The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-06-27


the disadvantage OF English manufacturers
and producers who supply India with the
various articles 1t imports 1t will DO
exceedingly interesting to observe how these
two large classes OF British subjects accept the
| innovation. What Is moro vital to this coun-
try Is tho influence tho action of tho Indian
Government may have upon public sentiment
relative to the porpetuatlon OF the Sherman
Silver Law.
The activity in money on the Stock Ex-
change to-day is not easily accounted for,
except upon the theory that preparations are
being made for tho heavy corporation dis
bursements on July J.. As against that view is
tho fact that tho banks have very nearly
ceased sending money to the interior. and at
tho same time tho Government and q number
OF the larger corporations have already begun
to mako their semi-aunual payments on ac-
count Of interest. Tho only shipments 10 no
interior to-day were Of about 100000 to San
Francisco. which bankers generally believe
will end the movement In that direction.
Clearing Houso loan certificates to tho amount
OF S450.00O were taken out. making the total
amount now outstanding S5.S00.00O. The ro-
quests from the interior for re-discounts have
fallen off materially. hence the only really dis
turbiag factor was the decision Of tho Boston
banks to take out Clearing House loan certi1-
Gates.
II the Boston banks had taken that action
simultaneously with this city. Philadelphia.
and Baltimore no importance would be at
tachcd to the matter: but to do so u
week afterwards naturally aroused u suspi-
cion that n special necessity for issuing
such certificates has developed. Besides.
stocks in which Boston is known to
be heavily interested, namely. Sugar REIN
ing and General Electric were most ex-
tensively dealt in and suffered the greatest
net decline. 81 and 3 a cent. respectively.
st. Paul was equally active and sustained q
not loss Of 1 i q cent. Other noteworthy deal
ings were in Rock Island. c.. b and Quincy.
Chicago Gas. Missouri Pacific. and Reading.
All except the last named sustained material
net losses. Reading was strong throughout
and Mt one time showed nm advance upon tho
opening price OF IN Z cent. Philadelphia ap-
peared to be the principal buyer. and its pur-
chases were extensive enough to alarm tho
very large short interest
Although. as usual OF late. the bulk OF the
transactions were made by room traders and
brokers who are identified with professional
traders, there was n fair proportion OF actual
business. which consisted OF liquidation. ap-
parently OF small accounts. Hopes were ex-
pressed that the strength OF Reading foreshad-
owed the appearance Of new plan for re-
facilitating the property financially. An ex-
traordinary decline in the foreign exchange
market was also regarded as encouraging.
and would be SO were it not for the exceedingly
small volume OF business transacted
The plan for reorganizlng the National
Cordage Company is being studied out by
those interested. and that circumstance. to-
gether with tho additional information that
security holders are obtaining from per-
sonal interviews with the Reorganization
Committee and its allies. is winning sup
port for the effort to reGstablsh the
enterprise upon sound financial basis
Perhaps the most gratifying thing that the
security holders have learned is that the con-
troll of tho company. should the present plan
succeed. will. for year at least. be vested in
the Reorganization Committee: that is. the
committee will name the new Board OF d.
rectors. which will probably include its men,
bers and others equally well and favoraby
known in the financial community.
In the last hour the money market became |
decidedly easier. and at tho close brokers' |
balances were offered at 2 cent. This nat
urally brought about q rally in the stock mar |
ket. In the opinion Of many conservative and |
well-nformed brokers. to-day was q crucia!
one as regards the money market. for reasons
that have already been noted. In view OF the |
closcness OF the money market generally the |
suggestion is made that every corporation that |
can conveniently do SO should anticipate its |
July payments. especially as that date falls |
upon Saturday. when only two hours will be |
available for making payments. while there Is |
likely to be an active demand for money on |
Friday to carry business transactions over to |
the following Wednesday. Tuesday being n |
holiday. The closing Of the stock market was |
fairly steady.
Final sales compare with those OF Saturday