The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-06-05

REFRESHING the demand for securities. London
has been moderate seller of stocks. basinR
its operations. II is understood. upon the
tendency In this country to subordinate
sound financial policy TO political oxpedien-
cies
The circumstances that encourage the hold
ers Of stocks arc easy money markets all
over tho world, evidence that liquidation In
London has about run it, course. and
hopes that tho crop situation may inn
prove. According 20 u majority OF tho
reports that have come to hand this wcok, tho
weather at the West has In tho main been
favorable to the farmers. General trade re-
ports confirm those ndviccs and toll Of an i'm
piovcnlrnt in business resulting from irecr In
tcrcourse between producers, distributors. and
consumers. Thecolnern May corn stimulated
the movement ot that cereal toward Chicago.
aud the depletion OF European sranartcs has
resulted in heavy cSnoit> o! breadstuIs. Not
withstaudinE this last, one and a halt mil
lious Of gold waa shipped TO Europe today, an
event that intensified tho bcarish feeling In
Wall street
There is occasion fur rCgr,t tom spcculn-
tive point Of Ticw that the stock Exchange ia
without bull leaders. FOR advicrs from London
are that actual and prospective buyers Of
American securities are disappointed that
buying orders from that centre executed
IN this market DO not inspire confidence
here. As matter OF fact. any demand
for securities Is promptly supplied. For
example. the bears covered n good many
shorts Yesterday and obtained their stocks
without much difficulty. Those who
have espoused tho long side OF tho
market arc unuuestionablv DISCOURAGED
because OF the rromltncss with which now
issues OF securities are brought out whenever
the market begins to reflect demand. At the
moment Wall street is paying quite rs much
attention to tho political conventions that
are to lie held this month as to any
other events. The average trader argues
that he wants to know who tho Presidential
nominees will be. and the attitude OF each party
toward monetary questions before he COM
mits himself extensively to either side of tho
market Unless the commitments OF both
parties relative to the silver question should
be identical. the feeling OF Indifference just
noted is liable to continue until the result Of
tho election Ia announced.
In these circumstances tho outlook for any
thing more than waiting and trading market
docs not seem to be brilliant. 1t is possible.
OF course. that the accumulation OF money in
this country and in Europe may do moro
than sustain tho market for securi-
ties. especially II crop prospects shoGld
become satisfactory as the season advances
Besides. q more cheerful Wow regarding our
financial situation may obtain after the inter-
national monetary conference. which is
now assured. has convened. Senator Shcr-
mans speech may be the precursor OF q
change in sentiment regarding tho present
silver law. His admission that that law has
failed Of its purpose. as compromise measures
frequently do. together with the growing
demand for its repeal in order to make an
oil,
effective. are developments that cannot be re-
garded lightly by thoughtful persons. In the
mean time the low price OF silver Is curtailinG
the production. and the foreign demand and
Government consumption is steadily reducing
the visible supply.
To-day's bank statement did not fulfl popu-
lar expectation. principally because Of IN in
crease of nearly S4.0Oo.0O0 in tho loans.
That change resulted in larger deposits.
the increase in that item being near
ly six million dollars. calling for an
increase In lawful money Of ST 100000: but
as the increase in lawful money was only
$557.O there was logical decrease in tho
surplus reserve Of Sa33.OO0. The surplus.
however. is more than ample for prospec-
tive contingencies. being more than three
times as large as twas yearago and fourand
half times larger than two years ago. By
many the increase in loans will be regarded
as the most encouraging change in the state
ment
To-day's market was very dull. with the
only approach to activity in Chicago Eurling-
ton and Quincy and Rock Island. at net de-
dimes Of ,. Z cent. and Il Z cent respectively.
Other noteworthy net declines were in Sugar
Refining. Iackawanna. Omaha common, and
Northern Pacific common. The ease with
which prices yielded encouraged the advo-
Gates OF lower prices to increase their lines.
The closing was heavy.
AS compared with the final prices OF last
Saturday. the majority OF stocks are lower.
The more important net declines are in Chi
cago. Burlington and Quincy. 81 y cent;
Louisville and Nashville. OK: Iackawannn.
10: Rock Island and Lake Shore. = each:
Erie Missouri Pacific. and Reading. - each;
st. Paul and Union Pacific. Il each New
England and Wabash preferred. = each:
Hooking Valley. q: Atchison and Richmond
and Terminal. q each: Omaha and Manhat-
tan. u = cent. each. The noteworthy adj
yarces are in Distilling and Cattle Feeding.
IA p cent: National CordaRe. 4: American
Sugar Refining and North American. e cent.
each.
Final sales compare with those OF yesterday
as follows: