The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-05-22

calamity OF more than ordinary magnitude.
finally. this same class OF operators discovered
that the Erie Railway Company II about 10 lose
portion Of its trafIic whom the extension Of
the Lehish Valley road to Buffalo Ia completed
They also believed that they had made other
discoveries regarding that company. but
those have not yet boon disseminated nor are
they likely tn he.
Persistent selling OF tho stocks affected By
the considerations noted above has not, how
ever, resulted In generally lower prices. nor
even IN material declines In tho stocks that
have been most severely assaulted. The great
est net loss for tho week is that Of nearly '
cent. In Rock Island. c.. B. and Quincy and
Erie are each point and q half lower.
Northern Pacific preferred has lost only
TX cent. and Atchlson. In spite Of
proposed increase In ite bonded debt is less
than a cont lower than last Saturday. Real
izing sales in Hooking Valley and Chicago
Gas. and neglected markets for Lake Shore
and Missouri Pacific. have resulted In note
worthy not declines in those stocks, but In
other respects the stocks that have received
any attention whatever this week are either
practically unchanged or higher.
To DO sure. the i'm portant net advances arc
in specIalties namely. Manhattan Railway.
National Cordage. American Sugar Refining.
Omaha common. all Of which have been ex-
tensively traded in this week. The market.
therefore. cannot be described as declining
one. though no efforts have been spared to ore
ate that i'm preston. II the character and ten
dency oftbo bond market is considered incon-
nection with the foregoing analysis Of specu-
lation In stocks. It must be conceded that tho
dealings on tho Stock Exchange as whole
have made very good showing In the face OF
q number Of depressing influences
Tho reason for this is found in the immense
accumulations Of unemployed capital. both at
homo and abroad. In London and Paris the
lowest rates for money that have been quoted
in years prevail. while In the homo market
money Is rapidly becoming . drug To-
days bank statement shows an In
crease Of * millions In lawful money
and . decrease Of over S1.OOO.OOO in the
loans. In consequence the deposits are three
and three quarter millions larger and the In
crease in the surplus reserve Is about the
same Money lenders are getting very blue.
and large financial institutions that are con-
stantly receiving money from investments
and other sources are at loss to place
the same to advantage. simultaneously
with these accumulations OF uuemploy
cd money there is a gradual return OF
confidence both in this country and Europe.
It is probably moro pronounced hero than my
where else. for. according to all accounts.
general business is in q better condition in
this country than 1t is abroad. Besides. the
financial condition Of our Governmental in
flnitely stronger than that OF the majority Of
European nations.
Another point in our favor is tho cessation
OF selling OF American securities by London.
It was the liquidation Of European holdings
- Aoori,ap aoouriSioa la war; Int una
chiefly responsible for the large exports Of
gold thnt we're made year ago. London has
not only stopped selling. but the balance
Of its operations at present are for long ac-
count. In consequence. the market for ster-
ling exchange is kept at figures that
are sufficiently low to prevent exports
Of gold. Tho only important financial
problem to be solved by this country
just now is the silver question. and
the Administration has taken long step to-
ward It's solution by prevailing upon Great
Britain. Germany. France. and nearly all the
other European powers to consent to an inter-
national conference relative to the partial re-
habiitation Of silver as money.
good deal Of skepticism is expressed as to
tho outcome OF the proposed conference. based
principally upon the attitude that Great
Britain has always maintained toward her de-
Tendencies. Much OF THIS skepticism would
disappear II those who indulge in It were &C.
curately informed OF the change In public
sentiment that has recently taken place
in Great Britain. And 1t must be adj
mitted that the success OF tho proposed
conference will depend almost entirely upon
tho temper OF the English peoplc. II they
finally realize that the old order Of things was
more conducive to commercial prosperity than
the experim ents that have Leen tried during
the last twenty years. progress may be made
toward furnishing the world with an adequate
international medium OF exchange.
The affairs OF the Richmond Terminal Com
pany. In which nearly every one seems to be
interested. are gradually being shaped In a
new direction BY the stockholders committee
that was appointed ton Gays ago. Next week
the public will probably be given the outlines
OF new plan Of reorganization. One
phase Of the company's troubles. which ap-
peArs not to have received due consideration,
owing to the interest that has centred In ef-
forts to reorcanjze the system. Is the manner
in which tho judiciary Of the South is treat
ing vested interests. The State Of Georgia.
which has never been overscrupulous as to
its obligations. appears to be suffering from
the samo sort OF acute anti-corporation
mania that until recently afflicted the State OF
Iowa, but 1t takes . somewhat different form.
1t will be remem bered that when the Central
Railroad of Georgia was placed in the hands OF
q receiver q few weeks ago. various interests
we're suspected OF having instigated the litiga-
ton on account Of the bearing 1t might have
upon efforts to reorgsnize the Rich-
mond Terminal system. Similar suspicious
we're entertained when two local holders
Of the East Tennessee common stock
attemp pied to throw the East Tennessee. Vir-
ginia and Georgia Railroad into the hands Of
4 receiver. Time and careful Investigation
have not confirmed these suspicious. but
have rather dispelled them. and 1t Is now
believed that the litigation referred
% has for its aim the personal advantage Of