New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-29
Total ca cos.sG, IFS, cO4 S. 2s2 1874 Inc SlO4o3o
THE WEEK AT THE STOCK EXCHANGE.

HE WE Al HE olOCh EACIlANpE.
The week in the stock market was without other
feature than extreme dulness. There seemed to
be no active factions in speculation There was
a deadlock in prices. The market lacked vlgor-
Gus and energetic leadership on both sides: The
dulness was construed popularity as a sign OF
strength beca Use there was at no time any heavy
selling pressure even if there were not fresh buy
ing power. Prices declined slightly toward the
end of the week, but the losses that were suffered
insignificant. The depression was caused
by fresh engagements Of gold on Friday and by
fear that even these were not the end OF me me
movement. In the unusual conditions which exist
abroad il is impossible 70 say when the European
thirst for gold will be satiated. II is idle even
for Beichroder or a Rothschild TO predict a
cessation of the gold exports when neither controls
the demand. Every shipment of gold now demon
strates the imperative necessity Of Europe, as well
common distrust of the financial methods
of this country. Until both causes shall ne re-
moved the movement of gold will probably be
continued A study of the Tpasurys statements
printed in another place will reveal better prob
ably than anything else the constant and secret
tendencies of gold and silver Gold is leaving
the Treasury and silver is seeking it, The result
is not plain, for even if the Government exercised
it's authority to issue bonds in support OF the
equality of the two metals, public confidence
might not be restored by that means. The de-
cison of the Cabinet on Friday to conine the
coinage OF silver to the few millions of trade-do
lar bullion now in the vaults was not appreciated
thoroughly at the end of the week, for otherwise
the declines might not have been so large. The
liquidation that seems TO be in progress was led
throughout the week by stocks which are either
not widely distributed or are usually inactive
and purely speculative. 1t is absurd that the
entire market should be controlled by the manipu-
atiOn in stocks which possibly ought never to
have been admitted to dealings. fall of 10
per cent or more in the stock Of a company pay
ing ! 0 and IL per cent dividends ought to have
no influence on securities that have long had a.
international market. Fluctuations in stocks like
New-England ought not TO be considered OF thu
slightest consequence. The decline In the secur
ties of the Richmond Terminal Company not
caused by selling for foreign account or the dis
appearance Of gold. And if its. 3 per cent bonds
are not selling above GO il is fair inference that
friends of the company know their intrinsic value
The liquidation in such securities is local and
personal and the market should disregard il. II
would probably do so if it were not for the lack
Of confidence which the exports of Told have at
last awakened
The weakness of some of the industrial shares
and speclalties due in part to disquieting
rumOrs which have not yet been confirmed There
was not the slightest foundation for the report
that the decline in Richmond Terminal and one
or two other stocks was owing to the unfortunate
condition OF formerly prominent operator The
depression was caused by larger and more gen
eral influences The stagnation Of the bond market
is an indication of public apathy in regard to
speculation Even frst-class bonds of long-es-
tabished reputation have been almost unstable,
except at concessions which of course the hold
we'll known rule in Wall Street that there could
he no important advance In stocks until the in
the more stable and fixed securities. II may be
the exception in this instance, hut few people
are bold enough to acquire large lines Of doubt
full stocks when absolutely safe mortgage bonds
can be obtained AT the prices recently current In
the closing transactions Yesterday, which were
made at declining prices st. Paul exception
ally weak. A few other stocks that are supposed
to he largely held in Europe also seemed to be
pressed for sale, but it was not certain that the
transactions were more than merely arbtrage deal
ings between New-York and London. The weak
ness at the close was remarkable, because the pub
LEGATION Of the bank statement should have eyerted
distinctly opposite influence
Following m VII
her Of shares sold of all stocks, the highest low
e e and final prices Of the week, together with
average prices Of June %, 800:
RANCE.