New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-08
Total 90 com IS e46.747 s. 951 275 Inc s104.528 IT

Total 90 CON- s46747 s. 951 275 Inc. s1O452s 1T
THE WEEK AT THE STOCK EXCHANGE.
The admirable resistance displayed by the
stock market last week must be regarded rs
strong proof that the great bulk of speculative
| stocks is held in few hands If it widely
distributed the occurrences Of the week must
have caused greater concessions than were made.
The stocks that are held by the public are evil
IDENTIFY owned investments for the returns
which they afford. Speculative holdings both
in this country and in Europe. appear to be by
powerful interests which naturally resist the
effects of any unfavorabe developments This
concentration of stocks possesses elements OF
weakness as well as strength, because there can
be no means of telling when some one of the
interests may reach the point Of exhaustion. Its
principal element of strength is that it renders
easy skilful manipulation of prices which can
counterfeit unhappy events. 1t is not pretended
to be argued that the recent strength OF Jhe mar
lSet was consequence OF manipulation, ior there
were several developments which favored higher
range of prices. The reduction in the Bank OF
England rate of discount was the most important
of these. 1t was an indication OF a more settied
condition of affairs in Europe, but IN spite Of 1t
the export movement of gold was continued. The
governors of the bank apparently have reversed
their plan of action. They have abolished the
premium on American gold, have reduced their
rate of discount and have consented to lower rates
of money i'll the open market which only week
they were anxious 10 AVOID. ne original
purpose was TO prevent losses OF specie TO the
Continent
1t seems improbable that in spite of the large
amounts received from this country the Bank
so quickly should feel itself able TO permit
heavy drain to other European centres; III IL
reiterated almost daily that the outward move
ment of gold has ceased; On the surface the
conditions support this theory. All the recent
shipments have been made at an actual loss and
consequently there can he certainty about
the end of the movement. 1t may even be ques-
QH fha n
was not designed TO allay fears of financial dis
turbance. If II was based on happier conditions
in Europe the export movement should be prac-
tically at an end. 1t must be pointed out how
ever, that both sides of the Atlantic the eX-
listing conditions are entirely exceptional In this
country the imports of merchandise continue
heavy and the volume of obligations 70 other
countries is not greatly reduced, while the change
In the tariff makes the Government receipts much
less. Although everyone admits that Europe Will
require unusual quantities Of cur products ITS
extraordinary demand for gold makes IL doubt
full whether il will pay for them except IN Amerl-
can securities. In the past week there was
little buying for foreign account, and undoubtedly
small amounts of stocks have been shipped
They were insignificant and hardly more than
settlement of arbitrage accounts. They may be
considered simply an interruption of the general
movement.
One of the most unpleasant features Of the
financial situation is the steady loss of gold by
the General Treasury Its net balance has not
been lowered greatly, but its stock of real gold is
constantly shrinking lis purchases of silver bull
it steadily dilute the security behind the legal
tenders. The 81 90 100000 reserve which sup
ported them is weakened by the issue OF the new
notes, and, to an extent, by the depletion in the
stock of gold. The manufacture of new money
has been great benefit to the country in the re-
cent circumstances for il has enabled the eXtraOr
binary shipments of gold to be borne with equa-
nimity 1t is incredible to suppose that the Treas
ury holdings Of gold may be so reduced that the
security for the legalteDder notes of the Govern
ment should ever be initiated.
The developments in the stock market last week
were interesting if not important. The proposed
increases III the share capital of the Louisville and
Nashville and New-Jersey Central railroads showed
the real character of the bond mafKet, for both
companies have in their treasures large amounts
of bonds. The default in the payment OF interest
on the first mortgage bonds of the Toledo St.
Louis and Kansas City Railroad was only tempo
Tary, but II was another evidence In the same
direction. The reduction in its quarterly dividend
by the Rock Island Railroad Company was in every
respect conservative action, and on this account
a sharp break in the price of the stock was re-
sisted by the general market In connection with
the vicious attack on Union Pacific stock at the
beginning of the week, il may not be unreason-
able inference that the short interest in the mar
ket was driven TO extreme measures In order TO
protect lis contracts. In the, case of Union
Pacific at least the attack enabled large operator
10 cover large amount of that and other Western
stocks. At present the &" short" interest in the
market is probably very small
The control of the market throughout the week
was in the hands of professional traders, and as
rule, the fluctuations were light and the changes
decline in Rock Island the active 'i stocks rarely
lost more than / per cent. The strength OF the
sO-caled Industrial stocks and of specialtes that
not usually active continued TO be the prom.
inent feature of the speculation. Chicago Gas, for
instance, was both active and higher rumors of
q probable settlement between the company and
the Chicago City Council. The Dishlling and
Cattle Feeding stock advanced on the announce
ment that the company had secured two of the
largest opposition distieres, which gives it
control of about 95 per cent of the entire dis
tling business In the country. The closing was
not affected by the publication Of the bank state
ment which was not widely different from what
had been expected.
Following is our usual table, giving the num-
her Of shares sold of all stocks the highest lowest
and final prices Of the week, together with the
final prices of week ago, preiXed by the average
prices of June 7, 1890:
WEEKLY RANGE.