The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-06-25


to growing up to the present volume OF It's cir
culatinG medium. Unjust be rcmmebered that
natural increase is taking place all tho while
through the production OF gold, and. besides, q
moderate EXPANSION In the volume OF national
bank notes has taken place during the last
few weeks. II tho banks wore permitted to
issue notes up 10 the par value OF the
bonds securing them. considerable increase
In this form Of money would doubtless take
place. even though tho amount OF bonds avail
nble for tho purpose 10 not large. As O matter
OF fact, money Is not what is needed to allcvi-
Alto tho present crisis. but confidence. which
has been impaired by forcing dobascd cur
rency into circulation.
Some encouragement hns boon derived this
wcok from the importation OF 100000 gold
from London. Even though the shipment is
described as q special one. tho fact remains
that the foreign exchange market, nftcr sharp
rally at tho middle OF the week. has resumed
its downward course. As tho volume of imports
is stil in cNccss OF exports though not Rs
largely rs heretofore the explanation Of tho
course OF sterling exchange must lie that
bankers. both here aud abroad. are bent uron
digcounting tho future Of that market, bnsing
their operations upon their Knowledge OF tho
magnitude OF shipments OF hreads,nhs and
other staple products as soon ns the current
rates for ocean freigMs have attracted vessels
to this port.
The failure OF the plan for readjusting the
indebtedness OF the nending Company Is gen
orally deplorcd: still, That sentiment is not
especially reflected in tho stock market
That a new plum will be devised goes with
out saying, and 1t Is equally certain that
it will place the burden OF financing the
company where It belongs. namely. upon
Of
receivers certificates. which is not unlikely.
and default upon the general mortgage bonds
will place the holders OF those two classes
OF securities in position to exact terms that
may make the holders Of the preference bonds
and the stock exceedingly weary. The simple
fact about tho Reading system is that 1t is
moribund. and has been in that condition for
the last fifteen years or more. reorGanZa-
ton drastic enough to bring the volume OF Sc
curties down TO an amount commensurate to
the value OF the property would be blessing
to the financial and railroad worlds, since they
then might escape tho well niGh periodical
colapses OF the RcadinG companies.
In other directions gratifying progress has
been mad toward tho rehabilitation Of bank
rupt and embarrassed corporations. Tho out
look for tho preservation OF the Richmond
Terminal system in its entirety has improved
the snme period the terms upon which tho
stockholders Of the National Corda. Co panv
are invited to cooperate with Its creditors
with the view Of placing the industry upon its
feet again have been made public. Those
terms appear to be equitable to every interest,
and will probably DO accepted by the stock
holders so far rs they are able to avail them
selves OF the opportunity to Increase their in
forest In the enterprise on an inte!liGible
basis. They will receive for tho money they
are asked to contribute u security which. nc
cording to the report Of tho receivers. will
have back OF it dollar for dollar OF property.
while expert investigation shows that the
company will be able to earn dividends upon
the preferred stock. The fact that one OF tho
Oldest and most influential trust companies.
and one that has never before assisted In re-
organization. has taken hold Of this ono. and
thus practically endorsed the plan, should go
u long way toward acceleratinG the work.
The weekly statement Of averages OF tho
Associated Banks shows a falling OF In tho
movement OF funds to the interior. That
movement il indicated by n loss OF nearly
$500. 600 In lawful money and nearly So
100000 in deposits. part OF tho change
last mentioned IL due. OF course. TO reduce
ton OF S4.T5o.O0O in tho loans. Tho loss
In cash is considerably emal!er than last
week or tho week previous TO the last. Tho
not result 10 decrease in the surplus OF over
81, $50, 900. bringing tina. item down to about
s5.5OO.CoO. To-day's shipments OF money to
the interior aggregated 100000. which are
probably the smallest that have been made
within tho last three weeks. All OF the money
went to San Francisco. So far as can belearnod
no other centre mad. special demands upon
this city for funds to-day.
The stock market was practically at stand
still to-day. Tho room traders succeeded in
knocking nearly ] 4 a cent. from tho price Of
Chicago Gas and 2 z cent from that OF Union
Pacific. The only other noteworthy huctua-
ton was On advance OF IA y cent. in Lacka-
wanna.
As compared with the Gnai prices Of last
Saturday the list is lower. with the exception
OF Lackawanna, which Is 4, e cont higher
and Distilling and Cattle Feeling u 4 cent
Tho more important net declines were in
American Sugar Refining. GAs Z cent: Ma
tional Cordage. Al; Chicago Gas. 80; Read-
ing, 2'.: Chesapeake and Ohio. 24: Union
Pacific, 2a: Missouri Pacific. az General
Electric. OK: Louisville and Nashville and
Manhattan, . each: National Lead. .: AtcEi-
son and Northwest, y each: Lake Shore. l "a;
St Paul and Tennessee Coal and Iron. i.
each: Rock Island. l; Burlington and Quincy.
~ Pacific Mail. q: Wabash preferred. "a:
American Cotton on. Omaha. Erie. Ontario
and Western. and Northern Pnchlc preferred,
y = cent. each.
as follows:
jan, ~: Jun. e .l'", ~ inn. y.