The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-11-21

enumerated IN this column, they laid stress to-
day upon the possibility that certain Western
Legislatures. when they convene this winter,
will take steps TO establish lower railway rates.
This argument was used against Chicago, Bur-
linRton and Quincy In connection with aReros-
sivs selling Of the stock that resulted In a net
decline OF 1N y cent. This and n net loss of lN
. cent. in American Spirits preferred were the
only noteworthy net declines sustained by
stocks that were dealt In 10 any extent.
The heaviest trading was In Sugar Refining,
which. after declining early in the day on ac-
count of q further reduction In the price Of re-
fined sugars, rallied sharply. only 10 fall of
again At the close. In respect to activity Read
ing was second only to Sugar Refining, and the
market for II was strong throughout. It was
one of the few stocks that closed fractionally
higher than yesterday. Other noteworthy con-
tributions to . comparatively small days bust
mesa were made by st. Paul and American
Spirits. The last named. however, was
much less active than for several days
past, In spite of further advices from
the West, which cannot be confirmed
here, that the company has entered into an
effective trade alliance with Its principal COM
p~etitors. A squirt of activity in Consolidated
Gas, at q net advance of 2IS v cont. led to the
circulation OF reports that q scrip dividend OF 10
. cent. 10 likely to DO declared In the near
future. This report was authoritatively denied.
Rumors Of q consolidation of tho various gas
companies operating in this city, similar to that
which has been effected in Brooklyn. were re-
vived; but 90 far A. can be learned there 10 no
basis for them at present. It 10 possible, how
ever. that the companies may reach some agree
ment a. to prices. and also for the purpose Of
protecting themselves against dishonest con-
sumers.
The foreign exchange market continues
strong. owing chiefly to the purchases Of bills in
connection with calls sold on gold prior to the
election. as described in detail In this column
this morning. The tendency of tho local money
market toward an easier condition is also .
factor affecting the price of exchange. Esti-
mates rs to the amount Of money the banks
have gained this week range from Sc, 600. 900 to
81. 900, 000. Tho weekly trade reports show
that business in approaching normal conditions.
Bank clearanoes for the week reflect an increas-
ing volume of business. being larger than for the
previous week and also for the corresponding
week of last year and OF 1892. There is no
abatement of the foreign demand for bread
stuffs, though exports are smaller
than for the previous week. 1t is interesting to
note that tho exports of silver tomorrow arc
unusually large. being nearly 800. 900 ounces.
Tho London market for American securities,
though quiet. remains Arm In the face of an I'M
easy feeling in Kafirs, which. according to
cable advices, extends to domestic securities.
Bankers having close European connections
report an i~noipient demand for Investment
securities. but admit that they hardly expect It
to become active until European money mar
kets become easier. The assem- bling of Con-
gress two weeks from next Monday seems to DO
regarded with apprehension only by the profess
sional element in the stock market. The major
ity OF people realize that the session must neces-
sarily be . short one and that its time will be
fully occupied with routine business. leaving
little or no opportunity for legislation of a char
acter to disturb business.
Final sales compare with those of yesterday
as follows: