New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-11
THE WEEK IN WALL. STREET.


Speculation in stocks last week was nearly
at standst The trading was almost eXclu-
siyeIv local and professional The volume Of
business fell considerably short Of lOOOooo
shares. anu even this was divided meveniy.
American Sugar Refining and Distilling and
Cattle Feeding were the only stocks in which
transactions exceeded 900 shares. They
were exceptional also in recording shali au-
vanccs. IN these two stocks the transactions
we've fully one-lourth OF the total business.
The fluctuations in Sugar Refining were I'M
usually narrow, and even in Distllhng they
barely reached per cent BON STOCKS were
affected in large part by contradictory ruihors
from Washington in regard to the Tarin ana
Revenue bills. on which Congress viii act. Inc
sharp advance in Distilling on rrldaY was , cyl
IDENTITY on rumOrs from Washington, Wnich
naturally aroused the suspicion thet an Increase
in tie tax on spirits would hnaliy be aduptcu;
The reaction yesterday wGs nearly as raiHu' anu
for the rumors for an increase IN the TAX 'neic
was no authoritative confirmation. The actlOn
Of Congress on the sugar schedule Is Teporleu
also to be in doubt and 1t Is possible .nat a
small duty may be imposed on all grades Oh IA"
sugar 1t is entirely plain that some provision
for the payment of the ordinary expentn'u'eS
of the Government must be me-, i tro' III
under the existing law the receipts from an
sources are steadily below the expenditures III
the last week the excess Of expenditures was
over 81 1000. and thus FAR In the iSc"i !ea'
the excess is about S3l,OOc,OOO.
Great disappointment was felt In wall stree,
that the Presidents message To Congress un
contain a
cial policy. It's principal recommendation was
in favor OF "a reasonable delay which alone: IN
the opinion Of the President, would decide what
additional legislation might be necessary ~
&c ,r,,e that since the repeal Of the compulsory
purchase clause of the Sherman silver law cor
fdence in the stability Of the National currency
ro~ been greatly strengthened, H not Wholly
restored At the game time 1t would seem 10
be necessary that at the present session OF Con-
gress some action should be taken looking 10
an increase in the Government revenues anu
IN tho protection Of the legal-tender reserve.
With constant waning balances: the Treasury
Department can hardly expect forever 10 UNI
as II Is now doing and If tariff and revenue
laws shall be passed which VIII sun fuTth'r
reduce the Government receipts an Issue oi
bonds would seem 70 be necessary, anu AT any
rate. authority should be gwen 10 the SECRETARY
of the Treasury. even If the emergency whlch
might compel issue Of bonds should not III
mcGiately arise. ,.
Mt which exports OF gold may be made az Il
profit was the most important ana slsaltdc"ii'
event of the week shipment or s'"o'oO, u
Germany was made yesterday. ana one or Two ,wD
small engagements were cancelled. Inc opuioW
OF gold is unreasonable. but al the same uhic
NOT unnatural. Rates Tor money everywhere III
Furope are higher than they are In TINS cpnh-
try and az course. money seeks ineVtapi! the
place where its employment IS most pTonIdple;;
Tho rate Of discount in London has stllcf.'
steadily in the week, and an advance III LIZ,
official discount rate Of the Bank OF h.nEi""H
is anticipated. with the present condiIio" ~
our foreign commerce. large exports or soiu are
hardly probable unless Europe should return
considerable amounts OF railway securities me
advance in exchange leads 10 the preSunpuoh
that Europe has sold rather more than IL mas
houpht In the week, and that its necessities may
comneI IL TO make fresh sacrifices. me extent
If ,be outward movement Of gold viii depend
largely therefore, upon the buying or Selling OF
securities for European account. Inc 'r -,
selling of Atchison stock and bonds may nave
boen partlv speculative and II Is not iinpoSaIDic
that it was with the purpose or cofnpeIiihB r"c
company 10 accept terms for the extension OF q
loan which the president OF the company "e"t
abroad to secure. II the selling was Ior .ne
short account II was not wholly SUCCESSFUL pc
cause evidently 1t dislodgcd no large amount ol
long atocS held in this country. This iact ~ one
OF the conspicuous features OF the current HPecu-
Iatior Money is cheap That there IL no III
ducereut for holders to sell securities. especiiiy
~ retufn I'm the way Of interest end diNldehuS
&C. reasonably secure Holders OF stocks. inoeeo'
are reluctant to lend them In the market az tne
nresent low ratcs for money. The market ls' III
Sact AT n complete deadlock for investment buy
;no evcontInc In bonds OF a high grade has Deeh
for some time extremely light, while the sever
oct attacks by the bear faction have failed TO
increase the supply OF floating stock BON
sidcs of the market satisfied TO await events
either In congress or in the European situation.
Following 10 the usual table giving the Slum-
her ~ shares sold Of all stocks the highest
Jnvest and the final prices OF the week. TO-
gcther with the final prices Of a week ago pre-
fixed bv the average prices OF December TO- ls9z'
THE WEEKLY RANGE.