is proof that the reduction in the
dividend on the common stock had been dis
counted; but the showing for October OF
the c., Il. and Quincy Company led TO re-
newed selling Of that stock for both sc-
counts The most active speculation during
the last few days has been in Sugar
Refining. and though that stock rallied sharply
to-day IL closed materially lower than II did last
Saturday. The Street. as usual. is very much
mixed as to the actual condition and prospects
Of the sugar Rennng Company. It is very
skeptical Of the pessimistlc Views expressed by
the President Of the company, particularly
as they are offset to extent by pre-
dictions by a number OF influential members of
Congress that the tariff upon refined sugars Is
not likely to be further reduced at the impend-
ing session Of Congress Speculative interest
centres first in the Presidents message, and af-
ter that has been published. on Monday. the
street will watch eagerly for suggestions OF tariff
and financial legislation.
Owing to the shurtness Of the session IL Is
exceedingly doubtful whether such inn
.,,hf rpfn
ments To the Interstate Commerce law,
Pacific Railway legislation, and tariff tinker
ing will receive much attention beyond
the introduction of innumerable bills. or
these, those that are most vicious anu
that are directed against vested interests WILL
OF course. have the greatest effect upon the stock
market. II is for this reason that the reassern-
bling of Congress is traditionally regarded rs "A
bearish argument
To-day's stock market was at first sluggish,
but a desire to even UP short contracts Ht the
end Of tho week caused sharp rally in the late
dealings. The net gains, however, were, as n
rule. fractional. the only noteworthy ones being
in sugar Refining. st. Paul and Reading. The
weekly statement Of averages of the Associated
Banks shows loss in specie Of only $40, 500, 600
although at the close Of business to-day S49,-
600 900 OF gold had been transferred to the
Sub-Treasury on account Of the bond ISSUE
For this reason further large decrease In law
full money may be looked for next week, when the
withdrawal of gold from the banks will be
completely shown by the statement. An in
crease Of s., 4,5OO.0OO in the loans is doubtless
due entirely to borrowings on account OF the
Government bond issue. Although the re-
duction in the surplus reserve is unusual, that
item is still sbnormally large
As compared with the final prices of last Sat
urday. the entire list is lower, with the excep-
ton Of Lackawanna, which was 2li h cent, and
Delaware and Hudson 2Is z cent. higher. The
more important net declines were In American
Tobacco. . r cent; American Sugar Refining,
3it: Chicago Gas, pa: Southern Railway pre-
ferred, 2ss: Erie, 1Ss; New Jersey Central. 1ss;
Western Union. III; Burlington and Quincy,
Distiling, Cattle Feeding, and Southern Pacific,
1Is each; Toledo, Ann Arbor, and North Michi-
gan, /: Southern Railway and United States
Cordage preferred. Ii each; st. Paul General
Electric. New England, and United States
Cordage y each, and New York Central, u e
cent
Final sales compare with those OF yesterday