New-York tribune., 1891-05-25
Total SO s73 1856 &c 0S7574 Inc s163 6ss 27
THE WEEK AT THE STOCK EXCHANGE.

Speculation in stocks last week was singular
being dull and active, weak and strong by turns
In the early part of the week prices declined under
the close of the week they advanced in the very
face of further shipments The strength of the
market and the ease Of money after exports of
nearly S5O,O00,000 of gold are surprise 70 two
continents. No one on either side of the Atlantic
would have believed IL possible two months ago
that so extensive a movement should not have
caused greater disturbance. The financial strength
displayed by the country will have a powerful
influence everywhere in Europe in directing atten-
ton to the stability of American railway invest
ments. 1t is impossible TO overestimate the In
huence on European minds Of the proved sound
ness OF the financial institutions Of this country.
II Is an event in the financial history of the world
that the United States has been able virtually TO
save from bankruptcy the most important nations
OF E1roRe; & The question that is likely soon to
agltate wall Street is not simply whether the out
How Of gold has ceased but when the return tide
will set in. One of the causes of our great con-
ndence IN the future Is the magnificent crop pros
pectsi but the more bountiful the harvest the
larger The sum Of money required to move the
products which 1T is admitted Europe will want
to buy. The movement of gold has been ex-
traordinary, and controlled by unusual and mys-
terlous causes. II is not altogether a sufficient
explanation that Russia demanded the gold that
affairs IN Paris, Berlin and Portugal were dis
turbed, or that South American securities in which
Europe has been speculating wildly for five wears
have become almost worthless and il is only
partial explanation that the Bank of England and
other London banks have been brought to per-
ceiye the necessity of enlargng their reserves
1t is impossible therefore to predict that tbe
european purchases of grain will result in return
That this country has no financial machinery aide
TO cope with London in regard TO the gold move
ment we are in this respect virtually at the
mercy OF the Bank of England which would not
hesitate If the necessity arose TO draw as much
more gold perhaps, as has already been shipped
1t is suggested that the Clearing House Associa-
combine 90 prevent further larze Expectations N
can be done only by bidding against the
Bank Of England for the gold and
the larger banking institutions In this cty conld
accomplish the result by harmonious action In
spite of the increase in circulation in this country
there is no doubt that before the next movement
of the crops the lack Of the gold which has been
sent abroad will be severely felt. Any further
continuance Of the movement should be avoided
If any means TO that end can be devised. There
are not few signs that the shipments are about
at an end, but the whole movement has been so
unusual and mysterious that these indications
may he deceptive.
The advance in prices on Friday was apparently
eager buying for foreign account. Only small
part Of it was for investment II the offerings of
bankers bills can be accepted as conclusive proof
1t seems probable that foreign spectators know
ing the uncertain condition Of European finances
had sold for the 7" short" account large amount
of American securities. The covering of this in
terest removes an element Of speculative strength,
but there is no reason TO suppose that more set
tied markets abroad will not encourage further
buying for the long" account. The activity and
rise In st. Pau. conspicuous feature of the
trading and the transactions in the stock were
more than a quarter of the total business. The
buying seemed TO be instigated from London, but
a few of the purchases were traced directly to a
large operator in New-York while Western in
terests were encouraged by the certainty of heavy
railroad traffic in the fall 10 buy not only IT. Paul
but also other Granger shares. Philadelphia and
Reading securities affected favorably by the
contract made by the company with Coke Broth
ers although the other anthracite coal stocks were
sold on the theory that this very contract might
disarrange tie relations Of the companies. These
were incidents Of minor importance, however, and
the buoyant closing OF the market was IN the nope
and belief that the outward movement Of gold
had ended -,
Following is our usual table, giving the num-
Der OF shares sold of all stocks the highest lowest
final prices of week ago, prefxed by the average
prices of May "a, 1890:
WEEKLY RANGE