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Stock Exchange Opened Strong This Morning. The Market Is Now in a Good Condition to Improve. Mr. J. P. Morgan Will Reconstruct the Anthracite Business. At"last the general market has reached such a point that improvement is possible. The fact must be potent to all that stocks held by bona fide owners are not for sale at present. The bears have been too confident and much of their paper profits will disappear. The forces that have been at work reckoned confidently on money becoming stringent and the heavy imports of gold must of necessity knock these pessimistic calculations endwise. Within two weeks various companies will declare regular dividends. Sugar, Western Union, St. Paul, New York Central, Delaware & Hydson, Lackawana, and Consolidated Gas will in turn be heard from and they should be bought on fractional declines. Yesterday $500,000 of gold was offered the Chicago banks at 1-8 per cent. premium, but no business was done. indications point to several houses being compelled to close down on Monday. They will not announce their failure, however, after refusing delivery, on the ground that the stock exchange is not a corporate body and trades made are special contracts and only on judgement would an assignment be made. Added to this depressing report comes intelligence that the Springfield Brewing Company has gone into the hands of receivers. The heaviest creditors are the New York grain dealers and bankers. The Wilton Savings Bank of Wilton, N. H., has also been closed. All collieries controlled by the Lehigh Valley have been ordered to work six days. This is the first time in years that the mines have had a chance to work full time. Surely the coal trade must be in excellent condition. The suggestion that Mr. J. P. Morgan will reorganize the coal trade through the absorption of Cox Brothers' interest will be reflected in higher prices for coal stocks. There is no doubt that Mr. Morgan 18 personally directing his attention toward a reconstruction of the anthracite business. TODAY'S STOCK BOARD. NEW YORK, Aug. 29, 10 8. m.-The stock market opened strong and higher under moderte purchases for both counts. The gains were restricted to fractions, with a more important improvement in Chicago Gas, Manhattan and Western Union.
