New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-01
Total 20 cos s69i717o Ell % Inc. sl75.s3 -
THE WEEK Al THE STOCK EXCHANGE.

w =
Bv far the most important thing in the last
week was the official announcement by the fr'>i-
dent of the determination oil the present "oNcIn-
ment to exercise every power to MAINTAIN 'nc
public credit TO keep the public faith; ana 10
preserve the parity between gold and silver, ana
between all financial obligations OF the GOVERN
men, There can be no further doubt IN regard
10 the financial policy of the present AdmlhlStfa-
ton The assurance ought, perhaps, 10 nave pc.
more prompt, but il better late tIiah 'Ih'
discrimination previously suggested by thc oc!V
tarv of the Treasury should have been rc'ortrd TO-
The announcement did much To restore cohldcmcI1
i'm the stability of our currency al nome a'i.
abroad No one now prctcndS 10 uouot ,H't
specie payments in this country Will he MAINTAIN,
AZ all hazards 1t is equally clear that no issue
of bonds will be made until 1t IS compelled ny "a
serious emergency II becomes, Therefore, srdsc
question what methods for preserving panty W.
tween the different kinds of currency me reas
ury will adopt. The proposals made by 'hr So. i,h
leading bankers are not only ilnpractcdsed ,,u'
they eervcd again to show his lack OF man,
ciai knowledge and ability. IT would ,or u"
impossible for the city banks 10 rd Mr,'
cold on a mere Government memoranuInni'
and certainly they could never adopt poolnn5S
arrangements with the Federal Treasury. ne ne
IN the Government and besides they are required
by law TO maintain in lawful money TEST
equal to at least onequartcr OF ,n,r
They could hardly cell GovernlnenIt Hrm"i ar
dnm cithcr specie or lcgal-tendcr. Inc roo, vi
the evil indisputably is the compulsory pnrGn i
every month of 100000 ounces OF silver @ nf
d
$780, almost any means wonlu S'Fii u 90, ~ ~. Li
fed The President. in his statement, ana ny M
delay in calling an extra session oil i, o"Ii,, ~,
finally cOnfcsscs that hc cannot secure inc icPv'I
of that niu,litous law without giving the country
an ohiect-lcsso in finance. l" DO IN, ne VII vi
the gold now in the Treasury uhul ,hr rsii
tender reserve las fallen TO such point thal ia
his opinion a serious emergency Is AT manu-: 49, iHr
reserve has been impaired by several ii' e,nn
the net balance on Thursday iailihg ncioW go a.
coo. 600. and Yesterday il was Only $50, 3o5 80
No ono ever supposed that panic wouio loloN
Immediately the first cncroachmcnt OF th.' iuhu'
but who will DECIDE when the danger pom" WIN ha
been reached? When will il be reached W hcn
the reserve has been rcluccd to S1o,oo"'ooo' o'
10 S25 900 900? 1t might be proper, also TO ~
quire whether bonds viii probably DC so,d h nn
more favorable terms wien the reserve fnnd MAJ
been completely exhausted, ana when we al l'I ~
to admit that we cannot otherwise MAINTAIN y"i.
navmerts The experiment of teaching IN" Nes'
and south rndimcntaIy principles OF finance may
become a dangerous one. The attempt III effect
means a serious disturbance OF the money mar
kcts and possibly distress IN mercantile p.1 In -
as well as in speculation. INDICATIONS OF ,ne r.
| rvitablc result arr being furnished dallN ny 'c
announcement of bank and mercantile failures III
almost every section OF the country y hlDNe'i'Ii'
of this kind, when once under way, 'dnhpt ~
checked by the mere WAVING Of one man manu-
The West and south may finally be brought 7"
their senses in regard 10 the lnnnchce oil IN"
Sherman Silver law, but in I'll" mean tline many
innocent people who have never shared N inc
heresy NAV have suffered irrctricvablc loss
In tLc circumstances it j. not surprising 'ild'
there should be- little speculation in railway Sc
entities Indeed the stock market last week di'-
plavcd RENAL kable strength ana couriGc. .he
| ,vncl; was interrupted by holiday, Dut IN"
transactions although smaller than those OF inc
,rrrcding week, were considerably larger than
those in the corresponding week last year ne
| inward movement Of prices eliminated at l''
ornnino on Friday morning and for the last two
DAYS of the week ii Was reversed lhlia teipIIa
and Reading was the centre OF interest anu alor
an extreme advance of over per cent IL "'S
| an cvc@ptjon in closing with gam 0l -. - per
cent. The sudden rise was due TO the PROPOSE
to increase the burdens OF the company ny H;o,
fresh issue Of S3O,00O,GOO bonds. ne r''li'
| which the holders of the stock ana Junior ~
! curitics felt because they were not "pie'u ~
ray q direct assessment causei oonIanN III ,, ha
| .tocl, and income bonds IN" details OF inc
! ulan NAV not have been fully ARRANGED, ana, IN
| f.ct no official announcement has been ma1"
At the same time an issu" Of pohns 10 VIZ ~
would render almost impossible nope OF dlvluehis
an thc stock Of the company, while interest ON
The income bonds would be postponed during NJ
follr wears of the proposed voting trust ~ "ouu
.ecm 10 be a better course 10 rcorganzc IN"
| rompany on the actual value Of the property
| and its real earning capacity IN" cihis-ioi VI
| uew securities every time that the company has
! ecn brought; by natural Gauss OF mp u'",,
mana cement into iinanciiI cinbafraHih'h, Jns''
| TO cease. such rcorganlzatIons are SIMPLY d
| dclueion 10 the owners of the property. y minor
! incident i'm the week : speculation was a 1.ll OF
| as per cent in Toledo, Ann Arhor ana Norm
Michigan. II fell from 80 IA TO ~ ~ ~ anu r
! rallyinp 10 T. ended with a loss Of over 20 per
| cent This property has been placed III ia"
/ hands of receiver in consequence Of the reckless
ambition of its managcincnt. The inll Ian ,lto,c
| infueuce OH the course OF the general flarh''
| unl+, it excited little suspicion That th'fc
night be other companies seemingly prosperous
which were suffering from IN" same nalady. An
other active stock WAS Dstilling and Cattle
Feeding, which decline, steadily and closed At us
| lowest point. with Il loss Of over , per cent Oh
! tbc announcement that the management WAS about
! 10 issue AN unknown quantity Of bonds. The onIy
other stock worthy of mention, is American SUGAR
Refining. which, iuctuating slnggshly within !.
range of 4 per cent, closed absolutely without
| Change In the last two days the downward
| movement of prices WAS decided and general.
/ Last prices were not the lowest for the week,
/ but the closing was dull and heavy
| Following our usual table, giving the rnmber
! CT shares sold Of all stocks, the highest, lowest
and tic final prices Of the week, together with the
tina! prices of a week ago, prcfXcd by the average
prices of April 80. 1892
WEEKLY RANGE.
RAILWAY STOCKS.
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