The sun., 1896-01-26

obtained legal tender notes. Attbe same timo
they have en6envorcd to keep their balances ny
to the average by sending other forms of money,
chiefly silver certificates and national bank
notes. to their metropolitan correspondents.
Tho chances are that large part OF tho In
crease of So, 500. 900 in the average specie hold.
ings OF tho Clearing House banks is In silver or
silver certificates. The same statement may be
ventured regarding the increase Of over
So, 1000. 900 in legal tenders, rs some Of the
banks regard silver certificates as legal tender
money, on tho ground that they call for coin OF
ultimate redemption. 1t Is, OF course, imposs-
BILE to determine the extent to which silver
figures in both items. hut, Judging from the ex-
perience of number OF banks, the percentage
Is large.
As the decrease in deposits is larger than the
difference between the decrease In loans ahd
the increase in lawful money, 1t appears that
something over 81. .25o, 900 has been withdrawn
by institutions not represented in the Clearing
House or by individuals. Tho net result is an
increase In the net reserve considerably in ex-
cess of tho increase in lawful money, bringing
that Item up to S37,07s.OOO. The statement
would seem to indicate that tho Clearing House
banks are in position to handle with ease
whatever proportion of the new bond issue they
may SEQ At to bid for. Reports that a new
syndtcate is being formed to bid for
a largo amount of tho impending issue of bonds
were persistently circulated to-day, but ns
shown in detail in this column this morning.
there Is no basis whatever for them.
What appeared to be an attempt to unsettle
confidence was made to-day by calling attention
to tho fact that silver certificates are not used
by the New York banks in settling Clearing
House balances. They used for that pur-
pose by other Clearing Houses. but as
the New York banks have always had
sufficient amounts of gold and legal tender notes.
which can be deposited against Clearing House
certificates issued either by the Treasury De-
partment on deposits Of legal tenders or bv the
Clearing House itself against deposits of gold.
they have never had occasion to use them In
settling balances.
Still another point has been foolishly raised
as to whether silver ollars are exchangeable ut
the Treasury for gold. As silver, like gold.
under the present monetary system OF the United
States Is the money OF ultimate redemption.
and as the Treasury ia not a brokerage Office
for the exchange Of money Of equal legal value.
the raising Of this question betrays remarka-
BILE degree Of Ignorance. 1t is hardly surprising
thnt It should be raised, however. In view OF the
inharmonious and defective monetary system OF
tho country, which is liable to provoke no end
of discussion, particularly at times whom 1t
seems to bo the least desirable. However, the
fuller tho discussion. even II to the detriment
of the Treasury and the business interests OF
the country, the sooner the proper remedy may
be applied.
Wall street and business interests generally
appear to be settling down to the view that the
present session of Congress is not likely to do
anything except talk for political purposes.
The passage of bond measure is out Of the
question. and slight hopes are entertained of the
success of the bill for increasing the revenues Of
tho Treasury Resolutions affecting interna-
tional relations will probably serve simply AS the
basis for interminable debates. while so far as
the silver advocates in Congress are con-
cerned. no one expects from them anything more
than the wailings and whimperings Of school,
boys deservedly thrashed by their fellows. 1t
Is possible that as this view OF Congress be-
comes more prevalent business interests will
ignore preparations for the next Presidential
campaign and conduct their affairs upon the
theory tina: no serious attempt will be made to
interfere with natural laws and conditions.
The decided upward movement In prices this
week on the Stock Exchange has taken many
by surprise. particularly as there has been no
increase in the legitimate demand for securities
and no decided improvement In tho financial
and political situations hero and abroad. The !ea
turc Of the market has been tho extraordinarily
light offerings of securities even at the advance
in prices. 1t is also significant that all OF tho
commodity markets. notably those for iron and
cereals, have advanced simultaneously with tho
prices for stocks. This is the moro remarkable
in view Of the fact that there has been
no radical change in the statistical positions
Of those markets. The obvious EXPLANATION is
that the demand from consumers which IL first
felt by the larger dealers In staple commodities.
is beginning to make itself felt Still another
Il hA iAf haf IN ~
numerou. complications and handicaps. all OF
them imposed by the Government. efforts to
finance the Treasury will be entirely successful.
To-day's stock. market. though narrow. was
strong throughout Few noteworthy nd
vances were recorded: but the improvement.
added to that which had previously taken
place. left tho greater part of the list mate
rally higher than at the close last Saturday.
Indications were not lacking that the timidity of
the short interest and the tenacty which actual
holders OF stocks exhibit were taken advantage
of by some Of the larger professional operators
to advance prices.
Ascompared with the final prices OF last Sat-
urday the list is higher with the exception OF
American Tobacco. which is H q cent. lower.
The more important net advances are in Man
haitian Elevated y cent, American Sugar Re-
flnng 49s. st. Paul 3si. burlington and Quincy
3ss, Rock Island 34, New Jersey Central B.
Reading 2z4. Northwest. Lake Shore. and Della.
ware and Hudson 2la each. Louisville and Nash
VILE, Southern Railway preferred. Tennessee
Coal and Iron. and L. S. Leather preferred 23t
each. Susquehannn and Western preferred "a
General Electric ~, Pacific Mail l5s, Missouri
Pacific and Western Union laa each. Atchison
Cleveland. Cincinnati. Chicago and st. Louis
and National Leal III each, Chesapeake and
Ohio. Kansas and Texas preferred. and Wabash
preferred l each. and DistillinG and Cattle
Feeding ,, p cent.
Final sales compared with those of yesterday y
as follows:
Jan. ? Jan. rs. Jan a. Jan. %.
A,T&S Fr... IAN Is Nat Lead ~ 26it
Am Sug Ref. l05'. lu5il North w com. Bnx 49,.
Am Sug itrr D. pS " NJ Cent. t....... lOOle l0lL
Am Tobacco. T8As STit ont Z Vest. l3la IA,
Canada So. =. ~ =. Fac MAIL. 2GA 2n''