The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-11-29

The market for securities has rclapsed into
tho condition that existed prior to the Presi-
Dental election. Dealings in stocks this week
have been at the rate Of only 15o. 900 shares per
day, and in bonds the daily average has
been only S1,25o,00o par value. This
as compared with the dealings during the first
half of the month has discouraged tho
majority Of spectators. who favor the
long side of the market. and has in
duced professional operators to play tho
short side with a good deal Of confidence. Spec
ulative sentiment 10 exactly the reverse of v What
It was three weeks ago. Then the rank and
file Of Wall street was eager to buy stocks;
now every one wants to sell. The stocks
that sagacious or courageous dealers In So
curities carried over tho election, and
marketed on the sharp advance in prices that
followed that event, are apparently being redis-
tributed. or. perhaps. moro accurately speaking.
being reconcentrated, by interests that arc not
disturbed by daily fluctuations or BY tho rumors
manufactured and circulated In the Street for
the purpose of affecting prices.
If speculation were an exact science and
could be analysed according to established
formula, 1t would probably be found that
the speculative conditions just referred
to are chiefly responsible for tho decline
in prices during the last two weeks.
lne Street, however,, attributes the movement
to apprehension regarding the outcome of
the Cuban insurrection. Fears that diplo-
matte relations between the United States
and Spain may be ruptured. possibly deter
investors from increasing their holdings;
but the chances are that they are Influenced by
other considerations. namely. q desire to await
q more pronounced degree of activity in gen.
eral business and trustworthy evidence as to
the policy of the incoming Administration rela-
tive to the tariff and tho currency. The capital
and enterprise of the country have been
10 continuously and seriously upset for years
past by the agitation of both of these questions
that they are likely to proceed with great
caution until both subjects are finally
disposed of. Pending a settlement of
those questions the tendency of affairs is
favorable rather than otherwise to tho
holders Of securities; consequently there IS an
absence of liquidation on the Stock Exchange.
1t is equally evident that an outside demand
for securities is lacking, and this enables pro-
fess!onal operators to control prices within COM
paratively narrow limits.
The only important development this week
has been the further borrowing OF money in
this market by London. as described In THE
SUN this morning. That the Associated
Banks are in ID position to contribute
their share toward the accommodation Of
legitimate borrowers. either foreign or domes-
tic, is shown by the further increase OF 81. OO0.-
600 in the surplus reserve. reported in to-
days bank statement. The banks have
gained nearly $5.7oo.ooo in lawful money
this week and have increased their loans
$780, 900. These two changes are re-
Elected moro accurately than usual in tho
deposits. The dealings on the Stock Exchange
to-day were light, and as a rule unimportant.
The Street took exception to the c., b
and Quincy statement for October. printed
further on in this column. because. in its judg-
ment, tho operating expenses were susplciously
small. Laclede Gas was sold down 3 points on
rumors from Washington that tho Supreme
Court of tho United States will render on Monday
q decision affirming the ruling of the lower
court. that the company cannot operate an
electric light plant In the city of St. Louis,
except upon such restrictions as may be i'm
posed by the municipal Government. AT tho
close the stock recovered all of the early de-
cline. Tho net fluctuations throughout the re-
mainder of the list were fractional declines,
As compared with the final prices Of last Sat
urday, the majority of stocks are lower. The
moro important net declines are in u. S. Leather
preferred, SO . cent; Consolidated Gas, "a:
Laclede Gas, 3Ss; N. Y. Central. 3A; Chicago
Gas and 81. Paul. ~ each; Southern Railway
preferred, III; American Tobacco. Manhattan
Railway. and Pacific Mail. / each: Atch!son
preferred, General Electric, and Reading, "
each; Atchison. Louisville and Nashville, and
Northern Pacific preferred. y each. and Mis-
souri, Pacific, M y cent. Tho noteworthy ad-
vances are in Omaha, 2A o cent; American
Spirits preferred, .; American Sugar Refining,
u. and Tennessee Coal and Iron. 9s.
Final sales compare with those of yesterday
IS follows: