The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-07

cause Of the possibility that n Populist candi-
date may be elected Mayor Of Greater New
York. Ono of the favorite arguments of tho
operators referred to is that tho election Of Mr..
George would have q decidedly unfavorable
effect upon European dealers and investors in
American securities. II Is to DO noted. however,
that the situation here has not as yet had a dis
turbing effect abroad. On tho contrary. London
has boon a steady, though moderate. buyer OF
stocks. 1t was not deferred from continuing its
purchases to-day by the withdrawal Of $500, 900
in American eagles from the Bank OF England
for shipment to this country. Other ship
mcnts will doubtless follow in the immediate
future. as they arc warranted by the
rates of exchange and tho arrangements that
leading drawers are able to make with their
banks for tho funds required to buy tho large
amount of commercial bills now coming upon
the market. Besides 1t should be
that several million dollars will have to be
transferred from Europe to this country before
the ond of the year. In connection with the pur-
chase Of the Union Pacific Railway by tho Re-
organization Committee.
In addition to the foreign buying moderate
purchases of stocks were made by commission
houses and by brokers who are frequently en-
ployed by substantial interests. In other words,
there appeared to be a quiet picking up of stocks
~ tho ucClluGs lnlS II nOL surprising, LOT bcnBl-
BILE people must recognize that no matter how i'm
portant the approaching election may be locally,
the result, whatever 1t may DO. cannot prevent
unusual exports Of breadstuffs, affect tho prices
OF commodities. interfere with tho imports of
specie, or stem the rising tide Of railway traffic
returns and of prosperity generally. In tho
meantime tho market Is reaching q safer
condition than a few weeks ago and q
short interest is being created. Tho heavi-
est dealings were in Chicago Gas, and that
stock also sustained tho greatest net decline.
1t was sold on reports from Chicago that tho tw o
gas enterprises there not included in the con-
solidation are about to be sold to some i'm
portant and aggressive Eastern interests. Ad.
vices from Chicago after the close of business
were that the stockholders Of the two companies
have authorized the sale of their properties. II
they have been sold it will be interesting to
learn who the real purchasers are. for it
10 hardly probable that they have been or
will be acquired by interests unfriendly to tho
combined companies. This view was supported
in the late dealings by a rally of 1ls points in
Chicago Gas, which left the price only Ia q
cent. lower than yesterday. Other note
worthy dealings were in Sugar Refining,
the Granger stocks. Louisville and Nash
vile. Missouri Pacific. Bay State Gas. Union
Pacific. and Northern Pacific preferred. The
iast Two were exceptionally firm throughout,
and close practically unchanged as compared
with tho final prices Of yesterday. The average
net decline in the stocks dealt in most ex-
te~nsively was something less than 1 y cont,
which was disproportionately small considering
tho efforts made to break the market.
Gold to the amount Of $780, 900 was received
from Italy to-day. making total imports within
q week $2,3o0,OoO. These receipts, together
with the comparatively light shipments of cur
rency to the interior. foreshadow a favorable
showing by the banks on Saturday. OF the gold
recently received 100000 was deposited in the
sub-Treasury to-day for currency shipped to the
interior. One Of tho banks deposited $780, 600
gold in tho Clearing House vaults to-day, max
ing tho total SO deposited $57, 44O, 900. The
closing Of the stock market was comparatively
steady at a recovery from the lowest prices.
Final sales compare with those of Yesterday
-, follo-.