New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-21

Total. IS co.'s 80 500 so si252l4s Inc 32' @s
e c %SSn c, ~ olo985 Inc. I'LL
~ companies 49, G95.S7s 2l7 Dec. 42'o3l o.
ro,,, 20 co s0 700 500 - 544 Inc s0Gs, osl 9a
THE WEEK AT THE STOCK EACHAN"E'
Dulness was the conspicuous feature oil the
stock market last week. There is no doubt that
business was affected seriously by the near APP
preach of the discussion of the Silver DlIl III
congress Predictions about legislative action are
invariably hazardous. and in this instance tne
uncertainty j. increased by the lacN oil uchnl I
information about the proposals for an lh'eInd-
Chancellor of the British EXchcquer Is III 1aNoI
of such a conference but the exact conditions
which he imposes are still kept secret II no
absolute restrictions are placed on the delegates
of the nations which take part in the meeting
Mr. GoSchcn will probably advocate the increased
use of silver in England by the Bank OF England
issuing one-iifth of ITS notes agalhs, SNer, ann
he may also favor raising the amount TO which
silver is a legs tender in England. The chartcr
Of the Bank of GLAND permits the Issue OF notes
upon silver, but limits that Issue TO ohe-IouIln
Oh the gold held by the bank in its issue depart
mcnt. Its charter makes the purchase OF GOA
bullion obligatory and unlimited while the pur-
chase of silver bullion Is limited ana discretionary
At the monetary conference i'll Iaris IN 1851 Il
similar proposal made 10 the English GONeru-
mcnt. The condition on which the bank would
be permitted to exercise It's cha"ter rights was
that the mnts Of other countries should he thrown
open to the free coinage of silver.
IL cannot he known whether the silver party
in Congress will resist the temptation 10 pass -
free coinage bill and instead. adopt an act for an
inc irrational conference which viii be satisfactory
Il, the English Government. If II should not 90
So the passage of free coinage measure even nv
one House of Congress might exert an unhappy
influence IN the stock market by, stlmua'lhs
further sales of American securities by European
holders No doubt is entertained that the freS-
dent will oppose his veto, but even this assurance
would not altogether break the effect of the act
on Furopcan opinion. Until some decision on the
silver question has been reached, an active specu-
lation in railway securities Is considered I'M
probable ,
The transactions in stocks last week amounted
to less than 100000 shares OF this amount
Reading contributed considerably more than one
third This stock appeared 10 he pressed FOR SAFE
although the trading in II was on the surface loci
and professional There were no developments
which appeared TO be opposed to the success OF the
coal combination, and the Reading Company III
The week assumed fresh obligations on account
of it. the Governor of Ncw-,rcrsey has not yet
signed the bill egaliznC the combination in That
he might withhold his approval. As the stock
advanced sharply on the action Of the New-Jerscy
legislature, a slight decline is not surprising III
view Of the uncertainty apont tne hntl Ia.e ~
thr bill The final decline of | SO PER cent IN
Reading and of still less in the other coal shares
excepting Delaware and Hudson, was nor IN
natural. Delaware and Hudson rose nearly per
cent yesterday rumors that the Erie and New
York Central railroads would be represented i'll
the next Board of Directors , c;.1
The most interesting event of the hnanrin
week was the publication Of the plan Tor me
organization of the Richmond Terminal kalI-
way Prices of its stocks ana ponds uPcIu m
and closed without important rall
The movement was due principally 10 tho 0FId-
tions of room traders and professional spectators
who had falsely inferred that the publlcatloh OF
the plan wouid he followed by energetic support
Of tile securities by the guarantee syndlcat" when
has undertaken the reorganization OF the com
pany. sharp difference OF opinion as 10 tIiS
value of the new securities which VIII ne iSsuen
under the plan. has arisen between me Ntucck
Fvchanc, and the syndicate. In calculating the
value of these new securities, however, II shohId
not he overlooked that if an income bond ndI
been given in place of preferred stock, wall
Street would have fixed It's value above the price
which the syndicate places on the preferred stock
The return on both would have been dependent
wholly on the income of the company, while Other
advantages which the plan gives, make the STOCK
That tbe Dian will be successfully carried out
il assured by the financial strength of the under
writing syndicate The Reorganization committee
forciby presents the only other alternative IN the
of the system; Inc opp"st,iUn
Comnlaint has been made by holders OF Oh
divisional bonds that they do not receive %euri-
ties equal 10 the present value OF tl'ir n9ldiilgs
In practically every case the existing bonds haN"
but a short time 10 run. and. although they may
be amply secured. their market value would hr
much less if tie failure Of the plan resulted IN
the disruption Of the company and the forcclOsure
Of the many mortgages on the property. lW all
odds the best feature of the plan is the conrnlra-
ton of management. as well rs securities. Inc
ftpafllN ol wv NNr'ful must Ut ri."uH
increased by the removal Of competition and the
natural reduction in working expenses.
The failure Of large bank in Paris was not
announced till after the close Of business ycster-
dav 1t can have direct effect upon this
market for few American securities are held at
present in France The failure must fe con
siderfd important simply because il indicates the
condition OF the Paris market. To
save Themselves other umbing institutions may
bc forced to realize on their most available accurl-
ties. and practically their only market must be
found in London. remote consequence there
fore might he a continuance Of the London sell
ing of American securities.
Following is our usual table, giving the number
Of shares sold Of all stocks, the highest lowest
and final prices OF the week, together with the
final prices Of week ago. preiixed by the average
prices of March q, 1891