New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-13

bullion, and its ratio of reserve 70 liabilities WAS
e esn q" per cent. Its minimum rate of dis
marker monnS AZ AT ~ per cent In the open
cent Tor discounts and Stat per cent for daily
waiancci' The Continental markets were
quiet in spite of political troubles in Paris and
Dank failures in Italy
Inc foreign exchanges were strong and highcr
throughout the week. There was a sharp demand
accounts. Sterling loans which maturcd could
not easily be renewed, and this demand absorbed
81 d" and E SHs Of gold ,no aCgGtSa t.
slightly affected the market. but the closing was
firm at 81 Sc l-2 and "a So for long and short
sterling bills respectively.
THE WEEK AT THE STOCK EXCHANGE.
Speculation in stocks was affected by the re-
fnsal of both houses of Congress 10 repeal the
OF the subject which followed this decision. 1t
was recognized that the Federal Treasury held
very small amount of gold beyond the reserve
that a continuance of gold exports might compel
an infringement of that fund. The emergency was
considered grave enough to warrant some of the
leading banks in this city in volunteering their
aid to the Treasury Department. This was
grateful and patriotic offer, which was accepted
without hesitation by the Secretary of the Treas
ury, but il would have been more dignllicd and re-
assuring if it had been the action of the Clearing
House Association In that case the example
probably would have been followed in B'st3n,
Philadelphia Chicago and, in fact, III all the
Clearing House cities of the country II would
not have bcen oven necessary TO surrender I'M,
mcdiately any large proportion of the banks banks,
holdings Ot gold, but this combined action would
have furnished guarantee fund of possibly ~ co.
00o, 0OO OH which the Treasury might have drawn
according to its needs
This would have settled instantly any doubts
which may be entertained III Europe III REGARD ~
the maintenance OF our currency DIT par with gold
and would lave tended TO prevent forced exports
of the precious metal. The city banks which have
contributed gold TO the Treasury stock ALREADY
have fixed the limit beyond which they would be
unwilling TO go at 81 100000 The sum may I've
adequate to protect the legatcnder reserve, until
the incoming Administration shall b. enabled TO
its influence in favor OF currency REFORM or
to provide new safeguards against tie evils OF the
There can ba no doubt about the authority of
the Treasury Department to issue bonds under me
RESUMPTION act TO maintain specie payments Inc
time for such an issue probably has not arrived,
but whether il shall come within three weeks or
not in year tle evil consequences OF the present
law will not be prevented by incurrlng new obi
cations The outflow of the more Nauapr
metal will proceed, under the operation OF fresh
ans law, until the compulsory purchase OF silver
bullion has been ended. The issue OF t'ONcrn,
ment bonds. like the assistance Of the I~kS. WIZ
be only a temporary measure. and II VIII postpone
but not avert tie threatened ca1astroph"; InH
repeal of the present law should DC welcomed
alike by the friends of silver and the advocates OF
a single standard Of vaMe. -,
In view of the unfavorable influences the STOCK
market displayed remarkable strength. In com
parson with prices of Il week ago most s'ochs
were lower. but the declines We're not large. cN-
cept in shares affected by special causes ASIDE
from the industrial shares, indeed, no aSlve
recorded n loss of much over > per cent Inc
bear faction was inclined 10 be aggressive, ana
the short interest in the leading stocks must nave
been greatly increased by the weeks operations
The rally in the closing hour was partly dIe 10
this fact Real holders Of securities exhibit little
alarm, and ,le the: may not DE lncnrn to IN n
sacrifice their interests without suf,lcient cause
That certainly cannot be perceived either in the
financial or commercial situation.
10 is usllll