The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-12-13

Two events that Wall street has been looking
forward to for nearly n month past as likely to
have an important bearing upon the general
situation as we'll as upon the market for
securities have taken place this week.
namely. the assembling OF Congress and
tho publication of the Presidents mes
sage. Fears that the last might precipl-
tate n condition Of affairs similar to that
which followed Mr.. Cleveland's Venezuela mes
sage q year ago, were promptly allayed; and, al
though Congress has already begun to debate
Cuban resolutions, no one appears to be dis
turbed thereby. 1t Is generally conceded that
the final session OF the present Congress will be
uneventful. Although the circumstance men,
toned have removed a feeling OF uncertainty tho
stock market has shown no animation. On the
contrary, II has boon dull and heavy. This de-
scription applies, however. only to securities of
q speculative character. Investment issues,
both Of stocks and bonds. have been fairly
active at advancing prices. Nearly So, 500. 900
par value OF bonds have changed hands on tho
Stock Exchange this week and 2e7 issues were
dealt in. This is an unusually large number,
and obviously indicates o broadening invest
ment interest.
So far as speculation Is concerned. every ad-
verse influence has been exaggerated and util-
lied to the fullest possible extent by q handful
of SINAI professional operators and their follow
ing. Still. no material net declines are recorded
at the end Of the week. except that of 7H o
cent. In Consolidated Gas. That stock had
previously been advanced by purely speculative
buying. and the decline simply reflects the
liquidation of those purchases caused BY local
attacks upon the gas companies. The de-
cline of 2M points in Chicago Gas may be
regarded as largely sympathetic. while a
similar net loss in Reading was brought
-l-A -AA-
the Attorney-G General OF Pennsylvania to
examine into the validity of tho charter of the
new Reading Company. Throughout the re-
mainder of the list tho net changes for the week
arc unimportant: still. It may be significant
that Sugar Refining is the only prominent
stock that closes higher than last Saturday.
There was practically nothing done In tho
two hours that tho Stock Exchange was open
for business this morning. After the publica-
ton of the bank statement two or three traders
bought o few stocks. and by doing so demon
strated afresh the case with which prices ad-
vance in response to a very moderate demand.
The feature Of the weekly statement of aver
ages OF the Associated Banks Is the increase Of
S11. 0oo. 900 in the loans. A good deal of this In
crease is undoubtedly brought forward from
tho close of last week. when heavy loans
on sterling were being made. Since tho
ooiAS poAs VA shAo " ~ hhohoy III
ket has been rather inactive in all de-
partments. An increase of S2,7s1.o 900 In
lawful money. two-thirdso of It In legal tenders.
added to the increase In loans. expands the de-
posits $14, $50. 900. The increase In lawful
money not being sufficient to provide the re-
servo required against the larger deposits, the
surplus reserve 10 smaller by S85s. 900 than it
was a week ago. The statement is In every re-
spect q satisfactory one. since 1t shows an in
crease in cash and Q larger employment Of
funds.
AS compared with the final prices of last Sat
urday. the majority of stocks are lower. The
more important net declines are In Consolidated
Gas 7es q cent, Chicago Gas and Reading ga
each. Cleveland, Cincinnati, Chicago. and st.
Louis 2. Missouri Pacific. Southern Railway
preferred, and Tennessee Coal and Iron ~
each. Burlington and Quincy and Northern
Pacific Preferred 1876 each. Union Pacific IA,
Northern Pacific and U. s. Rubber 70 each,
Baltimore and Ohio and Manhattan Elevated Vi
each. Louisville and Nashville ". American
Spirits Manufacturing. Canada Southern. Rock
Island. and st. Paul " . cent. each. The
noteworthy advances are in Laclede Gas 2A
= cent. and American Sugar Refining / D
cent.
Final sales compare with those Of yesterday
as follows: