New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-07
Total 60 co.'s sso19442 ss.624.573 Inc. s605.IS1
THE WEEK AT THE STOCK EXCHANGE.

There was little in the events of the last week
TO stimulate or strengthen the speculation in
railway securities. The dishonest methods of
business exposed by the Field Lindley failure the
action of the Stock Exchange in regard to the
rehypothecation Of securities by the firm and the
murderous attack on Mr.. Sage were not such de-
velopments tend to revive public confidence.
That the market apparently maintains its strength
| under such assaults is not necessarily an argu-
ment in favor Of high prices. Resistance TO sud
den shocks is natural but il is usually followed IN
| the stock market well elsewhere, by an
equally natural reaction. The failure Of the
Maverick Bank. which followed the suicide of
Irving Evans. the Ficld-Lindley failure and the
insanity of the senior partner OF the frin, and
the introduction of dynamite as an element OF
speculation, suggest conditions whose limits may
not be guessed. 1t is not surprising, therefore.
that the public takes interest whatever in
the speculation in stocks and that the market
is dull and stagnant.
and the consequent cessation OF gold imports
demonstrate that the European holders of Amerl-
can securities lack confidence courage. The
| return of securities has been neither large nor
rapid, but while there has been a large export
movement of merchandise and the trade balance
is largely in favor of this country, 1T has been
effecjual in preventing a large inflow OF -foid
The financial situation abroad seems 10 nave oeeh
greatly improved, and the negotiation OF large
| loan by the Spanish Government has relieved the
Paris market From Russia there has been no
news of importance but the Berlin market mas
| been enabled 10 absorb without further disaster
the securities thrown back upon ii by Russia
while in London the position OF the BANK OF
| be accepted as indications of financial s9undees
In spite of the improvement in its own anairs ahd
| protested confidence IN the future OF american
securities Europe has been concerneu prlLrlpaly
| what was expected in many quarteis-ah un.
willingness 10 pay for the food products Wiuch IL
required in the standard of ali coIninerclai eA-
| changes. :. -
The steady decline in the price of wheat is a
benefit 10 this country IN one respect because A.
encourages the outward movement. Inc PoNei
| to return securities Will be exhausted III une,
while the exports of merchandise must result
| finally in settlemcst OF the balance Ill goiu;
Too much Importance was attached to the plan
| of the Chancellor of the British EXcheqner LOT
| increasing the stock of gold in the BANK OF Eng
| land The scheme which he suggested was py
| no means radical measure, and the lnnaton o.
| the English currency which IT involved Wouiu
| have little bearing on Amerlcan finances i ne
| first impression, which was evidently created Dy
| the boomers of silver, that MIR. Goschen was
in favor Of an international conference In regsr9
10 the reconciliation Of silver, was not Jus'lieu
To suppose that the great Powers of Europe will
| at once open their minis 10 the free coinage OF
accumulation of large amount OF gold Dy the
| Bank of England would advance the prices OIL
American stocks and bonds 81.
| and valuable influence ON the stock market The
| net earnings of the principal railroads have mol
been fully in consonance with the previous reports
Of gross earnings. They have shown conclusively
that the railroads have carried q large tranic
without an adequate profit. With the close OF
1
| cultural products yet TO be moved, there would
| seem TO be no reason why the companies should
! No., eyoct higher rates for transportation But
| high prices for grain checked the export move
ment. while low prices preclude any advance IN
railway rates While the traffic is so large that,
west Of Chicago, business mas been refused oI iET
probably result in further legislation hurtful to
! railroad interests.
was irregular Tie Vanderbilt and Granger shares
were active and strong, but the exceptions were
frequent and imP9rant Missouri TacinG oa aiG
weak and in the lastnamed instance the de-
clines were due to continued liquidation The
weakness in Missouri Pacific was ineXplicable IN
face of the large increase in earnings, but in the
so-caled Gould stocks this is not an unusual cir
cumstance The earnings of the Texas and Pacific
for the fourth week in November were the largest
in the history Of the. concany, but they did not
prevent a decline, in its stock and bonds
IA noteworthy decline occurred in Rich
PSnd Terminal Term . which toud ds The a1e
nua meeting of the company will be held on
Tuesday, when it is expected that the Adjust
ment" Committee will be authorized to proceed
| with the work of reorganization The sellers of
| this stock undoubtedly have been innocent hold
ers who were frightened by the prospects OF an
| assessment The buyers have been certain large
| interests connected with the management who
| have not been for long time large holders of
the stock The movements In the price have
been highly speculative. but the success OF the
schemes can only he proved by the adoption OF
| a reasonable plan OF reorganization. 1t is not
| probable that any large amennt Of new capital
! can be secured on ordinary terms.
III prices have not advanced materially they
have not declined, and the real holders in this
country have maintained courageousy their faith
I" Following is our usual table. giving the num-
Der of shares sold of all stocks the highest, low
est and final prices of the week. together with
| the final prices of week ago, pretXed by the
| average prices of December 6, 1880:
WEEKLY RANGE.