New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-20

Total SO comps So go e24 s564S177 Inc 1877 553 II
THE WEEK AT THE STOCK EXCHANGE.
The dealings in stocks last week were SO small
and the fluctuations in prices so narrow that
ordinarily they would demand only brief com
ment. In existing circumstances the very dull
ness in speculation is interesting because it Is
almost inexpIcable. AL the conditions in this
country favor and for o long time have fovoTed
an active and higher market. In spite Of them
speculation has been stagnant, and, although there
has been at no time any selling pressure, prices
have gradually yielded The cause Of this state
OF affairs can only be a lack Of confidence on the
part both of the general public and large holders
Of railroad securities. Whether this distrust
arises from fear of further agitation Of the
silver question and the passage by the next
Congress Of a free-coinage measure Is not certain
The export movement Of gold, which was recently
checked by renewal of the merchandise bust
ness, was resumed at the end Of the week.
1t is understood that the gold went to Ger
many on special order without regard 10 rates Of
exchange. The announcement yesterday of the
failure Of London bank overweighted with I'M
salable South American securities aroused fear
that other shipments upon the same peremptory
orders would be made this week. Money ad-
vauced in London, and the rates OF sterling eX-
change here were stronger, although II was a
short day II both maTketS. W IAIe tlere "9ulu
seem 10 be no probability OF 1nrther large snip
uents there is not the slightest doubt that
Europe can withdraw a much larger amount OF
gold than has already gone II It's necessities or
the financial policy Of the United States should
make such course luucIouS. ~ may oe f bo;,,
toned however whether the whole silver problem
is not a speculative mirage. IL was pTed1cleu
years ago that the compulsory coinage OF S@,OOO'-
GOO month would result inevitably IN monetary
disturbance but those prophecies were not iuI-
filed The present law compelling the purchase
of 4,5OO,OO0 ounces of silver bullion monthly
Of the country. If there is any ground Tor the
apprehension Of free coinage Europe VIII want
gold for what has been considered It's fixed cap-
tai in this country, while It's INVESTMENT hohlhgs
of American railway securities viii quickly become
highly speculative. All the evidences IN the past
week have pointed 70 constant II not anxious
selling for foreign account, and both oy Luropeaa
and American investors. Every slight ADVANCE
in prices has increased the supply OF floating
stocks
disappointed Wall Street because its results were
not more tangible. In some quarters IL has
beer urged that the pO6tpOnement Of the lolnt
agencies project Indicated lack OF harmony, ana
il behalf of this theory the course CT certain
stocks since the meeting might be corroborauVc
testimony The establishment Of joint agencies
is so radical change from previous railroad
methods that the association acts wisely III CIV
ING il careful consideration. There Is no reason
10 believe that there Is any conflict OF opinion
in regard 20 that or any other important measures
while the association has accomplished much good
by the more general and scrupulOus maintenance
Of rates The railroad returns which are pub
lished daily q clear proof Of the beAelIs
which the association has brought
The reduction in its dividend rate by the III
nois Central Railroad and The passing OF dlvl-
3end by the Denver and Rio Grande ought not
to have been unexpected. although in both in
stances Wall Street pIofcssee 10 be surprised. Inc
stocks suffered somewhat on account OF the
action but the principal holders exhibited no
uneasiness. Among other speoialtieS. Wheeling
and Lake Erie stocks advanced on the announce
ment of the regular quarterly dividend on the
preferred stock and on Tuesday there was sharp
rise in Edison General Electric on Il decision in
favor of the company in regard 70 lis mean
descent light patent. Toward the end Of The
week all stocks declined. but the iIal variations
rarely reached . per cent. The closing was al
feeted somewhat by the publication of ar uneX
pectedly good bank statement, which did much
TO Offset the uncertainty caused by the London
failure.
Following is our usual table giving tie num-
Der Of shares sold Of Ill stocks, the highest. low.
est, and final prices Of the week, together with
the final prices Of a week ago. prefixed by the
average prices of July 10, 1890:
RANGE.