New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-05
TOTAL 20 sJ7co 4so 4s2, $50 Inc. s7os,'lo II
THE WEEK AT THE STOCK EXCHANGE.

THE WEEK AT THE STOCK EXCHANGE.
Although business at the Stock Exchange was
interrupted by holiday, the total transactions
were about the same as they were in the prec,d-
ing week, and they correspond favoraby with
those in the same week last year The process OF
liquidation continued. however. and In spite
of feeble rallies the tendency of prices was down.
ward, and final variations. almost without eXcep-
ton, were substantial declines. The moVemcht
was fairly uniform, although industrial and special
stocks suffered the largest losses. Stocks winch
have an international market were depressed by
sales for European account bat OH tn" other hand
their declines were not much larger than tioF III
stocks like Missouri Pacific and Western mon;
which are not dealt in abroad Louisville ana
Nashville lost . 80 per cent. Northern Pacific
preferred 3-s, Union Pacific AMI Philadelphia
and Reading Is per cent. but Missouri Pacific
lost >. Western Union ID, New-Easland :; IA
and Manhattan Railroad "a per cent. Ihc
market was distinguished by a general lack Of
ally stimulated hope of an early session of Con-
grcss, or at least Of clear enumeration OF III"
financial policy Of the Government: The credit
of the country must he preserved. and the stabliy
of the National currency maintained. WHAT the
danger line in regard 10 the lega-tender reserve
may he seems TO he left TO the decision of the
Treasury Department. and no Information about
the limit OF impairment has been vouchsafed
By all odds the most important financial oc-
clrrcnce of the week was the suggestion mad In
beha of tie Treasury Department Yesterday, that
the Secretary claimed authority 10 issue legal
tender notes for the purpose of strengthening the
Treasiirys STOCK of gold II is difficult to believe
that the GoV"rninent seriously c0h'eulpis'ts any
such action Even if existing laws could be dis
toried into giving the Treasury this power, the
exercise of il would be injudicious. and III, con-
sequences probably disastrous The issue OF
greenbacks war measure. IL was III eIrct
a forced loan compelled BY the emergency OF the
country Ii should have been retired or funded
at the time of the resumption OF specie payments,
but its volume was fixed by subsequent act oi
Congress. and the Treasury Department has no
possible right, without new legislation. either ~
reduce or increase the amount of the issue As
the statement in regard to the action Of tne sec:
retary has not been coniirnlei officially by him. II
is only fair 10 assume that II was put forth fpr
the simple purpose Of securing an expression OF
public opinion. Admitting for moment .that
The Treasury possessed this power, a fresh Issue
Of le.al-tender notes would disturb confidence Ill
the stability Of our currency more than lurthrr
600. 1t would hasten instead of impeding the
outward movement of gold. II would arouse
fears at home and lead 10 the private hoardin. Of
the precious metal. -
The Treasury would receive no gold whatever.
hut only the different classes OF currency, while
il wonll lose gold much faster than il has been
doing lately. IL is reported that special meet
ing Of the Cabinet will be held tomorrow. IL
will be its highest duty immediately TO announce
that this reported action Will not he adopted III
any circumstances Ii Is shameful, OF course.
that a great and prosperous country should be
compelled 10 increase its interest hearing DEBT for
the purpose of piling mp in the Treasury vaults
vast Ma Of sill ger bullion at 81 cost nuch above
that of production. At the same time the policy
Of maintaining parity between gold and silver
has been adopted by this country. and an I'M
mediate issue Of bonds SENS 10 be the only pos.
sib,e ronrdy until the present silver law shall
ba repealed II il wholly absurd for Treasury
officers TO intimate that the exports OF gold re-,
sult from concert of acton among bankers III
This country did not owe large amount OF money
abroad there would he no shipments Of gold. No
long rs our creditors, by necessity OF Rack OF con-
fdence. can demand payment OF ~" Ind"bte'ihess;
cold will continue TO flow out Of the country, ana
legislation cannot check the movement
The decline in Philadelphia and Reading FOL
M..Dl q fan Saha
OF reorganization. The consent Of over ." per
cent of the general mortgage bonds must b' So
cure1 before June u TO make the plan "iectiVc.
Even if the terms acceptable 70 the holders
of the entire amount Of these bonds: they are
50 widely scattered tina, the time allowed Tor
their assent Is much too short. IT IS Impossible.
that over 90 per cent Of these bonds can accept
The plan before the date named. even II th.v
were willing 70 do so. II is entirely prohno".
therefore. that the present plan Will fail, unless
some extension Of time shall be gained Even
then the plan Of reorganization tends Simply TO
increase the fixed charges OF company ALREADY
overrated. OfiIcr onirctions 10 II are inc pnNine
of the coupons Of the general mortgage" bonis
for five years, and the establishment of voting
trust II was not surprising, therefore that ne
price of the stocl; should have declined Sl'irEy
and rallied with reluctance. At the oilirr OF IN"
cOmpany il was said Yesterday that private dis-
matches from London stated that the deposits
of securities there had been extremely heavy; ana
that the prospects of the adoption OF the scheme
were favorable. 4 reconstruction Ct the rhila-
delphia and Reading is greatly 10 he desired
but il would he preferable To have thorough
one. and not merely n snbterfugc, which might
lead TO further complications within few years
4 reconstruction on lines similar 10 those adopted
by the Richmond and West Point Terminal
committee would he more REASONABLE than an n
crease in the debt and fixed charges OF the
present organization .
The market Yesterday nearly sta2nant.
Int after an early decline rallied without spirit
and the closing was quiet and firm, with an ap-
pearance Of confidence.
Following is our usual table. giving tn" number
of shares sold of all stock, the highest. lowest
and the final prices Of the week, together WIN
the final prices Of week ago, piehAed py the
average prices of June 4, 1892
WEEKLY RANGE.
| RAILWAY STOCKS