New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-07

oP 'iJn. An unwieldy short ipto,os. $500. Il,
{, large part 81 t ioaning rates for stocks and
protect contracts. The course of ME- was ~
ran; IVY .r, ana at times the huctuat"ps vera
GENERALLY wnt' ' M, me developments in the week
80. 'rl' not favorable TO the advance in
pnices. me imports Of gold. or r,tbrr dh. ~.
easements iof Importation Indicated a larg. in
the Rank nr r n"i, 3ut They became larg. that
t,L r ~ i-'sianu nmeuiateL. rai.ad its pric -
oo'i Iof ilals and American coin and ~ the;r
s"ra ,,eeang the governors of the bank sd-
an i'' hiIninilln rate OF discount from l..
TO per cent. This had the inst,ut nfoct Of
s11!TInStIc"ihg rates Of exchange ON London and
.i. 49,, noiHe engagements wara reported after
the advance Ill the bank rate thcr. can be NJ,
dOuDt that, temporarily AZ Ir,s, th, ''nva,,.nt
mas Deeh cl"c Ecd. The open market rate for
nion'S III London is significant Of a further adj
Of gold .bonIa y a. , ratt 4 further Withdrawals
OF which are arriving will proponIv r..,rh about
,h ,"U o ihis VIII an6id partial relief u
the money market, esD,c ialN If the MIX Of th,m
should ma logging place m lin. discount banks
An3'h'r iclici winch will soon be felt wiz he AT.
IL, ;n ~N .nc a'tioh VI many of the city banks
dacIm ,'d ~ 'h",r note circulation. The recent
aii, III 'ht price of Government bonds has
"haried item proliiabIy to take ont new crcula-
,hoa' H2m'whcie from SI2.oOo.OOO to $l5,OOO,-
ooo Will l'c avail able in the market, through this
means n still larger amount could be procured
II ,9hsirss w"-ld modify the present law 20 that
,lle ranks could take ont circulation to the par
!"Iu' vi me bonds An unpleasant feature Of
the situation was the extreme scarcity of mall
money ana premium at times high as :;
per cent was paid for notes of small denomination
III" scarcity affected indirectly the stock mar
ket only, because il tended TO interrupt some
branches of mercantile business. OF still greater
consequence, 81 far as speculation il concerned,
especially IN the Eastern States. In Massachusetts
ana Connecticut the movement has become al
most universal, and in some cases mill owners
have announced that the stoppage was for an
indefinite period Many of the railroads. par
tlcuarly in the West, have begun 10 feel the
cnrtailmcnt OF business. and besides strict
tlenchlncnt III expenses some Of them have re-
duced the number of trains This necessary
economy is sure to affect adversely the gross
ings of the companies, but il is entirely possible
that the net earnings will make a favorable COM
parlson with preceding years.
In addition to the hope Of relief through imports
of gold and on increase in bank note circulation,
'her:' is a popular confidence in an immediate
repeal by Congress Of The sherman Silver law.
az least much of il as c0mpels the monthly
purchase of silver bullion. Congress will meet
tomorrow in special session. and il is thoroughly
understood that the Presidents message will make
no recommendations beyond the speedy repeal OF
the silver law. 1t is expected. confidently, that
Immediately after it's organization the lower house
OF Congress will take prompt and decided seton.
he vote in the Senate seems to he more in doubt
hut the public pressure may move that body TO
similar action. There should I've in neither branch
unnecessary and foolish delay. The fnanciai
mercantile interests OF the country demand
recion of our currency error, and the expectation
of immediate action ought not 10 be disappointed
for political purposes
While the movements Of prices were at times
tcvcrishly uncertain, the final advances were large
and substantial. They varied widely and per-
haps IN tina: respect they indicated the extent
Of tn" short interest in the various stocks. After
the publication Of the bank statement yester lay
prices slid of easily. and consequently the closing
was moi AZ the highest prices for the week In
spite of this recession ST Paul closed with a
final gain of per cent Rock Island. and Chicago.
Burlington and Quincy with gains Of . Is and
"a per cent respectively, while stocks like
Chicago Gas. General Electric and American Sugar
Refining gained from TO over l. per cent, and
Sterp Tel |
per cent below its highest point, scored an ad
vance in the week OF over o per cent. The bust
less was not well distributed. and with the cN-
cepti0n Of ~. Paul the heaviest trading in
the industrial shares and specaltlcs.
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 a week ago. prefSed by the
average prices of August g. 1892