The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-01-17
SATURDAY. Jan. 10.

bATUhDAr. Jan. 10.
The speculative community is apparently be-
ginning TO appreciate the Importance Of ciroum-
stances that have impressed disinterested OBJ
servers Of commercial. financial. and poiit-
ical Affairs for sons ums past, and
which have recently begun to appeal
to investors. In seems hardly necessary
TO recount those circumstances A. they
have been fully set forth aud their Importance
noted In this column as they became distinct
and certain factors In the situation. For EXAM
pie, nothing new but exact data was con-
tanned In the Government report Of our
foreign trade relations published yoster-
day morning and which was discussed In
and about the Stock Exchange to-day with
. degree Of enthusiasm that 10 usually provoked
only by an unexpected favorable development
It has also been evident for many weeks past
that the tendency Of the money markets of the
world, particularly that At this centre, 10 toward
an abusrma,ly easy condition. The accumu-
lstion Of gold At various reserve centres, and
especially In the Treasury and in the Associated
Banks Of this city, has been . matter Of
daily or weekly record. The requirements Of
Europe, OF Australia and Of India for broad.
stuf1s and the ability OF the United States 70
supply them are facts that have been dwelt
upon for weeks past and have also been reflected
In rising prices for cereals.
There has also been cumulative ciroumstantial
evidence for many months that Europe has dis
posed Of all It's speculative holdings of American
railway securities and 10 tightening its hold
upon the better GLASS Of Investment issues.
Fsars Of International complications have dis
appeared with the virtual shelving OF rssolu-
tions introduced In Congress providing for the
recognition Of the Cuban Insurgents, and By
the negotiation of an arbitration treaty bet woon
NhA rnts. Qkasaa nd n.... -i.- "a =
tsrview with Senator Sherman published this
morning. in which. after accepting an
Invitation TO become Secretary OF State in
Mr.. McKinley's Cabinet. he states that he
10 In favor Of non-interference In Cuban affairs,
was regarded by many people as q most i'm
portant piece Of news. 1t certainly WAS an In
nuential factor In to-day's stock market. It
10 possible that q declaration OF his views
regarding Cuba was one of tho conditions
governing Senator ShermAn's appointment
As Secretary OF State, for It is no secret
that all OF Mr.. McKlnley's ablest supporters In
tho campaign were Informed soon after the
election Of his determination not to make any
commitment regarding Cuba while tho condi.
tion Of Affairs In the island remains as at present
As already noted. the speculative community
10 beginning TO realize that the current OF events
affecting values has turned, and that It Ia in
creasing in volume and In force. The dealings
in stocks this week have not been large. aver
aging only about 10000 shares q day, but an
advance In prices disproportionats TO the volume
OF trading has taken place. The dealings and tho
net advances considered together are indublta-
bic proof OF the accuracy Of the view that COM
potent Judges of tho market have maintained
all along. that the floating supply Of stocks 10
unusually small and that actual holders are 20
confident o. the future that they persistently
decline to part with their securities. The bond
market Makes most extraordinary showing for
the week. The number OF issues dealt In 10
without parallel. being 2s5. The transactions
averaged over 81, 800, 900 par value per day,
and, A. In the case Of tho stock list. the net ad-
vancos recorded are much larger than would
ordinarily take place upon = much greater vol
ume OF business.
The weekly statement OF averages Of the As
ISOLATED Banks shows an increase In lawful
money of over $40, $780, 900. The increase Ia
loans is unimportant, and would apparently In
dictate that the demand for money this week
had been supplied chiefly by the trust COM
panies and other lenders. who have doubt
less taken advantage OF an informal under
standing among tho leading banks several weeks
ago to sDdsayor 70 obtain Q y cent. for tho funds
at their dispnsai. .Th1amount Of lawful money
not required against larger deposits brings the
surplus reserve MP TO s5e, $4,000. The effect
Of this showing upon the money mar