The sun., 1896-10-24


Fears that the money market may become
active to the extent of strngency during the
last week before the election are gradually be-
coming less acute. The Withdrawals OF money
from the banks, trust companies, and other in
stitutions are not as largo as they were
a few days ago. while tho less ac-
tive demand for gold and for calls
gold indicates that the disposition to hoard
money, particularly gold is not as pronounced
as it has been of late. Tho money market is q
shade easier in all departments. and the re-
ceipt hero next week Of upward of S10,00O,-
900 gold from abroad Is reasonably calcu-
lated upon as sufficient to supply any unusual
demand that may be made either for current
funds or for specie. Another factor OF safety
is found in the unusually large reserves
held By the national banks Mt all of the princi-
pal commercial centres. A statement regard
ing those reserves Is printed further on in this
column. 1t may be remarked incidentally that
the percentage of the reserves held by the New
York banks as compared with other cities
shows that those banks have been more liberal
in employing their funds than the banks OF
other cities. The withdrawal Of $1,000. 900
gold from the Sub-Treasury to-day by a
banking house cot consplcuously engaged in
the foreign exchange business caused q good
deal of comment. especially as tho gold was
deposited in a safe deposit vault. The pre-
vailing impression Is that the withdrawal was
made In connection with a speculation in gold
as set forth in detail In another column OF THE
Sun.
The stock market was strong throughout ana
with only few unimportant exceptions the list
closed higher than last night slightly higher
market for American securities In London,
though not accom- panied BY extensive purchases
for European account, Influenced a strong
opening. The upward tendency of the market
WAS made more pronounced by an advance of
nearly four points in Chicago Gas, nearly all of
which was retained Mt the close OF business.
Chicago 10 responsible for the report that the
managers OF the combined Chicago gas compa-
MES hope to obtain modification OF a restrain
ing order issued in Attorney General Molonsy's
crusade against the enterprise that will permit
them to distribute n dividend upon the trust
receipts Such a distribution is certain to
be made some time for, according to the man
agement, the com bined companies are accumu-
latinR n large cash surplus, owing to the en-
forced suspension OF dividends. Although Chi
caRo Gcs mado the most decided progress
toward higher prices, 1t was surpassed
in point of activity by Sugar Rehn-
ing. That stock was also exceptionally
strong, and at fractional recession
from the highest price closed nearly two points
higher than yesterday. An improvement In the
refining industry is to be noted and, besides, the
threatened new competition, now that 1t Is
thoroughly understood, does not appear to be as
formidable as 1t did when the first announce
ments regarding 1t were made.
In the railway list Louisville and Nashville
was tho most conspicuous stock. though a sud
don spurt in Manhattan Railway, said 10 be duo
chiefly TO the covering OF shorts. attracted con-
siderable attention. or the loss active stocks,
United States Leather preferred, Laclede
Gas, and Bay State Gas made noteworthy
progress toward higher prices. The move
ment In the last named was accompanied By .