New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-13

THE WEEK AT THE STOCK EXCHANGE.
The total transactions in stocks last week were
1l0 1873 shares, agoinst SO6,3l In the previous
week and 67S, GIG In the same week last year. The
increase liz activity was welcomed by everybody
in Wall Street. The upward turn IN the market
which was begun toward the close OF the previous
week by the defeat of anti-rallroad legislation II
Nebraska and Minnesota. was continued with
great energy and force. Plainly the most potent
influence the happy reports about the con-
dtion of the winter wheat crop, which we're AFTER
ward confirmed by the Government report issued
on Friday. Not for many years has the pros
rect of a bountiful harvest been more brilliant
large crops will he accompanied this year with
high prices. Spectators are inclined as usual
10 anticipate the advantages which will be gained
by the transportation companies, and hear with
inpatenoc tie merest suggestion that the crops
| have not vet been e0rnered. The suggestion mas
been made somewhat pointed ny the fact that
| Chicago, Burlington and Quincy stock was Sc
locted to lead the market while it is dstinctivcy
! a corn and not wheat, road, and not kernel
of corn has yet been planted 1t must be III
| ferred. therefore that the activity and advance
| in that stock were caused, not, so much by the
| prospects of excellent crops as by the fact of ON
| extremely large short" interest in it,.
The other granger shares closely followed Its
| leadership, and probably for similar reason
| They made substantial advances, and within two
weeks they have risen from Z TO 10 per cent.
The general market responded promptly, TO the
| evident change in speculative temper, and one Of
| the prominent features of the trading was
revival Of interest in stocks which have long
more 70 change Of sentiment than to an abs9-
lutte Improvement in conditions is shown partly
by the uneasiness in rates and IN the general
railroad situation at the West. The market en-
tirely disregarded the conflict in passenger rates
with the Chicago and Alton, which seems likely
TO affect freight rates, especially from the lakeS
10 the Gulf The fact that lake and rail rates
in the Northwest have not been established for
the season was also dsTegarded, and in both cases
the disposition of the Great Northern and the
Alton was TO oppose dictation. The meeting of
the advisory board of the Western Traffic Asso-
citation, which will be held at Chicago on Tues
day, will be largely attended, and it is TO be
hoped that il viii end with satisfactory adjust
ment of these annoying questions.
Bearing upon the necessity of railroad harmony
and cooperation, the rem.rks Of President Black
stone. Of the Chicago. Burlington and Quincy, in
his annual report, deserve TO be repeated:
The commodity, as transportation may we'll be
called must he sold when and where it is made, OF
not at all 1t can neither be ueed elsewhere nor
stored away for future market. The result is
obvious Without joint action. which assures y
each road the sale of at least O portion OF Its
daily product at rates agreed upon there is neces-
sarilv q struggle among the roads each acting
independently and trying to sell what 1t can
In the contest to sell commodity the constant
production Of which is compulsory, and which must
be sold then and there or not at ALL and tWo-thlrus
Of the cost Of which must he paid whether the
commodity is sold or not it IS inevitable that
when there is not traffic enough Tor all, the price
like that of any perishablc commodity, will tend
| to 90 down to- and sometimes below. the cost
Of production, because it is better to go without
| prCfiI and get DdCK Ine COSt, VI tNEu pdIV VI
the cost than to lose the opportunity to sell and
get bacl; nothing Associated action is more or
less necessary in all kinds of trade and 1t IS az
solutely essential to the existence of competing
railroads because they are fixtures and can nither
! be removed 10 other places nor used for other
purposes. Without some method of effective CO.
| operation, competing lines must become bank
| rupt and in the end consolidated"
| An exceptional feature OF the market was the
persistent selling of the Northern Pacllc stocks.
| Many explanations of it were ventured, put they
were hardly satisfactory. At the end of the week
| signs were not wanting that the movement
| emanated from Berlin, but whether the selling was
| simply from o need of money or from some lack
| Of confidence in the property was not PLAIN. II
ought not to be forgotten that the last important
| movement in North American stock occurred
during one of Mr.. Wizards visits to Europe. II
should he said, however. that the selling had
little influence on the foreign exchanges although
TS %%ed on M sides tRaS u o %%s
this was the buying by London in the last halt
Of the week, for it was quickly demonstrated that
| that was merely covering of previous :" short
| sales. so for as the foreign exchanges afford q
basis for calculation, there is no European demand
for our securities for investment. AT London
speculation appears to be Dead and at Paris,
Berlin, and. in fact everywhere on the Continent
/ higher rates for money, together with political
and financial complications, prevent further pur-
impossible that sustained advance in the home
market might reawaken speculation in London
nent for money; bsv in previous years that has
not always been the rule Without referring al
all 20 the possibility of general war in Europe
| IL is evident that Germany is making strenuous
efforts to increase its supply Of gold. and this
example is being followed by both Russi, and
France In addition to this, the effect OF the
collapse Of the Earrings and their South American
| ventures. which was felt first in London and
afterward in Paris, has spread TO Italy. and last
Of all. to GERMANY The modern method Of Co
operative assistance, which was begun With tho
Barings' failure, has been praised by immature
theorists in finance, but its only advantage is Il
prevent disaster by nostponing it, Ry il tho
consequences of the Argentine bankruptcy were
extended an indefinite period. The inevitable
settlement was delayed until the influences agoirst
il should boone TOO weak 20 command the O..
oreraton OF powerful interests Few persons prob.
7 ably suspected that the South American dension
had become so widespread that it practically
embraced the whole Of Europe. The losses viii
be slowly distributed. perhaps. but whether fba
advantage pays for the long and tedious delayinr
IN = general revival Of speculation is doubtful
While IL IS fashionable 20 say that this narbe.
is Independent Of London. there is every reason "a
believe that it will be largely influenced for the
next few. months by European affairs
Following is our usual table giving the num-
Der OF shares sold OF all stocks the highest lowest
nrtaa Of lie ~.