New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-18
Tosl &C co's.SIo oio o7s sss5575 DEE 81 1880 IL
THE WEEK IN WALL STREET.


Speculation at the stock Exchange was prac-
ticaily stagnant. AS rule prices of stocks
nuctuatcd on extremely narrow limits and. al
though final changes were usually declines. the
Losses were not serious. and exceptions were fire.
quont The volume of business fell consider
ably short of 100000 shares and excepting the
industrial stocks. the trading was excessively
light. Sugar Refining retained the foremost
place in point of activity. and in spite OF a
sharp rally toward the end of the week. II su'-
fered loss OF per cent. Dsting and Cattle
Feeding quie: but firm. and 1t closed al
fractional advance. Both stocks continued 10
he influenced by contradictory reports iron
Washington in regard To tariff legislation. oi
the other industrial shares General fiectil. WI
conspicuous by its comparative activity ana itS
great strength. Although Ii ended fraclonaiiE
below its highest point. II scored hnat adj
vance of about per cent. Chicago Gas was If
regular. bat IN the main strong. and it recorded
a fractional advance. The movement was pop
ularly supposed To be largely speculative As
group the granger stocks were depressed by
actual falling of in earnings. and 10y fears that
further decreases would be suffered during me
next few months. They were subject paiu'u-
larly To vigorous attacks by the bear faction
but their final declines were only fron TO per
cent, with the exception Of St PAU. whlch was
next to Sugar Refining in volume OF busiheSI
Its final loss in the week was 2is per cent. II
viii be observed that In spite Of the duness the
general movement of prices was not pronounced
in either direction.
For the universal lack Of interest in stock
speculation there are many excellent reasons.
The foremost. and undoubtedly the most lnllu-
entail is the uncertainty in regard - e. '.''""
and financial legislation at the present session "l
Congress Ii promised that there should Dr. no
great delay IN securing tariff reform but apparent
Is this expectation will BE- Gisapnoni 4. Fnf one
thing the sugar schedule has not been uehhi''lF
ARRANGED, and it Is not plain whether IT" uu't
refined sugar VIII be reduced: V one w.
on all grades Even the majority Of the WAYS
and Means Committee IS not wholly agreed IN r.
gard to the sugar schedule. and the dnercncrs ~
opinion become more pronounced and biit,r A.
IL, =f, ,
srnce Or unanimtN in regard a. some "' ~
revenue provisions Of the tarif bill ahu ~ w..
i'm Congress or ont Of II may cohicAliN a.-'I'
that the tax on distilled spirits may not ne rds'u
The present Government IS sire nuousy III avn
If tariff reform. but at ire sam" u'ic H. - ~
fronted with a large ana dangerous ~ ~ !" ~
Federal Treasury. The inexcusable decay IN pr
paring and presenting to Congress S"El" ue'n.
fnan.ial motley does not tend 10 strengthen pu"-
lie confidence For political reasons pr"9,'
the Administration is averse 10 an ISSUE VI -
either to meet the ordinary disbursements o. tl'
Treasury or TO restore ana supPor, ~ -,
tender reserve. In consequence ~, 1 80 de-,
Department is drifting along from gay 80 ~,
with gold balance over Sl6Vooo,v "''." o',,
which il ought to hold, ana IN inc lac "a " w..
stantlv growing deficit in the GoVc!hihcIl i'N
enues Thus far in the presrn' mont" 80 t eno CO.,
nanses have exceeded re'eiPiS D! pNr'
and since the beginning OF the fscal y'hl ,''
ss amounts 10 nearly $33,000,0OO. There Is asp
great uncertainty about the ac'loh ~ .. =,
- ~ooard TO the tax on the circulation ." So
hanks The legislatures OF AZ leasl ~ no nr
S.ates have passed bills providing Tor inc o.
eaniZation Of State banks in ahtGliatlon -, r'-
Teneal Of the present law. lhert i ,ar,. -
~ snsn,cjon that in some way the secretary 81
| r. Treaeury will attempt 10 use Wha' ~ can"
seigniorage although the siVer Do"bN' "'D'' '''
| Ia,r ~ 1890 has not yet been cohlFu. .,- -,
'am - ,h uncertainty In regard to the ac'loh "i
Congress and the absence OF conpfche,'' ~,
! financial policy by the executive yl'. ~, ~ ,iii.
f.ovarnment il is not surprising iiat ~, ~ 49,
! a, home and abroad display utteI Hi''ili., T.,
While Europe has not SOLD many s a,i,i icee
~ iost week It has bought PERHAPS sun -, -
ff nfilH
! nnt bren An important factor II mus ~ ,,
,no,,hcrcd that large amount OF N',l' -,
railway securities are IN get"u, p.,dng Union
Necessary to mention the Erie ftea9hk,
| n,c6r and Northern Pacific railroad cI"phn,'
80 annreciate the large shrinkag" Wh!ch nl%gy
! Cnrnion investors have been colhpel't - ,,, =,
- certainly ~ no encouragement 10Y l'''.', ~
increase their holdings in American ,,,h tio,
cen if the loss OF income on those VIM ,i'
| fraa,i,. have does not compel ire u.s. Oh 49,
az The outward movement oi e"iu gan
hardly be checked EXCEPT by reVNa ~
in speculation. Exports Oh n ','l, arc some
ti,na TO fan Off and although Imports arr 'h,,
u , :" a,1ier than they were a year ago. thcY
are still large. With The hiEn ran" ,ns ln,,.
| nnoney everywhere in Europe WIN III, htM
riccs for the agricultural prodtc'S VIII WEI. -
,rnarc up the bulk Of our nerchanose eAp,n a.
The ont ward movement OF goa - h9l aD'u' i :.
! a,.a went which It may reach is i"c'cIa -
nt,or NJ conjecture, but bankers with cNtcHS'Nr
rnreien connections anticipate large siiipi' ~
ana a subordinate officer OF ihe =. socnre
nnr,ment recently visited this city 20 80.
| pa s~,stonce of the banks 20 help the 1r-iSui '
81 meet the drain. The city banks are r1 rn, ~
sDecic holding more than the fcdeih 49,
"pr''h ut they can hardly permit their reserves
TO- be depleted by any extraordinary sh"'Id
If by any possibility shipments OF goa 1moI
!, so, 600 900 the city banks undoup'.uiy
,.o,,Id have the Treasury Department 10 luz
m meh' the precious metals to shippers ,,o pou.
plan for the reorganization OF INC EIl' c
',, ran Comnany will b. published early TINS week.
W., W. 'o';nal feature Il Is understood VIII be the
is ice ~ Of blanket mortgage Of probably SS a.
600 ooo THAT the plan will be accepted py
uyV,o ho,dors e. assured by the confidence
fo,, in the present management.
Eo;Iov;ing is the usual table giving me num-
| ~. ~ shorcs sold OF all stocks the highest
49,, ", I'D final prices Of the week, To-
r"fber with the final prices Of week age pTS.