The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-05
THURSDAY, Nov. 4.

AtS EDbAt -
The Importance Of the recent elections from q
purely speculative point OF view is diminishing
rapidly. The mercurial element in Wall street.
which lives upon the stock tape and uncon-
sciously recognizes no more potent influence in
shaping Its affairs than the fluctuations re-
corded by the ticker. began to-day to
turn from the political developments on Tues
day to fresh consideration of tho present and
prospective relations between Spain. Cuba. and
the United States. Had professional operators
learned before the close of business that shortly
after midday that very august body. the Cham
Dor Of Commerce, had formally urged the Gov
eminent to increase its force of artillery.
men along the Atlantic coast. they and
their equally susceptible following would
doubtless have run over ono another in
their eagerness to sell stocks. Fortunately for
the stock market, the well.meant but in
judicious expression of the Chamber, though it
was made within two blocks of tho Stock Ex-
change, did not become generally known until
after the close of business. Tho publication Of
some fresh disquieting dispatches from Madrid,
rather vague in character, was also delayed
until after 8 o'clock. By tomorrow morning
both developments can be properly weighed by
overy one who cares to regard them disinterest-
eddy.
Tho best evidence that politics is ceasing to
exert q pronounced influence upon the present
narrow and almost entirely professional specula-
tion was furnished by London. Foreign opera
tors. In spite OF the lugubrious comments OF tho
London newspapers upon Tuesdays elections.
bought stocks in this market to the extent Of
about 10. 000shares. This impaired a firm tone to
the market in the early dealings. Another factor
influencing the early speculation was the belief
that the party of honest money had secured q
majority in the Ohio Legislature. assuring tho
election Of a sound-money man to the United
States Senate. Tho period OF hopefulness,
however. was shortlived because of tho
revival of alarming reports as to the
physical condition of the President of the
American Sugar Refining Company. These
were disposed of by an authoritative statement
which Is printed In another column. but were
promptly followed by press advices from Ohio
indicating that q Republican majority in the
next Legislature of that State was doubtful.
The impression thus created was subsequently
corrected. but not until after n sharp drive
against prices had taken place. The closing was
at a considerable recovery from tho lowest
prices, except for q few stocks. notably Consoli-
dated Gas and the shares of several Of the an
thracite coal-carrying companies.
The heaviest transactions were again in Sugar
Refining. Other noteworthy dealings were in
st. Paul. which was exceptionally firm through.
out; c., B. and Quincy. Chicago Gas. Rock Isl.
and. and Northern Pacific preferred. The actual
news Of the day consisted principally OF railway
traffic returns for last month, conspicuous
among which were those of the Chesapeake
and Ohio. Missouri Pacific, and Canadian
Pacific Companies. Their direct effect upon
speculation was discernible only In tho market
for Chesapeake and Ohio. In Wow of the wide
spread interest taken In the reorganization OF
the Union Pacific Company attention Is called
to the somewhat ambiguous statement of the
account between the company and the Govern
ment published to-day. The total advances
made by the United States TO tho railroad
are computed at S74.972,577. and the Off
sets Mt $34. 899. 525, from which 1t would appear
that tho net amount due from the Reorganiza
ton In purchasing the Government
lien 10 $40. 273, 052. To that amount Their,
should DO added. however, 3d. 45, $50. tn,
amount of bonds acquired and held by the Gov
eminent under the sinking fund provision of tn,
mortgage securing its lion. The ReorganizatioI
Committees bid for the property included
these bonds. and 1t will have to pay cash
into the Treasury for them. This raises thu
amount duo the Government to $685. lS, 900
The difference between that amount and tn,
amount bid by the committed for the property
at the sale last Monday is accounted for by cash
in the Treasury to the credit of tn,
~A' @HS
ton Committee has called for % y cent
of tho amount pledged by the two syndicates Il
pay Off the Government lien. The ~syndicat'
first formed pledged S46, 900. 600, and anothe
one formed since the Government drove Its las
bargain with the Reorganization Committee 4
for %, o00.O 1t appears. therefore,. that thu
call referred to is for upward OF $l3,O 600, 600
The original reorganization syndicate formed Il
undorwrito the assessment upon the stock ant
provide for the expenses of the reorganiZatiol
is for $4,000. 600. and It Is understood that nj
recent call had been made upon the memberS o
that syndicate.
Final sales compare with those of yesterday a
follows:
NOT. Q. Not. Al Eov. o. Nov. 4
A.TAsFs. l3L l2a Nat Lead pfl o3a 1o3l
A.T&sFsp 2oTs 27ss Nor Amer. az a.
Am Cot OH. 81 ooh Norf 4 W p 42L al
Am s Ref 1885, l36SS W com".l2l2 100
Ans Ref p.ll3 lloa N Pac com. ID l7'
Am TOb.... SlL soA n PAc Pr. 61S 81
: Am Sp NJ IN naISY Cen. -1naTs lnBl