The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-31

In l.ral A.ndarp being nearly 2ha mIllions.
Besides. the banks have gained moro
than n third Of that amount In lawful
money. An increase OF over 100000 In
the loans results, unquestionably, from the
extensive borrowing on sterling oilhs this
week. The most trustworthy information
obtainablo 10 that fully 100000 has been
borrowed here upon those bills since mention
was arst made Of the fact in this column about
tan dava aRo. This 10 the second time
| within n year that foreign bankers have
found New York the cheapest market in
which IN secure accommodations This circum-
stance ia unmistakable evidence. II. indeed,
any were needed. Of the growing Importance
and independence OF tho United States az 4
financial and commercial power. Tho increases
in the loans and in the cash are not fully
reflected in the larger deposits. After
providing the legal reserve against those
deposits. however, the Clearing House banks
have added ST. 67, 900 to their aggregate sur
plus reserve. The statement, together with
tho arrangements for handling tho Union
Pacific matter, the weakening tendency of
foreign exchange. tho extraordinary exports
Of breadstuffs this week at advancing prices,
and the heavy disbursements on Nov. 1, OBJ
yiously insure q perfectly comfortable money
market during tho remainder Of the year.
To-day'p stock market was dull and Irregular.
Tho majority OF the list closed fractionelly
higher or unchanged as compared with the final
figures Of yesterday. The only noteworthy
net decline was that of 8 points in Con-
solidated Gas. at a recovery of 8 points
from the lowest price. The generally 40
copied explanation Of this movement was that
should the Tammany party be successful at
tho polls next Tuesday It will at once be-
gin An agitation in favor of q reduction In
the price OF gas. As q matter OF fact,
many spectators and a good many investors 40
we'll have been Influenced by Street rumors into
buying Consolidated Gas at inflated prices, and
tho absence of the developments forcshadowed
by those rumors induces liquidation. The only
stock In which the trading was In excess Of TO-
600 shares was Chicago, Burlington and Quincy.
which was exceptionally strong on q growing
appreciation Of yesterdays excellent show
ing for September. Tho statement of the
Pennsylvania Railroad and allied compa-
MES for the Same month. which was made
public to-day, Influenced speculative sentiment
to . marked degree. The buying, however. was
largely to cover shorts; that is, to close con.
tracts at tho end Of the week. A little commits
sion buying was noticeable. 1t was doubtless
stimulated by tho fact that the offerings Of
stocks are very light and that prices advance
easily in response TO moderate purchases.
As compared with the final prices OF last Sat
urday, the majority OF stocks are lower. The
moro important net declines are In Consolidated
Gas, 16lo y cent; Union Pacific. 4io; American
Sugar Refining and n. J. Central. gle each;
Kansas and Texas preferred, rs; Cleveland,
Cincinnati, Chicago and st. Louis. Ia; Bay
State Gas. les; Tennessee Coal and Iron. III;
Southern Railway preferred. Omaha, and u. s.
Leather. l zach: y. Y. Central. Reading COM
mon and LIST preferred, 7s each; Lackawanna.
Illinois Central. and Missouri Pacific, . each;
Manhattan Railway and Western Union, d
each; American Spirits. Chesapeake and Ohio,
and Northwest, q p cent. each. The note
worthy advances are In Chicago Gas, Ice = cent,
Burlington and Quincy, e; American Tobacco
and Northern Pacific, y . cent. each.
Final sales compare with those Of yesterday
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