New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-15
Total Ga co,ssIoO5 sos si0.1O3 6os Dec. s5o227 o.
THE WEEK AT THE STOCK EXCHANGE.

Speculation railway STOCKS was cOHtrOlleu
largely by a heavy fall III the price OF silver IN
London By continued selling for European accounts
and by a continuance Of the outward movement
the dec decline in silver. In London there was no
rally and the last price of barSilvcr, 81 Esd. an
ounce. was the lowest cverAtouched in the history
of the metal. The price of silverbuon certificates
simply followed the decline in the foreign market
theory to excuse the rapid fall in silver was that
| the depression was somewhat artificial. IL was
asserted that European syndicate, which was
speculatively short of rupee-paer-was working
! for lower prices. 1t is impossible to say what
foundation this story may have, bnt the excuse
was unnecessary and il by any possibility spccula
tors have sold silver in advance, they have merely
cogpized the natural drift Of the silver market
be fore seen. 1t cannt be disputed that great I'M
easincss is felt in England, which will naturally
be affected in the e.sr,a first place trr, Tne
decline in its trade relations with Iudia' may end
in serious financial disturbance Appeals for re-
! lief have come already, not only from India, but
from the manufacturing interests in England,
which are dependent upon their trade with the
East. 1t is not impossible that the fear or dis
turbancc is the cause of the prolonged selling Of
American securities.
The export movement of gold continues, al.
though only on a small scale The exports of
merchandise are about as large as they were b
gold shipments are not directly consequence Of
the trade balance between the United States and
Europe. Besides the return Of securities. there
liked sIe espa in sntEpaon of silver basis
tlis country Europe refuses to believe that the
financial policy of the United States will not end
drawing their funds and Slowly reducing ther
not actually needed abroad is proved by the excep
ants sS nsss P sSs aae s of f. Eea
Bank of England has increased it's stock OF gold
by nearly fS,O0o,Ooo, the Bank of France by over
els, 100000, and the Bank Of Germany by nearly
| fl3, 100000. The stock OF gold held by all the
European banks whose returns are accessible, mas
by ESQ l6,4l6. The increase in the amount Of
| silver reported by the same banks in the same
time is only f4,63O,67s. These figures may be
accepted as clear indication that the outward
movement Of gold to Europe is due to special
causes.
| 1t is consequently useless to predict either the
change remain extremely firm and nearly
Us high as at any time since the movement began.
1t is well known. moreover, that efforts to check
the gold shipments. few weeks ago.. resulted
bills s"f witch Viii m mature in the bali
at from ten to fifteen million dollars. II was
expected of course when these transactions
were made that the supply of merchandise bills
would be sufficient to meet the borrowed eX-
change In fact, commercial bills remain scarce,
and the few that are drawn are eagerly absorbed.
Tie effect Of the fall in silver this country
will not be directly serious. 1t must be remcn-
bered that it is the established policy Of this Gov
ernment TO maintain silver and gold a parity.
1t 10 not an agreeable spectacle. the possibility Of
nay for silver bullion If this method finally
should have TO be adopted, there Will be Ques-
ton in regard to its success. The credit Of the
United States is so high that the bonds could be
fioated at low rate of interest without the slight
est difficulty. Ii would have been better to cease
buying silver, but Congress adjourned without
pealing the law. There is still the hope that the
Sherman amendment may be passed early in the
next session; but in the meanwhile the interna-
tiona conference silver will be held. IL il
should accomplish an International agreement, the
course of legislation at the next session might be
greatly modified. On some accounts IL is TO be
regretted that the United States cannot enter the
monetary conference with the statement that it
has ceased buying silver bullion under the present
! law Ii might even be worth while to hold "a
special session before the conference if IL could
The stock market resisted the downward ten
dency OF prices with admirable courage Early
in the week it endured distressing rumors in re-
gard to the corn crop, but the final declines IL
over / per cent. The anthracite coal shares were
attacked aftcrward unfounded rumors OF an adj
verse decision against the Reading leases in the
| New-Jersey courts, but the final loss suffered by
Reading was less than | per cent. The bear
faction professed to take unfavorable view Of
the Government crop report and Northern Pacific
preferred was forced To yield per cent AS a
rule the stocks which have an international mar
ket were the weakest The most conspicuous ex-
ception TO the general movement was furnishd py
Western Union Telegraph, which closed at its high
est point with gain OF over per cent Inc an-
vance gives color to recent reports than the capi-
talization Of the company would soon be Increased
| Following is our usual table, giving the number
final prices Of the week. together with the Inal
prices OF week ago. prehxed by the average prices
of August Is. 1891:
WEEKLY RANGE.
An, Actual sales. T hSsl Total
Etnal q.