New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-08
RAILROAD EARNINGS.
To, 20 cos SO 80 eco So 7o5,4o Inc. s3!o,7ss D.
TIE WEEK AT THE STOCK EXCHANGE.

Total 70 cos So as GEO So 7oj, 40 Inc s3!o7s9 80
TIE WEEK AT THE STOCK EXCHANGE.
Two facts have been brought out clearly by
the movements of the last week There was
what has been dgnificd by the word panic III
certain industrial stocks and IN one or wv"
spccialtics which had been unduly inflated Inc
soundncss of the market was proved by the reid
tive equanimty with which heavy declines III
the industrial group were received ~ c1I"p' -,
the excitement which was witnessed In III" ~
dustral stocks with the panic OF ~" Is sinipS
to expose Ignorance of that great cohN 9ISioll'
There has been not single point OF similarly :.
For nearly two years and a half this country
has been paving its debts 10y RECEIVING nom
Europe an immense amount OF railway stocks ana h
bonds which had been marketed abroad IN
CONSEQUENCE of the steady inflow OF These s'-
cnriti,s. prices had gradually declined, and' a,
a rule there was no initiation in tie general
market while the speculative holdings by EUROPE
were reduced practically TO nothing. When the
furry in the industrial shares occurred there was
consequently no selling pressure III thr general
market. The excitement was entirely local am
confined exclusively TO lew STOCKS, against
which discrimination had been exercised tor a
long time Tie stock exchanges in Boston ana
Philadelphia were hardly disturbed, whlle Ill
London there was evident a disposition TO pur-
chase sound stocks and securitlcS which "cic
depressed to some extent by the sharp ial IN .c
industrial group. All through the week money
was obtainabe on good security AT the legal rate
Of interest. In 1919 the panic involved not oniE
the stock exchanges of this country, but an
classes Of mercantile business. At that time II
was impossible to secure loans even on the pledge
of Government bonds The speculative SITUATION,
in other words. has been vastly improved by the
developments of the last week.
Ii must be admitted. however. that financial
conditions have in way been altered. The
Treasury Department derives. apparently. NJ
tie cncoura cement because the gold balinc" has
been increasing in the last week, but. according
to its report, the legal tender reserve Is stu cor
sidciably below the Sloo,ooO,ooo rc1ulrci
From the EXPRESSIONS OF confidence II must u"
inferred that no change in the Treasury policy
is contemplated The effort Of the Admnistra,;;
ton to bring tho West and South to iuil
realization Of tho inevitable consequence ol
the compulsory purchase Of silver bullion mas
brought distress. and, perhaps. ruin. to many
innocent persons, but there is no reason 20 sup
pose that il will he relaxed. II Is plan that 'h
Treasury can hope TO gain little gOll peyo,nu
what it already holds. However Willing me
notes, the Treasury holds so small an amour,
of these notes that il can accept the ohrrs Oh
the banks only in small amounts ana slow A
or the old lega! tender notes tnc l,caI , Ham
ali 600 600 ana oven il the new treasury
notes. which are also legal tender. should De
included. the Treasury sii!i naI Sn una" pcdncci
"a such a point that the Treasury can spar,
only small amount al time OF us T a%o
tender notes While rates OF foreign eNcldhsr
have hcen affected by the higher rates for ilonty
and ,hc recent excitement AZ the Stock TX.
change il is wholly probable that me export
movement Will soon be resumed \ slilpnl'"' ~
at least go. 200, 000 which 1t was expected wouni
he made Yesterday was postponed bnf u. g'I't
will 30 ont on Tuesday: Ii VIII be optaliiru T.,
course from the Sub-Ieasllry. ana. unh'r ~
rncnn+ decision OF tho President. II VIII pr"phoN
hc raid for largely in now Treasury notes o,i,r i
sbinments Will follow. provided tla' tr' u',''. ~
Gov exchange shall be sufficient TO absorb ,hc
lille drawn against them AT IN" present Ilhc
merchants are plainly delaying Their rcint'hhrrS
because they are unable 70 srcnr" pccnnlaig, =
commodations from their banks. TN account ~
.p oI.tivc strjnrcncy in money. except on eau
loans many merchants have been opils'H 7" sen sen
sccmritics in which part OF their surplus ,as
la
a;ne .toadijy unfav0rablc TO this country, ana
the foreign purchasers OF sccurllics haNr .n"o
sno Lo,n" buf a little more than an afoitrapn,
hms;ncss. With the exception OF som: siaail
,nrnts of bonds the export oi securities las
been light and is likely 10 remain so n.r,,,Sn oS
and uncertainty ariSinS '' 1880 pcrvade the
the n nann,,nity' which has been still further
sromsed by the policies OF the prrsrn, A"I'am .,
is,t';;o will hermit the legal tender reserve "a
IA, ,ar ;n,,,,rrd If the disturbance in the stock
,",,let should be continued. II Is IN til'' POT
If the Government TO pronounce .nc enn f InaS
w o;o;c,tlv SERIOUS to justify an issue OF Dohus'
1 hut ON the other hand, IT may permit th' r.,
serve to fall TO S3O.o0oogp o%lofo c,ad ha
the buying of stocks, or even po'. a.. honcn
hc alive and confident when there Is the chahce
of such diverse action .,;uu, ,o,;,.o and
VI Tic stock market was exceedingly actlVe anu
!me go ~ citcd The declines in the industrial
tocks we're sharp in consequence OF e'!oIcea ,I ci
ation The discriininatio. 'aaiLS o, NV ,he "nIv
was 50 If raising money There probably never
n ic" time in the last twenty year, whem uia!
wae .as 50 unfortunate for holders 10 il1uida''
on There was . .orks and consequently prices
Welded sIil readily and swiftly Ine mo,a p'Eln'h.
sloch T Va and after rallying to 20 Is ended
10 = loss of 81 IS per cent me prcic'ic"
VIII VIII. - tLc saire company fell from lou 10 -
STOCK ., " so i, was A. 81 pei cent lower than II
anu az wool; ago The transactions IN Su.ai ne, We
WaS Mere still larger bn' the decline wa, nS
hhinS and the nnal losses were less 'hah :" per
~cv.'t ~ ' the common and ! ~ In re preferred
cen, cent, l" On Friday Sugar Rcinns leil to g.; mni
stock. IL. in .the afternoon was nfniIv as fapiu
the ray n, ~ fall General Electric on the
as the ,o,l 20 is but it also recovered guickly
same u'i - al y suffered iinai loss OF Ia
per- cent cIIc"so S' closed s' at with loss
and a'.cS per cent Among the sSc.alse5I Man. Man.
ha,tan " iii lost nearly 10 per cent. uu'sne
tasi nsoc,ss rho market was coinparalveiy SICILY
G apgey by sales the short acco G s. rs Pa n
oss Wssor Pacific suffered nai Losses so OF IRON From
ana about per cent, and Ws'rtn s oniom itl So
- I"ss o4 Is per cent. im>, were DIS te
graph; mno 1p declines in the general list Fhu