New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-12
Total so co., 3s1.i37 50 33l 45e Inc $3.50 ol9 III
THE WEEK IN WALL STREET.

There was a decided change in speculative SEN
timent last week. AT the close Of the preceding
week great anxiety and distrust prevailed, In con-
sequence largely OF the semi-oilical suggestion
that the Treasury claimed authority TO increase
the issue of old leoatender notes IN exchange ior
cod. If officers of the Treasury really enter
tanned this opinion they have taken NJ further
action upon it, while on Monday the PRESIDENT
formally announced his intention of calling Con-
oress in extra session early in September. On ac-
count of this cnunciation of a distinct policy,
greater confidence in American securities and IN
the stability of the National currency was felt al
home and abroad. Interest in our securities was
reawakened in Europe and while purchases for
foreign account have not vet become heavy, th'
SELLING at least has been checked. At the same
time the Bank of England stock of gold WAS 81
strengthened by receipts from this country that
the governors Thursday reduced the official
rate of discount per cent. and on In" street ,Ie
price gradually fell below II per cent, so tla'
a further reduction in the hank rate may bc made
at the next weekly meeting. The effect OF the
lower rates of money in London, and with the
hardening tendency here was to put an emu, te IL
porarily at least, TO the outward movement OF
gold. The increasing stringency in money In tins
market was due chiefly TO the excessive demand
from IN, n'eror II was W able 70
the demand without reducing their reserves ma
teriay The shipments OF currency eNciteh no
alarm, hut on the contrary, no litte SATISFACTION
popularity entertained because the money sun
remained in this country. II was thoroughly un-
dcrs GOD that the shipments TO the interior were
merely to meet an extraordinary emergency. and
would quickly return to this centre. me loans
of the city banks, however, approached uncon-
fortaby near to the amount of the total deposits,
and perhaps a prolonged continuance oil the IN
terror movements would make necessary frequent
calling of loans to supply the currency, In that
event rates for money IN this city might Dc con
siderably higher even than they are now ANY
advance would be a further obstacle IN the way
of gold exports. and for that reason would not be
an unmNed evil OF more consequence was the
collapse of the speculation in grain at the West.
Wheat has ia, en to the lowest price touched since
the civil war. 1t declined in spite of unfavorable
reports in regard TO the winter wheat crop. which
it difficult to obtain funds further TO carry it. The
immediate result Of the decline was eager buyng
for export to Europe, and from now on we shall
be able 10 pay our foreign OBLIGATIONS with agri-
cultural products instead Of gold.
Moreover. if the merchandise exports should
become sufficiently large while the imports are
steadily shrinking, there would b. excellent rea-
sons for expecting. in the course Of two weeks, a
return flow Of the precious metal This would
depend a great deal upon the permanent establish
mcn of confidence IN Ameic c,hr secuGe ns,ora
the time fixed by the Administration. and if
prompt repeal of the Sherman Silver law shonll
follow its assembling, the European demand l,r
stocks and bonds would become enormous. Al
present Europe has no speculative holdings what
aver and, in fact, has greatly lcssfncd what w"r"
supposed 70 be its permanent investments Inc
2rowth of the country, the increased business
which the railroads are enjoying. with IA iar
maintenance o. rates make most Of the standard
stocks desirable investments for those who have
idle capital. 1t would require only LITTLE Iii
crease in confidence abroad 10 bring about heavy
exports OF securities That confidence has been
reawakencd by the mere suggestion that the
Sherman Silver bill may be repealed WITHIN
few months
The course of prices at the Stock Exchange
in the last half of the week proved that ~"
enforced liquidation had ceased, and that IN the
depression many stocks had been forced below
their real value. ST. Panl, for instance. was the
most active stock but il hardly declined below
the last price week ago, but in Response 10 the
fresh demand advanced over 3 per cent, and cIpse1
virtually at its highest point. The same thing
was true of other stocks i'll the granger group;
Rock Island was specially active. but 1t advanced
quickly especially after the publication of IT'S
annual report This showed an increase IN gross
earnings Of 1920 per cent, and of 6.@l per cent
in net earnings The PASSENGER carnlnas ,, iron
were increased nearly ] ; J.? per cent, ana the
increase in revenue from local freight wa, over
1928 per cent. The percentage of operating ex-
pcnses TO gross earnings 3D. against 66.27
in the preceding year. The report gave great
satisfaction to the friends of the company The
stocks which have an international market We're
also extremely strong, and, III spite OF ialS re-
ports in regard TO the company, Eric advanced ,
per cent, closing at its highest price. Louisville
and Nashville ganed in the week ~ per cent,
and Northern Pacific preferred 3 IS pr cent.
The advance in the last-namc1 stock was in
fluenccd by the official announcement that inc
funding scheme had been concluded successfully
The bonds, as well as the stocks, advanced rapidly
in consequence of the announcement. The re-
organization Of the Richmond and West folnt
Railway Company will also be success, because
AZ the close of business yesterday about 90 per
cent of the securities md large majority of
those OF the constituent companies had been de-
posted with Drexel Morgan & Co. As group
the industrial shares were active and materially
higher CHICAGO Gas, which was second only to
ST. Paul in point OF activity, closed at an advance
of :, per cent while General Electric gained over
3 and Sugar 3 ga per cent. National COrdagc
was an exception by suffering II further small
loss, but the terms Of a plan for the rcconstrnc-
x,.il h. d.. liz ..plt
this week The only other decline worthy Of
mention was fractional loss in New-IorlS anu
ew-England. As a rule, the closing yesterday
was active and almost buOyant. Last prices
were generally the highest for both the day and
the week.
Following is our usual table, giving the number
of shares sold of all stocks, the highest lowest
and the final prices of the week, together with
the final prices of week ago, preiiXed by the
average prices of June IL, 1892
WEEKLY RANGE.