The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-04-24

win i8 employees. mo most pihubiDio ex-
PLANTATION Of the movement OF the coal stocks
il that those who are responsible for the re-
cont advance in them have taken portion OF
their profits and arc willing to see reaction.
Other stocks that have scored material de-
cllnes are Northern Pacific preferred. Atchi-
son. Lake Shore. and Erie.
1t Is currently reported In the street that the
protracted absence OF President King Of the
Erie Company. on account Of poor health. has
induced certain large holders OF the comp Sny y 8
stock to part with It. The decrease in the
earnings OF the Atchison and Northern
Pacific companies are made much Of by the
bears. who under their veteran leader.
have made persistent attacks upon both
stocks all the week. The price OF Northern
Pacific preferred indicates that tho stock is
about to be dropped from the dividend pc ying
list. That possibility Is made palmer by the
steady demand for stocks that are reasonably
sure to receive dividends. and which has re-
suited in higher prices for all OF them
during the last few months. although
the market has been In the main inactive
Some holders OF Northern Pacific preferred
are doubtless relying upon the fact that
two and three millions OF the Y cent. general
mortgage bonds are held in trust for their ben
eft. having been set apart to represent net
earnings that have been withheld from the
stockholders and expended for the improves
ment OF the property. They will doubtless
find. should the not earnings become INSULT
cient to pay dividends upon the stock. that the
management will not have tho courage to de-
clare dividends payable In money which can
be obtained only by increasing the fixed
charges OF the company.
A curious incident this week has been the
strength Of New York and New England. Pal
pable efforts have been made to depress the
price OF the stock. They have included dis
closures by members OF the present directory
which certainly were not calculated to inspire
confidence in the management The advance
in the stock. in these circumstances is well
nigh conclusive evidence that tho purpose OF
the attacks referred to was to facl-
itate purchases at prices satisfactory to
the buyers The only other stocks that have
not gone with the tide nre Western Union. Dis
filling and Cattle Feeding and the Wheeling
and Lake Erie stocks. Tho course OF Western
Union rather confirms current reports that
Mr. Gould intends to yield to the pressure which
was brought to bear upon him when the last
quarterly dividend was declared and increase
the dividend rate to q y cent per annum.
The most important development Of a Imam
cial character during the last few days has
been the advance in the rates for foreign ex-
change and tho resumption Of exports OF gold.
Tho rates for sterling exchange are not yet UP
to the figures at which shipments OF specie
can DO maue at pront. rms IS truo also OF
the market for Continental exchange. still
shipments are made. because the Bank Of
France Is willing to pay small premium
for gold. IL Is Understood that the tankins
house that shipped the oulk OF the eoid that
went out to-day has an order Tor lurther oper-
atoms OF similar character. " shipments
an q la ha stock G
certain to be Affected as II mas oeen this week.
inc prospects Oh an international monetary
conference on the silver question are
bright. 1t may seem singular to many
that the advocates OF Tree coinage are not
pleased because THIS Is 80. Inc attitude
or skepticism OF the radical silver men ID easi-
~ explained. They are conscious that any In
ternational agreement as to the larger use OF
silver as money must be based upon common
sense and experience. whereas the advocates
OF free coinage are committed to chimerlcal
and impracticsble theory.
Tho weekly statement OF averages OF the
Associated banks shows only one decrease
namely. that OF Sl.Iooooo IN the loans. Inc
increase In lawful money Is over four and one
Quarter millions. Ihese TWO items prove
that capital Is cautious ana SLOW TO
seek empioymenL Inc deposlts are logic
net result Is an increase In the surplus
reserve OF 81. miiliohs. Drheihe that item up
to iSh millions. In the STOCK market the
oank statement was onset py an almost IN
preceoenteo hurry IN .he Market Tor sterNns
exchange. It has often happened that the
rates for sterling have been lowered on Satur
81. "a. H. ..- - Ill,
s .sv.e ~, t,a ss,,,no am o. doman,. %',tt,o
CAUSE Vi the thihnR OH III uehuhu' pul'o-uay'
though the steamers sailed early. both nomi-
nal and actual rites were advanced Com
A"A . Ao' "''' '"o"' YIN"
mercial bills are very scarce. and Foreign
In nkara ara alart 10 secura nil tba GOLD tbay
Va" ~ o'e'' w ~ Wv 'A' 49, so'u "ie'
can from this country whenever the rates for
.1.bonoa onnroocb tba aguras at which
eAcHahke dppiohch inc hsuIeS az which
specie would ordinarily be exported
M 49,, ,.-,,. - IT. -, ,
Io-uAys market was qulet anu neaFy
It goes without SAYING that IL
-. w :.
was. entirely professional Prices yielded
an ailv and tho NAT dacIinas freouantlv nv
oo',', "uu VIZ NV u'@'."oo ''ouoh'' IA
tended to y cent The closing was weak at
it,. .no Io,>o,. ,.;,o,
6pou' 'he io"eo' pIlces.