The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-04-03

tfhosBwhU snds6vor 70 feel -t,eff Why IA -fhe
stock market AHhile II is virtually q foregone
conclusion that tho anthracite coal deal will
not be upset. the legislative and legal compli-
cations that will have to be disposed Of before
the union Of the various interests is estab-
lished beyond possibility Of disruption will
furnish many opportunities for the manipula-
tion Of the coal stocks in both directions.
The feature in the market for Reading the
| last two days. particularly to-day. has been
h extensive purchases OF tho stock BY Phila-
delphia. 1t is estimated that Philadelphia
bought about $4,000 shares OF 1t to-day.
Whether that centre has early information Of
the probable action Of the Governor OF Now
Jersey on the bin to lekalize the Reading
leases remains to be seen.
The market for silver bullion this week de-
serves moro than passing reference. The de-
cline OF about 35 cents an ounce in the price Of
silver has been accom- panied by a depressed
| market for securities. and. what Is moro sig
niflcant lower prices for the staple products Of
| this nnd other countries OF course. the nuct-
uAtfon In the price OF silver Is not entirely re-
| sponsible for the condition Of the markets for
other products: at the same time. It must be
admitted that 1t has exerted considerable in
nuence. In Wall street the price Of silver has
! been an important factor. while abroad. par
ticularly in Great Britain. the decline has re-
6uII0Q IN ueHVy lOSSeb IN mercantile limos anu
| produced stagnation In the East Indian trade
| Now that the dcfeat Of a free coinage silver
bill is generally admitted. the market for bull
| ion has developed q better tone. owing largely
| to an Increase In the foreign demand for the
metal. Exports this week foot up nearly 9OO.-
| 900 ounces. and the demand is not
| yet satisfied. Tho operations Of the Gov.
eminent under our present silver law.
and the recovery In the price OF bullion
since the free coinage bill was shelved.
| have demonstrated one thing. namely. that
the number Of people. or even Of experts.
whose predictions as to what will occur in the
| financial world ithis or that policy regard
| ing silver is adopted are OF value. is exceed
| inGly small. The fact remains that tho higher
| the price the better the sentiment in both
| financial and commercial circles.
The larger use OF silver basis for circu-
lation in this country has stimulated produc-
| ton and resulted in lower prices for bullion.
| yet the possibility Of free coinage carried the
price to the lowest figure it has ever touched
since authentic statistics havo been kept. On
the other hand. the defeat Of free coinage has
boon followed by moderate rally in the price
which has substantial look. because 1t is duo
| to a new and as yet unsupplied demand for
the metal. The solution OF tho problem is un-
Questionably concerted international action:
and DESPITE almost universal skepticism re-
gardlng an international monetary confer
| ence. the fact remains that such a conference
| Is likely to be held.
As frequently stated In this column. upon
the very best OF authority. substantial prog
ress In that direction has been made. This
fact will become patent as soon as this Gov
eminent takes the first step In the direction Of
calling such conference upon lines indicated
to it by Great Britain. In tho circumstances
to - Ia ol, L., nj.
used rs money to greater or less extent all
over the world. and the United States is In
creasinG its use Of 1t every day. The question
to DO solved Is. to increase its use by other
leading commercial nations. and with q view
OF solving that question the present Govern
ment OF Great Britain is entirely willing to
send representatives to an international con-
ference
During the week the possibility OF hostilities
with England over the Behring Sea dispute
has disappeared. Local developments OF a
favorable character have been the liquidation
OF innumerable speculative accounts. both
large and small and the creation OF q fairly
large short interest. Wall street has become
Respondent and that. according to precedent,
is usually n favorable sign. 1t has lost money
because 1t bought stocks at high prices. A
favorite argument OF those who have taken
their losses il that there seoms to be no buy
ing power in the market Tho fact remains
that stocks have passed out Of tho hands OF
professional operators. room traders. and
small spectators into some invisible re-
ceptacle.
Financial affairs abroad are gradually reach
ing q moro satisfactory condition. In London
long period Of liquidation seems to be ut an
end. The only large amount OF securities re-
naming to be distributed is the remnant Of
the Barring assets. which are held by the Bank
OF England. and those OF Murrieta Il Co.
At current prices the English public has no
use for those securities. but 1t Is beginning to
buy Colonial bond issues and has betrayed q
slight disposition to- invest some Of it's con-
,stantiy accommodating capital in the bonds OF
American railroads. Foreign advices received
to-day foreshadow reduction Of the Bank Of
England rate Of discount next week. and for
eign banking Houses are OF tho opinion that
London operators may seek to discount that
event In our market
To-day's market was active. with the heavi-
est transactions in Reading. which sold down
about ~ y cent from the opening. but sub
seQuently recovered more than half OF the
decline. The market for Now England con-
tinued weak. and that for Sugar Refining was
far from encouraging to those who have VEN
tured to GO into temporary partnership with
the managers OF the American Refining Com
pany. Outside OF these three stocks the list
was neglected. The net changes for the week
show important declines for many stocks. with
New England and Sugar Refining making the
greatest progress toward lower prices. The
noteworthy exceptions to tho rule were North
ern Pacific preferred. c.. d. and Quincy. M
tional Cordage. and American Cotton Oil. AS
noted above. the bnnk statement was unex-
'pectedly favorable. The loss In lawful money
is not large: the average Of tho loans is slight
ly smaller thanlas week. and 80 are the de-
posits The net result OF these unimportant
changes Is to leave the surplus reserve almost
exactly where it was a week ago The closing
was steady at q smart recovery from tho lowest
prices under the lead OF Reading.
As compared with the final prices Of last Sat-
urday the majority OF stocks arc lower. The
more important net declines were In New Eng
land. 90 y cont: American Sugar Refining
Company. OK: Reading. 81; Lackawanna. 3;
d. a.