New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-02

was nOniiGaily a,cady dt - 81 Ia and 81 IS IA
respectively for long and short sterling bills
TIE WEEK AT THE STOCK EXCHANGE
Speculation in railway securities last week was
dull and irregular Selling for European account
was continued on light scale and in the main, the
buying was distinctly professional. There APP
parently no public and general interest in spccu1-
ton, although tie bond market afforded evidence
thaj the investment demand for rst-class bonds was
in excess OF the supply. Assured dividend paying
stocks also felt the influence of constant abs rpion
in consequence OF the long.cOntinued OF money
and the pressing necessity OF securing profitable
use for it, In spite of the dulness and the local
and professional character of the trading, prices
were admirably supported. and the final variations
show more gains than losses. Reading remained
comparatively active, although the buying was
admitted to be largely for the short account. and
it scored a final advance Of "a per cent even
after reaction Of over per cent from it's high
est point. Other gains of l per cent or more
were recorded by Lake Shore. Delaware and llud-
son, New-Jersey Central. Western Union; Louis
Vile, New-Abany and Chicago. and by the lead
ing industrial stocks and few spccialties. The
principal losses were suffered by New England,
Union Pacific. Northern Pacific preferred, and
amcng the Granger stocks by Rock Island and
Chicago, Burlington and Quincy.
The eifectual support Of the market Is w
donbtedy the cheapness of money. Under az
fCrrnt CONDITIONS III would have endured WIFI us
equanimity the heavy return of securities from
Europe. IL has been comparatively easy TO carry
this additional burden because money has been
readily accessible at about per cent III the pre-
vailing rate had been per cent, there can he no
doubt that different prices would have been re-
corded. The effect on the money market OF the
renewal of gold shipments has not yet been de-
termined The reserves of the city banks are
unusually strong and the loss Of few millions
may hardly he felt As the exports Of gold APP
parently have not been permitted by the current
trade, the extent Of the new movement may not
easily be measured. Europe certainly does not
require the gold because its own golfers are
empty. for the principal European, banks have
increased their stock in the past eighteen months
10y more than $3.50, 100000 10 oe sure. latge
Austrian loan Is soon TO DE oHered 10 eiapIti
Austria Hungary 10 place its currcLcy on go,.'
basis. but the entire lean will be probaDly niue
more than the increase which the European banks banks
have made in their holdings IL IL NOT inpoS'io,f,
that some of the large banking interests OF
Europe may entertain the opinion that heavy WIFI
drawals of gold may force tins country 10 EN-
IRENE measures to preserve parity De'"cnu so'u
and silver, and that they are keeping SHARP
eye for fresh issue Of Government ponus. IN
foreign politics, however disturbed ana uncertain
they may be under the surface, there woulu s.c'i
to I've no danger of an emergency 70 ,noineh'o~S
that further supply of gold should he I'M
pratively demanded. Whatever the causes or
the necessity, the shipments themselves are redl
amounted 10 1920, 600 and further amounts
are expected TO 90 out next week LAST year inc
specie movement not brought 10 an ehu
before july and it is by no means Impossible tIh'
n similar experience may confront the country.
The movement is seasonabie, ana us diihehsions
cannot be discerncd because they depend largely
an the secret return OF corporate securities
The most interesting event Of the week was
tho contest at the annual meeting of the Union
Pacific Railway. The success OF the Gould 'ick ,cI
bv n narrow margin was an unexpected resuI', ioi
the attorney Of the foreign shareholders was 80
confident of power that he had already selected a
rev president for the company. The subsequent
movement Of the stock has yet Afforded no lhui-
cation of the temper in which the European share
holders will accept their defeat. II was PLAINLY
the duty Of the successful party TO project ue
stock in the market lest decline should convey
ah erroneous impression about the advantages
which the company might derive from the victory
II has been stated officially that the foreign hold
inrs of the stock are larger than ever peiore IL
they should be seriously disturbed the result OF
the recent election might nave no 'rNiai oeA'-
inG on the question of gold exports.
Following our usual table s gv hsh sns "wee
~ ond Anal prces of the week, together with the
final prices of week ago. prehxed by the average
prices Of May 2, 1881: