The sun., 1893-07-08

the reason that to-day's engagements carry
borrowers over until Monday. Time loans are
| still out OF tho question, a circumstance that
restricts operations fo- long account on the
Stock Exchange: but It is encouraging TO note
that thero IL a little inquiry for commercial
| paper. though transactions are few and far
| between ind at ratos considerably above q .
cent. The sterling exchange market con-
tinuos 70 rofloct a falling on in tho volume
| OF Imports and the inability OF importers to
command funds 20 mako remittances abroad.
Tho evident reluctance Of the Treasury
Department to purchase silver. and the heavy
exports Of the metal this woek hhve had an
cncoura cing cifcct upon the financial cortmu-
nifty. It is worth noting, too, that somo OF tho
producers OF silver are beginning to talk In q
less uneompromising tone than heretofore
nni are suggesting FREQ coinage at the ratio Of
20 or more to !. Ponding n solution OF the
question by Congress. commercial bodies all
over tho Union are putting themselves upon
record as favorinG tho repeal Of tho sherman
Silver Law and exerting themselves TO bring
that event about.
Now that tho timo for ,leposting the stocks
OF the National Cordace Company under tho
plan o! reorganization II about to expire. the
Street is beginning to evince lively interest
In the success OF that plan. During tho last
two days the deposits OF securities have been
50 large that 1t is practically impossible to
determine the exact amount. but the indica-
tions are that moro than the majority Of the
stocks will have been deposited before the
close Of business next Monday. In the mean
time the committee having the work In hand is
taking number Of important steps relatibe to
the reorganization. which, when they are dis
closed. will show that tho company is to be
made stronger physically than ever before. 1t
l. I,,t f,,tr &c, aht4 - 1nfi ~ I'M
Cordage Company to state that all Of them
show a friendly interest In It's financial re-
Mobilization for obvious reasons. and indica-
tions are not wanting that several OF the more
important concerns are ready to make alli-
ances with the company as soon as its stock
holders regain control of their property. This
would mean dimnuton Of competition and
a more stable and profitable market for the
products of the company than heretofore.
Manufacturers not connected with the Cor
daRe Company assert that the profits OF the
entire rope and twine making industry in the
United Statos are. at the lowest calculation.
So, ,0O0. 600 per annum. which is equal to 10 q
cent. upon 500. 100000 The total capitaliza-
tion OF the Cordage Company as .reorganized
will be $4,000. 900. and It's annual payments
on account of interest including its euaran-
tee OF the Security Corporations first
mortgage bonds on several smaller obliga-
tions. and q cent. on the increased issue Of
preferred stock. will require little less than
81 900. 600. As the company controls consid-
erably lore than one half Of the industry in
the United States, the outlook for the common
stock does not. according to the above esti-
mate. appear to be rs gloomy as the present
price Of that stock would seem to indicate.
That price. in all probability. represents the
necessities OF discouraged and impecunious
holders rather than intrinsic value.
OF the stock market it is hardly necessary to
speak. for the dealings were upon an exceed
lngly small scale and the fluctuations ex-
tremely narrow The tone was firm through
out. and the average Of final prices slightly
above that Of yesterday New England and
Manhattan Railway were the only stocks that |
scored more than fractional gains. AS usual. |
no explanation was offered OF the attention
paid the first named. Manhattan was higher
on reports that the company had reached an |
agreement with tho Rapid Transit Commits
sion. The closing was steady at slight re- |
session from best prices. due to little ac-
tivity in money in the last hour.
Final sales compare with those Of yesterday
Snno