The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-11-12

WEDNESDAY. Nov. IL.
The professional traders in stocks appear to
be incapable of realizing that a radical change
has occurred in the conditions affecting business
and speculations. During the last three days
they have persisteutly played the market for .
reaction. arguing that the advance Immediately
following the Presidential election had gone far
enough to warrant a material setback Ia prices.
The fact has apparently been ignored that manv
millions of dollars. heretofore withheld from
investment or speculation. have been released
by the popular decision of Nov. 3, and
that this money is gradually finding its
way into various enterprises. including
those that form the basis for tho St.
c~urities dealt in on the Stock Exchange.
The selling of stocks to realize profits. and also
with the view of recovering them at lower
prices, has doubtless been a good thing for the
market. 1t has enabled substantial interests,
both large and small. to acquire stock that they
desired: and buying from those sources has i'm
parted Il very firm tone to the market. which is
conducive 10 confidence. a short interest has
been created, which, judging from the absence
of liquidation and the increasing legitimate de-
mand for securities. cannot be easily covered.
1t will be that professional opera
tors In stocks mace a similar contest against the
rising tide of prices In 1873 70, to their lasting
sorrow.
The reactionists were encouraged to-day by
lower prices for American securities in London,
by vague rumors OF international com licstions
over Cuba, BY tho weekly report OF earnings by
the st. Paul Company, and finally by the circu-
lation OF a report of the death Of the head OF tho
Vanderbilt family. Meteorological conditions
also favored efforts to deprcss prices. The net
result OF the temporary influences mentioned
was n somewhat smaller volune OF business
and n fractionally lower level of prices. The
only nntAWnrthv net Hpplinn thot ~
2la u cent. in Manhattan Railway. which
was adequately explained by the state
me'it OF operations submitted TO the stock
holders at their annual meeting to-day and
by the disappointment felt In certain quarters
that the vacancies in the Board OF Directors
were not filled. rs 1t was rumored yesterday
they would he. by the election OF representatives
of interests not heretofore identified with the
management Of the company. American Spirits,
which IL the stock Of the reOrGaE!ZeI Distiliing
and Cattle Feeding Company. was exceptionalIy
strong. Mt n net advance OF II cent. The
dealings In it were more extensive than in
any other stock. This movement naturally
suggests n probable termination of tho
war that the various d.stilling interests
have been waGlng against each other.
American Tobacco. though conparatively in.
active. was strong throughout. and shortly be-
fore tho close II was reported that an undcr-
standing mas Dcen renCheu between tho company
and the plug tobacco manufacturers. whose
trade 1t has been endea voring to control by
ferco competition. Other stocks that showed
exceptional strength were Chicago Gas, Ontario
ana Western, Wheeling and Lake Erie, and a
number OF the inactive shares. most OF them
high priced, in which the dealings weHe only a
few hundred shares.
That the banks are beginning to feel the ro-
lease OF the gold boarded prior to the election
Is shown by the deposits OF coin in the Clearing
House vaults In exchange for Clearing House
gold certificates. Since Oct. Is SIS, O7O, 900 gold
has been deposited in exchange for those certin-
Gates, bringing the amount OF the certificates
outstanding up to $50, 0TO, 900. This increase
is the first that has taken place in a NUN Der OF
years. OF the S5.O70,0O0 recently deposited,
three. hfths has been deposited since the cleo
ton. In addition to that amount 81. 700, 900
was deposited to-day, which has not yet been
counted and proved. Tho deposits have been
made by the First National Bank. tho Fourth
National Bank, the Seaboard National, tho
National Bank OF the Republic, Bank OF New
York National banking Association, Manhattan
Company Bank, Central National, United
States National, Chatham National, ana the
New York Produce Exchange Bank. AS the
Treasury Department no longer issues gold GER
tihcates for coin deposited with II, the indica-
tIons are that the bulk Of the gold that has been
boarded will find its way into the banks of this
and other reserve cities. 1t would not be sur
prlsinR II the gold deposited In the Clearing
House vaults ran up u $50. 900. 900. The Bank
OF England reduced its price for American
eagles to-day "a. 70 TOs. I'D, o circumstances