New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-20
Total e5 co.'s SO $50 0as 81 .52a $50 Inc e5ss,o4 T.
TITD WEEK AT TIE STOCK EXCHANGE.

Speculation in railway securities was clouTed
by uncertainty about the silver question me
continued discussion in Congress, the d9uot ao"uu
the result of the Chicago Convention ana thc
financial policy which it may adopt, and the heavy
exports OF gold which were due, In part at least TO
the return of securities from Europe; all these
influences were antaQoRistio 10 any pronounced
advance in prices In the existing state Of our
foreign commerce II must be inferred that uie
European selling has been stimulated by dlstrust
Of the financial policy OF this Government Al. AZ
though shipments Of gold are seasonabe, and, thus
far this wear, are much smaller than they were
a year ago, the foreign demand for gold may re
due 10 something outside Of trade conditions In
the circular letter which the directors of the New
Oriental Bank issued on the occasion OF lts laiure
they stated as reasons Tor suspendne pay men. ;c
depreciation in silver, the consequent increasing
distrust throughout Great Britain OF investments
in silver countries, and the withdrawal Of capital
from the East If these reasons were wen
grounded the selling Of American railway secnri-
ties for foreign account must be admitted 10 ihI-
cate a popular opinion in England, II not through
out Europe, that this country Is rapidly approach
ing silver basis. II is probable that efforts 10
encourage this belief have been made by the adVo-
Gates Of lower prices. The present Administer
s pledged distinctly s 4, sod bese is me- 1 goaS
that it will use all the ample resources az ns
command TO defend and maintain the credit OF
tho country. ., ,... n,.oi..d
discussion in Wall Street and caused general
hesitation about engaging in new ventures Inc
upward movement which resulted In the ToNeIh-
was checked by the engagements made on Mcd i
day which were followed BY sun larger snip
mcnts at the end of the week. In spite oil them
the market displayed obstinate strength, ana IN
most cases the early advances were not los' nc
Granger shares were materially higher IN cohrc,
ouence of continued good weather al the West ana
excellent returns Of earnings. The largest au-
yancps to be sure, were made ny th0se STOCKS III
which the short interest was believed 70 DC mosI
extensive but the gains were real; While there Is
eyerv reason 10 believe that the short Interest
was reduced and not eliminated. Speculation was
hurt directly by sharp fall In New-Ehgand
stock which followed the announcement Oh 'he
sale of the Heusatonic Railroad 70 interests
largely identified with the Ncw-York, New-iiaven
and Hartford: by the annual report OF the Norm
American Company, and the dissatisfaction WIN
the management which was developed at its annual
meeting and by the apparently unnecessary ieduc-
ton in its dividend by the Dlstllng and Satte
Feeding Company. For the reduction which TINS
comnany made three months ago there was some
exciise in the legal opposition which was sur
rounding the company, and in the active com
petition which the high price OF spirits had stmh-
| lated After the recent decision III FAVOR OF thc
company by Federal Court the latest reduction
was a complete surprise. No excuse has been
attempted, and it may be inferred that none can
be made. On the contrary, there are superhcai
indications that the action Of the directors was
entirely speculative and consequently unJusui-
able. A. ,;.;n.
which control the value Of stocls-are extremely
favorable. The volume Of exchanges confirms
the reports about the satisfactory state OF general
business. while the news from the West reports
the weather all that could he desired for the
gathering of large crops in the fall
Following is our usual fable, giving the number
Of shares sold Of all stocks, the highest, lowest
and final prices Of the week, together with the
final prices of week ago, preiXed by the average
| prices OF June 20, 1891: