The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-04-12
PHILADELPHIA CLOSING QUOTATIONS.
CHICAGO CLOSING QUOTATIONS..
April l

" IL.
For the nrst time since tho last Government
loan was issued the Associated Banks of this
city report an increase in their holdings of law
full money. That increase is entirely in legal
tenders. and after deducting q decrease of
S4l6,OO0 in specie. is over 81. $50. 900. This in
crease is due In part to receipts Of currency
from the interior. Besides. there have been
some Withdrawals OF legal tenders from the
Sub-Treasury in exchange for gold. Another
interesting. though slight, { variation in
the bank statement Is the increase Of
nearly S4OO. 600 in the loans. The state
ment. which is very nearly consistent. shows as
q net result an increase of S025,275 in the sur
plus reserve. This showing. together with the
disposition Of foreign bankers to make loans in
this market. would seem to indicate comfortable
rates. SO far as borrowers upon readily market
able collateral are concerned. for some time to
come. II should be understood, however, that
the offerings Of foreign money do not extend to
mercantile borrowers. Their obligations abroad
consist chiefly of credits. and, as a fairly
large volume OF these mature during the
next few weeks. that fact may help to
sustain the rates of foreign exchange.
Present indications are that very little gold
will be shipped to Europe unless special induce
ments are offered by foreign bankers. acting for
some one of the larger European powers. 1t 10
generally understood that the export of ST.
300. 900 gold this week. while rates for sight
exchange were a little below the point at which
gold would naturally leave this country in Set
Element of International balances, was for &C.
count of the Russian Government.
General trade reports this week show a slight
improvement in the movement of merchandise
and in the prices of staple goods. The average
advance is. however, brought about largely by
the rise in wheat, based upon the Government
report of the unfavorable condition OF this years
crop OF that cereal and upon tho higher prices
for iron. which, as foreshadowed in this columna
week ago. owing to the combinations of pro-
ducers and manufacturers have been advanced
more rapidly than the demand warrants. Rail-
way earnings are beginning to reflect the infu-
ence upon mercantile transactions during
tho first quarter of the year of the
Presidents Venezuelan message and the
manner in which the last Government loan
was foated. Wall street, and probably
general business IS well. Is now beginning
to look forward to a speedy adjournment OF
Congress and the positions toward the currency
question that the two great political parties will
take in their Presidential platforms. An early
adjournment Of Congress seems to be a GER
tainty. and that with seasonable weather. which
cannot be much longer delayed. may fulfil
popular expectations OF q moderate revival of
activity in both business and speculation.
a II Vi dppEtu6ntlOn n w MI
street regarding international complications be-
cause OF tho information that has leake out at
Washington that tho Government. In view of
the manner In which the war in Cuba Is being
conducted. has suggested to spain that atroci-
ties should cease and that the rights OF
American citizens, both as to their per-
sons and property. must be respected. The
belligerency OF tho Cuban Insurgents may be
recognized later on; but the best information
obtAtnable Is that as yet the administration has
taken no action upon the lines Of the resolutions
passed by Congress. Though this treatment of
the matter may he regarded with disfayor from
q patriotic or political point OF view. the fact re-
mains that the speculative community re-
CARDS hopefully any tendency OF events
Indicative of q minimum OF friction be-
tween the United States and foreign powers.
In view OF the intense dulness on the Stock
Exchange this week, the market for securities
has shown surprising strength. Net fuctua-
lions In either direction must not be taken too
seriously. however. because they arc due
almost entirely to tho limited operations
of professional dealers. The important
fact regarding the market is that ac-
tual holders OF securities do not sell them;
and possibly they add to their lines occasionally
when prices are depressed by the spasms OF
that occasionally c~onyulso Board
room traders. They are probably Influenced in
picking up securities now and then by
tho steady and comparatively rand prog
Tess that is being made toward the re-
organization OF bankrupt railway corpor-
atoms. The susceptibility OF both specu-
lators and investors to favorable reorganization
developments is shown by the fact that fully
OF the dealings in railway bonds this
week were In issues OF the Northern Pacific
Railway Company. The dealings upon the
Stock Exchange to-day were upon the smallest
scale in many months. Nevertheless, the tone
OF the market was strong throughout and the
majority OF stocks closed frAetionAlly higher
than yesterday,
As compared with the final prices OF last Sat
urday, the list Is irregular. The more import
ant net declines are in American Tobacco, 8 y
cent, Cleveland, Cincinnati, Chicago and 81