The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-07-10

Free Coinage bill will be killed In tho House as
soon as vote can be had upon Il. Trustworthy
advices are that the sound money Congress
mon OF both parties will unite In defeating tho
measure.
inc market for securities has boon unaf-
iected by the dcplorable state OF affairs at
Homestead. though tho street realizes keenly
that the rights OF property wcrc never moro
ruthlessly troddon under foot than Mt present
In Fennsyvnnin 1t Is proper to add TINT the
position HE Sun has taken In treating the
labor troubles at Homestead has elicit ed
outepoken admiration and commentator
from the entire financial community Other
topics that have enRros sod the attention OF the
street were tho report OF the judiciary Com
mittco OF the House giving the views Of tho
majority OF that committee relative to tho
maintenance OF the S10oOOOoOo gold reserve
in the Treasury to redeem legal tender notes.
and the affairs OF the Richmond Terminal and
allied companies. Undue Importance has
been attached to the first, because it has
boon generally overlooked that tho re-
port referred to is OF no force what
ever. nor Is 1t binding uron any officer OF
tho Government. 1t Is simply aGratuitous OK
preston OF the views OF certain members OF
Congress. Tho official legal advisors OF the
Secretary OF the Treasury are the Attorney
General and tho Solicitor of tho Treasury. and
tho only way that Congress can control or
direct the official acts OF tho Secretary is by
legislation. not by reports of committees
The complications OF tho Richmond Tcrmi-
nal system have been steadily increasing I'M
til 1t is now plain that all OF tho security hold
ers. the underlyin: bonds as we'll as the Junior
securities. are in tho plight that was predicted
for them In event OF the failure Of the so.callcd
Olcott plan OF reorganization When that plan
was before tho public the opinion was enter
tanned by many that predictions OF re-
ceiverships and other disasters were made
with tho view OF frightening tho So
ourity holders into supporting tho plan.
Time has proved = that the proEnosti
cations OF tho committee and its friends wore
accurate. and further lapse Of time will un
ouestionably convince tho holders OF many
underlying liens that their securities arc
much loss valuable thuc they had supposed.
Already some OF the holders OF Richmond and
Danville prior lien bonds have placed thcm-
selves at a decided disadvantage by surren-
dering their coupons. not for cancellation.
but into the hands OF those that are
evidently bent upon securing absolute
control OF the property in their own in
terests. The expenses Of reorganization and
the time that will be required to effect one.
have already been UNNECESSARILY increased.
hence the lesson that tho security holders will
learn from their inactivity and their obedi-
ence to interested advisers is certain to be n
most severe and costly one. SO far as can be
learned no substantial progress toward lifting
the Terminal system out OF its troubles has
been made this week.
The weekly statement Of average OF the
Associated Banks shows a number OF note
worthy changes. some OF which were uneX-
pected. Tho loans are smaller By about two
a 4 ,I.,
last Saturday are not measured by the de-
crease in specie. for the reason. presumably.
that a considerable part Of that gold was OBJ
tanned by presenting legal tenders at the Sub
Treasury. This view is further sustained
by a decrease OF two and half millions
in the legal tenders. whereas the loss in specie
was less than $1.OOo.0oO The deposits are
logically smaller. tho decrease in that item
being nearly S4.OOOOOO. The net results are
decrease OF nearly 3'a millions in the reserve
held and -; millions in the surplus bringing
that item down to 15S millions.
The stock market to-day consisted almost
entirely OF the covering Of short contracts in
the Granger stocks. Union Pacific. and Chi
cago Gas 1t was understood that the bears
were Influenced in their operations by belief
that the Government crop report. which was
not issued until late in tho afternoon. would
make fairly good showing. They were en-
couraGed in this belief by the report on
the cotton crop. which was made public
during business hours and which showed IN
Improvement Of l q cent. over last month in
the condition Of that crop. The trading was
very limited. but the tone was Arm through
out Speculation next week will doubtless be
influenced by the character Of tho Govern
ment crop report. which at this writing has
not come to hand. and by tho action OF the
House upon the Senate Silver bill.
AS compared with tho final prices OF July
!. the list is lower with the exception OF
Chicago Gas. which is :. Z cent higher. The
moro important net declines are in American
Sugar Refining Company. Ia q cent: Rock
Island and Lackawnnna. IL each; Hochin
Valley. Louisville. New Albany and Chicago.
Missouri Pacific. and Wabash preferred. y
each: Northwest DstillinG and Cattle Feeding
Company. Northern Pacific preferred. and
Union Pacific. :. each: American Cotton Oil.
Erie and Louisville and Nashville. "a Y cent.
each.
Final sales compare with those OF yesterday
n L fpl