The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-05-01


specie IL equal TO the amount shipped last Sat-
urday. and IL much more than Offset by an In
crease Of one and = half millions In legal
tenders. The statement would be misleadine
II any ono regarded It IS portraying the
actual condition Of the banks to-day. for
they are poorer than the statement shows BY
about four and half millions Of gold. As the
surplus reserve. including to-day's increase
Of hnlfa million. 10 upward OF $20.000.0O0. II
Will be admitted that the banks are In con-
ditioh to stand additional Withdrawals OF
specie for shipment which are likely to be
made next week.
The most interesting event Of the week Was
the Union Pacific election. Representatives
OF the foreign stockholders were so certain OF
carrying that election that they made no effort
to conceal their programme. They thus in
vited the old mar gem ent and the Gould party
to q contest. the result Of which demon
strntes airesh that It Is unwise to
count ones chickens before they are Matched.
The bears sold Union Pacific early in
tho week uron the assumption that Mr.. Gould
would be left out OF tho directory and would
retalinte for the afront by making trouble
among the Southwestern roads. The stock
has not yet recovered from those attacks. and.
with New England. Rock Island. and c.. b.
and Quincy. closed to-day materially lower
than lust Saturday.
The principal efforts to influence specula-
ton have been made by the bears. who had in
their favor the largo exports OF specie. as we'll
As the Union Pacific episode. Excepting tho
four stocks named above. the professional
critics OF other peoples properties have made
littlo or no progress toward establishing q
lower plane OF values. It Is not surprising
TINT they have succeeded In New England
and Northern Pacific preferred. as both
OF those properties are generally regarded
as vulnerable. In Reading the bears have
been defeated. The programme OF the larger
interests In that stock appears to be to work 1t
within fluctuations OF orr q cent. with the
Wow. evidently. OF gradually advancing tho
price. OF tho specinlties. Chicago Gas, the
Chesapeake and Ohio stocks. Louisville. Now
Albany. and Chicago and Western Union have
been tho features. All Of them made note
worthy gains
The bond market reflects tho continued
cheapness OF money. While 1t has not been
especially active. the demand has been good.
and buyers complain OF inability to secure any
large amounts Of frst-class issues. In conse-
quence. bonds that arc rated fair to good are
receiving attention, and 80 arc certain OF the
high grade dividend-pnyinC stocks. 1t is cur
rently reported that q considerable amount
Of Lake Shore was bought this week for invest
ment. This condition OF affairs has encouraged
the promoters OF two or three successful COM
martial and industrial enterprises to como be-
fore the public again. The latest consolida-
ton Of this character. which will be formally
brought out next week. is that OF the leading
safe manufacturers, who have united their
businesses under tho title OF the Herring Hall
Marvin Company. This company has been or
ganized under the laws OF New Jersey. with n
capital stock Of $4,000 900. OF which 81 100000
Is 8 q cent. cumulative preferred stock. The
preferred stock will be offered to the public
with the privilege Of subscribing to a portion
OF the common stock. It Is stated that this
company controls about IS p cent. Of the safe
and bank vault business Of the country 1t Is
understood that a considerable portion Of the
preferred stock has already been subscribed
for.
Interest in Richmond Terminal affairs will
be revived next week. for the extended time
in which holders CT Terminal securities have
to deposit them with the Central Trust Com
rany will expire Monday afternoon. 1t Is cur
rently reported that penalty OF 2 q cent. will
be enforced after that. Underlying security
holders. however. have until May to
make their deposits. From the apparent in
difference OF tho underlying security holders
toward tho plan OF reorganization itwouid
seem that all classes feel equally confident OF
their position. The holders undoubtedly over
look the TACT that although there mas oeen as
yet no defhhit in the payment OF interest upon
their bonds. In many cases such payments
have been made OF late only because Of tho
ability Of tho companies to borrow money
But now that aDiiltyi IS prac''caiiy exhausted.
Tor the reason that the co'nnanles nave piled
uP large hoatinG DEBTS ana all their collateral
mas oeeh piease"'
mo 'ast ooisatloh incurred was 10 carry
the fnchmoho ana Dah'i''o company over
April J. In the shape OF note issueu 'oihIy
oy t'at com pahy anu inc i''c''nohu terminal
whl'n was thkeh ny hummer OF interests
l'irna'y 10 .ne reorG"n'z"''on. mat ho'e'
"h,'h ~ LOT sl'oNu'ooo' COMES que On June J.
ahu ~ YET no provision mas oeea nia"e 'or 's
payment Unless the greatest care is exercised
all OF the com panies could TO placed in the
hn,,I. NJ roc.iv.rs hv ano.,nr dor, ,roditoro
manu-" W 'eee'et' W "" 'nH "o'' eto"'' o.
result INA, "'u'u w 'u"e "S "'S's'rnis "
the bondholdors as X II natural default oc-
curred, AMI one that would ccrtuinly he fol-