New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-30
THE WEEK IN WALL STREET.

40 comp lli'-..''-- '-'' " f"'"' - b'-'
Total 50 ecsss 07s.o77 s7.o,l.9so Do. s9s7oSS -
THE WEEK IN WALL STREET.
Speculation in stocks was more active. ana
in every respect broader than it has been Tor
several months The total transactions e%-
ceeded 100000 shares, against less IMAM wv; ;
900 shares in the preceding week. -ttHouSi
more than one-half of the business was doh"
in six stocks. the trading Was not whoI! pr
fessional and the distribution included a ihIsr
variety of stocks which have not recently pee,
common. American Sugar Refining re ,la.neI
the most active. but otherwise the ihdus'l ."i
shares were not conspicuous. ST iaui ,.' W.
second in point of activity. ana Ihliaucip'i pm,
and Reading, reduced to full stock, was lou. t
on the list. The transactions in Atchis0li, tii
Granger shares New-Ensiand. missouri lno ,,io
and Western Union were larger than they nav
been for some time. The course OF prices was
universally upward. The largest gain was
made by Lackawanna, which closed al an ar
vance of over 10 PEI cent but gains o, I'o.'i
about to per cent were recorded by 81.
Paul, Rock Island Chicago Gas western unioi i
Telegraph and Sugar Refining. New-Ehgiahu
gained G5s per cent. and Philadelphia ana Read
ing 4a4. AS rule last prices were virtually
the best for the week, and the closing was con,
hdent and hopeful. The most urgent ana
energetic buying by the bear 1acu3n,
and the advance developed an Unexpectedly
large short interest. There was however
complete transformation in the speculative
sentiment.
A week ago there seemed TO be a strong prob
ability that the Senate would agree 20 com
promise measure in regard to silver legislation;
but now antcipatiOns Of unconditional repeal
seem about to be realized. The public con-
fdence awakened by the killing Of the proposed
compromise was displayed in a growing ue-
mand for stocks. and still more for bonds
For bonds of high class the demand is n'uch
greater than the supply. and the usual re-
suit has caused a large business in securities
of a somewhat lower grade With the passage
of the silver repeal bill. it is presumed that the
extraordinary session of Congress VIII pc
brought to close. on most accounts inns
is desirable course To pursue. but there
ought TO be some relief legislation before the
regular session begins in December. Inc con-
dtion Of the Federal Treasury is such that
long delay in providing relief can with diff
Guilty be endured. The danger was clearly
pointed out yesterday. although Senator Sher-
man did not offer any amendment to the pending
bill When the legal tender reserve was iirst
impaired, great alarm was felt everywhere
throughout the country. The reserve fell early
in June below s9o0OO0oO. but week ago 1t
was little above $1,000. and according 10 the
weekly Treasury statement 1t had rallied in
the last week less than 100000. 1t is clear
that many disbursements must necessarily be
postponed. or further entertainments upon the
reserve will be inevitable. No one may pre-
dict where the danger line may be- but the
Secretary of the Treasury ought to receive
authority to issue bonds to preserve parity be-
tween the different classes Of currency, even
If not to meet the current obligations Of the
Government The decline in the reserve n,, Is
when small decrease few months ago
was thought to presage disaster.
Early in the week there brisk selling Of
stocks and bonds for European account. 1t
so large that it perceptibly affected rates
of exchange. in spite Of the languid demand
for remittance. Toward the close OF the week
there was an apparent change in the London
market. although this may have been caused
by orders from New-York In the present
condition of foreign commerce. the move
ment Of gold depends almost entirely upon
that of securities. Rates Of exchange have
fallen to such point that small purchases OF
securities by Europe would involve an inflow 81
been made. although probably at loss to
the importer. and with the passage Of the Re
peal bill in the Senate further imporatlons are
more than probable. At the same time
money shows a hardening tendency in London.
the price Of bar gold has advanced, and the
Bank OF England threatens TO oppose by us
usual methods an extensive movement Of gold
toward this country.
The most interesting incident Of the week
was the transfer of considerable amount OF
Lackawanna stock to the name Of W. X Van
derbilt. BY combination with other interests
in that company control has passed from the
hands Of its present managers, although no
radical changes in the executive and operating
departments threatened From the cir
cumstance it was inferred promptly by Wall
Street that a new combination In the anthra-
cite coal trade had been accomplished. It
was concluded however that no deal Of the
kind could be completed without including in
II the Reading Company. In consequence Of
this popular belief. all the coal shares advanced
smartly. although in one or two instances the
rise afforded an opportunity for realizing sales.
Another incident or much less importance was
the advance in New-York and NewEngland on
mysterious runOrs OF combinations engineered
by Mr.. Mcleod. recently president OF the
Philadelphia and Reading a prominent cap
itast has evidently permitted the use OF his
name in support Of the reported scheme, but
it is doubtful if he has contributed to 1t largely
Of his wealth.
The elasticity and strength displayed by
stocks were surprising to both factions In the
market
Following is the usual table. giving the num-
Der Of shares sold Of all stocks. the highest.
lowest and the final prices Of the week. together
with the final prices Of week ago. DreflXed
by the average prices OF October %. 1892: