New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-27

THE WEEK AT THE STOCK EXCHANGE

An unspOien distrust pervaded the stock mar
ket last week. All the known conditions In the
country were favorable to an active advance in
prices Reports about the crops were unusually
roseate, and they confirmed by the extraordi-
nary receipts of products at Chicago and other
interior points and by the heavy exports from this
port. That the railroads are beginning TO reap
tho advantages of bountiful harvest was proved
by the reports of earnings and the universal CON-
peinti about Lack OF cars ,h Easy raes OF money
West promises TO be smaller than usual in spite
of the larger crops. Reports about general bust
ness were satisfactory, and the stagnaton at the
Stock Exchange showed that the Increase in Clear
ing House exchanges was due TO mercantile rather
than to speculative business In the face Of these
happy conditions, the stock market remained stag
nant, and as rule prices declined from the be-
ginning to the end OF the week. There was no
public demand for railway stocks and bonds, either
at home or abroad, and although O part of the
selling was undoubtedly for the short account,
there is equally no doubt that the supply of rail
way securities was greater than ,he digestive ca
pacity of the market.
The causes of the general distrust not clearly
apparent. There is a fear entertained largely In
Wall Street, and perhaps to smaller extent In
London. that at the next SESSION of Congress q
bill for the free coinage Of silver will be passed
and become law. Ii is this apprehension, pos
sibly. which explains the public apathy ana at
the same time the continued exports OF gold. IT.
will have an important influence on the return
flow of specie which is popularity expected to
follow Immediately the large outward movement
Of grain and other products If Europe should
| become convinced that the United States was
about 70 adopt free coinage policy 1t would un,
doubtedy retain the gold that has been sent to it
and in time pay its bills with silver. 1t is
understood that one of the large slippers has made
an arrangement with the Bank of France by
which an amount, reported at S10,0OOOOO 10
$15, 100000 will be returned. Aside from that.
It is difficult 10 perceive why any large portion Of
the gold sent abroad should be returned. Another
cause of the distrust is the fear of monetary
disturbance. The Treasury last week took in more
money than it paid ont. the shipments of gold
amounted to S2,l00,000, and the demand fol- cur,
rala yn
the receipts from other points in the interior 1t
is no wonder that with this t!.rcefod drain on
their resources, the city banks should adopt II
cautious and conservative policy. Some OF the
largest private lenders in hc city have absolutely
withdrawn from tho market preferring 70 hod
their funds under their immediate contfol to Dny-
ing railroad securities TO lOannS on them ms
universal preparation for future contingency may
prevent the financial disturbance. which these lit
ottntions and persons eXdentT dread; was
a slilful manipulation in favor of lower prices.
This was plainly observable in the movements OF
| Chicago, Burlington and Quincy, which declined
) per cent in the week. There are suspicious per
sons in Wall Street who profess TO believe that the
decline in this stock is not unconnected with the
recent meeting of the Western Traffic Association,
although official and private reports about that
conference agree that il was entirely and unusually
harmonious There is, of course, no reasonable
| ground for such unworthy suspicious, and no way
in which, IL true, they could be proved. Alf
Gould left the city on Monday evening TO make a
fresh inspection Of the railroads In Which he Is
most largely interested. lie has not been accns-
toned to make these inspections oftener than twce
O year. and naturally the announcement that lie
had gone West again so soon after his previous
trip was q surprise TO the Street II has been we'll
known for long Time. however, that he has had no
direct interest in the stock market, and the con
nection between his absence and the manipulation
in Chicago. Burlington and Quincy must he re-
garded wholly imaginary.
Next 10 the decline in this stock, that in Louis
vile and Nashville attracted the most attention
The company has been Offering TO stockholders
the right TO subscribe TO 81 S00,0 600 of new share
capital. The fall in the stock below the pIte at
Which il is offered while the rights were selling at
the same moment at about would seem 10 III
dictate another species of speculative manipulation
H. is to be regretted that the present management
positions for private gain. There can hardly be
any other reasonable explanation of the movements
in the stock since the plan of raising money Tor
the payment for additions was devised.
Tie market distinguished yesterday by
sharp decline in the Richmond and West Point
and dreary decline in the bonds of the company,
and as it could be attributed in no way or degree
fo the operatiOns of " bear faction, IL must he
inferred that the company is in serious hnancial
straits 1t is understood that the September IN.
ferest on the collateral trust per cent bonds will
be raid Promises of dividend on the East Ten
nessee first preferred stock are held out by friends
Of the company, but apparently are not sustained
by the price of the stock in the open market.
Aside from these prominent features the market
moved within narrow limits, but the closing yes
terdav was heavy at the lowest points, and the pub
lcation of an exceptionally favorable bank state
rient failed to impart spirit or revive confidence
FollowinC is our usual table, giving the number
of shares sold of all stocks, the highest, lowest and
final prices Of the week, together with the final
prices of q week ago, preiixed by the average
prices Of July 26, 1890: