The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-10-11

| absolute confidence in tho commercial
| and financial conditions and the fact that
| about S55,00oO0O has been added to the cir.
culation since tho last crop movement by tho
| operations OF the now silver law. This last
| does not seem to receive IN some quarters tho
consideration to which IL Is entitled. II en-
abled this country to preserve It's equilibrium
Inst spring while Europe was drawing It's bal
anco with us down TO the last dollar. and now.
while Europe is returning some of tho gold
that It felt compelled to take from us then. It
s on tho other hand constantly buying silver
In this market.
Within year the demand for silver for mon
ctary purposes by tho United States and Euro
penn and Asiatio countries has so far ex-
cocdcd the supply that the only visible surplus
In the world. namely. that held In this city has
been cut In two. Tho European and hsiatic
demands nre now increasing, hence 1t would
not be surprising IL the remainder OF that sur
plus were absorbed moro rapidly than tho first
half With that surplus out OF the wny. tho
commercial prico Of silver will logically APP
proach nearer to the ratio established between
that metal and gold As TINT takes place the
frantic. and to IN extent unreasonable. cries
OF the advocates Of n single standard. namely.
gold will grow fainter and fainter. Tho
hasty action OF tho Chamber OF Commerce OF
law before the experiment which It contc1n-
plated has had n fair trial and before Europe
has fully appreciated what that experiment
means. has. owing to tho traditional character
OF that body. had more Of an effect, pnrticu-
larry abroad. than It was entitled to. 1t is cS-
cecdingly doubtful ifthc action Of tho Cham
Der will count for much ut Washington this
winter. for. although tho sentiment in favor OF
free coinage is less pronounced than 1t was.
there arc no indications OF disposition to
forcc n retrogade movement.
A feature this week has been tho announce
mcnts OF several railway corporations relative
70 new issues OF securities. In every case tho
request for new capital Is based upon tho ne
ccssity for additional equipment to handle in
creasing business. Probably every rail-
road in tho country Is beginning to
fec! TINT It's facilities are Inadequate
for tho proper handling of tho traf-
flc at hand and in sight. Confessions upon
this point will doubtless become moro numcr-
Gus as the crop movement proceeds and the
return traffic which II is stimulating assumes
larger proportions. 1t is worth noting TINT
considerable percentage OF tho new equipment
REQUIRED will be obtained without increasing
tho fixed charges Of tho corporations rc1ur-
ing it.
Tho c.. i. and Quincy management Is con-
fldent that 1t will he able to pay for S2.OOO.OOO
worth Of equipment out of net earnings. Tho
Louisville New Albany and Chicago Company
proposes a new issue OF stock. probably at about
current prices. and which it is understood
has been entirely underwrtten by syndicate
composed OF those most largely Interested In
the property. The Lake Erie and Western
company will. as announced this morning.
issue comparatively small amount OF second
mortgage bonds to obtain funds to increase
its facilities, while the Hooking Valley Com
pany will reduce its fixed charges. and in
cidentally pay for some equipment by issuing
$2,5OO, 900 OF 5 4 cent preferred stock at 81
to fund maturing obligations.
These new issues may have cooled the specu-
alive spirit somewhat but it should not BIO
overlooke ed that it is long time since railway
companies wero able to attract much new
capital. and that In the mean timc their bust
ness hns constantly increased. The strongest
point in favor Of these issues is that those
most largely Interested in the properties arc
willing to take such portions Of the securities
as the rank and file of stockholders are I'M
willing to take.
To-day's market was dull but fairly steady.
London took no active part in it. and the with
drnwa Of the Hebrew element from all the
financial markets Of the world to-day and on
Monday exerted a distinct influence. The
bank statement made tho favorable showing
that was expected. The banks have gained
about $4.OOO.O00 in lawful money. loans have
been decreased materially. and in spite OF
larger deposits the net result Is handsome
increase in tho surplus reserve.
The important development at the end OF tho
week was In the grain market. Foreign buy
ers have made extensive purchases OF wheat
aftcr period OF inactivity and exports have
been unusually heavy. In consequence. Of
fcrinGs of grain bills may be expected to swell
the volume Of cotton and commercial bills that
now continually hold the market for sterling
exchange down and to dcpress 1t further Tho
import movement Of specie wns augmented
to-day by the withdrawal OF $750.0O0 gold from
the Bank Of England for shipment to this coun-
try. The closing Of the stock market was quiet |
and easy. but the temper Of the street ut the
end OF the week Is un1uestionably as confident
as at any time since the promise OF enormous
crops began to be fulfilled.
As compared with tho final prices OF last |
Saturday. the majority Of stocks arc lower.
The more important net declines are in Lou
isville and Nashville. IL p cent: Northern
Pacific preferred. TX: Union Pacific. IL: Wa
bash preferred. y: Atchison. 1'.: Reading. | : |
Chicago. Burlington and Quincy. and st. Paul. |
y each: North American and Texas Pacific. = |
each: American Sugar refining Co., Incka- |
wanna, and New England. Il 2 cent. each The |
noteworthy advances were in Tcnn Cou and !
Iron. As q cent; National Cordage. d. and |
Chicago Gas. a 2 cent.
Final sales compare with those OF yesterday |
rs follows
n M Ny MT