The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-05-03

The reason for increasing ease In the none,
market this week Is furnished By to-day,
statement Of averages of the Associated
Banks, which shows an increase in law
full money OF over $4,000. 900. That bank
officials are convinced of tho souhdness
of the business situation and have therefor.
FASTENED to employ the funds they have re-
ceived from the interior. Is shown by the in.
crease OF nearly 50. 400, 900 in the loans. The ex.
pansion of both items is consistently reflected In
the deposits. which are nearly ST. 900
greater than last week. AS less than half OF
the increase in lawful money IS required as re.
servo against the larger deposits. the net
result OF the weeks operations is an
increase of over So. ESQ. 900 in tho sur
plus reserve. The statement would seem to
foreshadow a comfortable money market, in
spite of the withdrawal OF Government funds
from the special depositary banks and moderate
exports of specie.
To-day's stock market was simply two hours
moro of tho hating speculation that has pre-
vailed all the week. 1t was quite in keeping
with the fluctuations during tho previous Ave
days that Sugar Refining should close a point
higher and American Tobacco moro than a
point lower than yesterday. They were the
only two stocks in which there was a sugges-
ton OF animation. The tone Of the market
was in the main firm, because a few pro-
fessional traders were inclined to close
their contracts for short account at the
end Of tho week. Transactions upon the
Stock Exchange this week are hardly worth
serious consideration. In view OF the fact
that the total transactions were less than have
frequently been recorded for a single day when
the active interest In stocks extended beyond the
comparatively narrow limits of Wall street.
The prevailing sentiment is that tho public Is
ttt 70. =.
also for the formulation of Presidential plat
forms before making new ventures on the
Stock Exchange. II Is possible that after
the national Conventions have been held the
public will still show hesitancy pending the
election: and after election comes the recur-
renee of one of the present malevolent infu-
enees, namely, tho Resembling at WASH
iagton Of a number of persons who in the
main are unqualified to deal with public
questions upon a broader level than that of per-
sonal benefit or political eIpediency. II 4. con-
ceivable. however. that an unqualified declara-
tion in favor Of sound money by the party
that carries the National election. to-
gether with average agricultural prosperity,
may enable the of tho country to rise
superior to the self-imposed handicap OF mo-
diocre legislators.
In the mean time.the business OF supplying
the absolute needs of sixty-fve or seventy
OF people goes on at a narrow margin
of profit and on q hand basis. A nat
ural recovery from the extreme depression from
1890 to 1903 has facilitated the reorganization
Of the 90 or moro per cent. of the railroad mile
age of tho country which was unabls to with
the strain Of those trying years. This
Is encouraging. and so Is the hopeful
and tlreless energy Of the peo-
Pile; but the possibility that the present
opportunity to repudiate, kill. and absolutely
destroy the silver heresy may not be Improved.
checks enterprise and defers prosperity.
As compared with the final prices OF last Sat
urday. the majority of stocks are lower. The
more important net declines are in American
Tobacco, 4 D cent. Manhattan Elevated. ll6;
General Electric, III; Colorado Fuel and Iron,
l; Rock Island. burlington and Quincy and
8. Rubber, q each: Laclede Gas. s.: North
U. S. Leather preferred, and West-
ern Union, u y cent. each. The noteworthy
are In American Sugar Refining, 214
cent. Cleveland, Cincinnati. Chicago and st.
Louis, 1875; Consolidated Gas. /; Chicago Gas
and Omaha, u each; Reading, ~. and 81. Paul.
y q cent.
Final sales compare with those of yesterday