The sun., 1897-11-07

.sl,,....s, a. = matter Of fact tire Cuban
| sftuation. 70 far as It has tearing
upon hnsine-- and speculation, has beon
| eror,,or.,v exaggerated time and again. until
/ st ,von,d seem TO be decent and sensible
| for even Wall street spectators TO regard the
subject upon a rational basis- Turning from
| Congress. politics. and international affairs TO
local conditions affecting values all OF them are
| found IN be favorable. There is lull in busi-
no.. a. compared with the abnormal
activity of the late summer and early autumn;
nerertbeless prices are we'll maintained. com
merc,aI failures are small in number and
comn,ratively unimportant; bank ciearances
and railway traffic returns reflect fair
ly large volume OF business, ana exports OF
bneaastufYs and OF merchandise generally
eontinpe upon n large scale Regarding rail-
road earnings 1t is TO DO noted that while
the increases arc not In many cases as
large as those reported few weeks ago. compar-
ison, arc now being made with something like
normal figures a year ago owing to the revival
of business after the Presidential election.
whereas the comparisons up to the beginning Of
tbis month were with returns that vero less
than the average owing to the depression in
business resulting from the uncertainty that
preceded the success OF tho honcstmoney move
ment-
To-day's stock market was fairly active and
in the main strong. This was due In part to the
covering OF shorts at the end Of week in
which prices had declined pretty stead.
ry. London was moderate buyer.
and commission houses also purchased
fair amount OF stocks. significant feature Of
the trading was tho increased demand for odd
lots that is for amounts less than 100 shares.
PURCHASES Of this character indicate unmistaka-
bly, that the public is beginning to take an in
tercst in the market Tho borrowing demand
for stocks indicates that q fairly large short
interest has been created. Besides. liquidation
of weak accounts has unquestionably been
pretty thorough, IL not complete. The specula-
tion was influenced to an extent BY expectations
that the Supreme Court OF the United States
will hand down on Monday q decision sustain
ing the views Of the lower courts that the Ne
braska maximum rate law is unconstitutional
The weekly statement of averages of the As
eociAtei Banks shows further increase in
the loans. resulting, probably, from addition
al borrowings upon sterling bills In other
words, Europe is still borrowing money in
this market. A decrease OF 81 .33e. 900 in lawful
money, all OF 1t in legal tenders, results
chiefly from shipments OF currency to the
South TO move cotton. now that the restriction
upon transportation in that section is removed
by cooler weather. which has done away
with quarantine regulations at many important
points. The net result OF the operations Of the
banks this week reduces the surplus re-
serve a little over s3,o0o,O0o There is no
occasion, however, for apprehension re-
garding the money market for arrange
ments have been made for financing the
retirement Of the Governments currency bonds
issued in aid OF the Union Pacific Railroad.
and which mature at the end OF the year.
The money market is so easy that in all
probability the first payments 10 the
Government on account OF its lien on
the Union Pacific Railroad will be made di.
rectly to the Treasury. and not through the
banks that have been designated as special
depositaries. \ consideration of the money
market would be incomplete that did not take
cosnizance OF the fact that a discussion
Of changes in he currency by Congress occur at
time when both the Treasury and the banks
are carrying unusually large gold balances, so
large, in fact. that beth are obliged 10 use gold
in making settlements in the ordinary course Of
business.
As compared with the final prices Of last Sat-
urday the list is lower. with the exception Of
Bay State Gas, which is ). = cent. higher The
more important net declines are in American
Northwest, a.; American Tobacco, Ak: Rock
Island. AS; Reading lst preferred. 4; Burlng-
espo eop ana and auRe I Msnsassn RaTar Sa
aud Tennessee Coal and Iron. 3as each: Sus9ue-
hsIns a, and Wss.srn pre;e5fFs& s5 l and Cen
willie and Nashville. 3is each; ST. Paul. Omaha,
and Missouri Pacific, 3 each; Atchison pre-
eS1 ern Railway ~ preferred. and WABASH preferred.
2& each; Chicago Great Western and Reading,
western tnion. ais each; Chicago Gas. Ga: I
Northern Pacific preferred. l7.; Chesapeake
an Ohio. Is: Northern Pacific. IA; American
| Spirits, Atchison, and Pacific Mail, > cent
each.
Final sales compare with those of yesterday as