New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-16
81 co's....s $40 10 2O7 80 oOs 1863 Dec ~ Coosif
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
The stock market last week was somewhat
more active. but the movement Of prices was
irregular and the increase in business occurred
largely in the industrial shares Inc 'o'ai
transactions were 1.oS9,i97 shares against
7Ol 500 in the preceding week. ana ll4l'i''' j"
the corresponding week year ago. Inc trans
actions in the three most active STOCKS "'"c"
were in order. American Sugar Refining DIS
tilling and Cattle Feeding and Chicago Gas were
considerably more than one-third OF the 'o'"i
business The sales Of seventeen stocks when
were foremost in point of activity amounted l"
over 900 shares. leaving only lfjooo shares
for all the other stocks that were traded IN
The manipulation of the industrial stocks was
bold and from traders standpoint success
full The extreme advance in sugar hehiill,s
was over . per cent. but its final gam was ohIH
a large fraction A still smarter rally occurred
in Distng and its final advance was rs pc.
cent In Chicago Gas the early improvement
not maintained and although us laS' ~ i,'
was nearly | per cent. above the lowest point
it suffered a loss of rs per cent. Outslue the
stocks already mentioned the moEeIi'em ,ao' os
prices was downward. The GRANGE st"'NH
were comparatively active and in the week
they lost from 2l2 to over w per cen,. IT.
evident on several days that 'hese So. 10
were exposed to aggressive attacks on ihe
part Of the bear faction but the declines iaIleu
to bring upon the market large onerinES -, %.
long stock. The largest decline suiIereu u!
any of the leading stocks was BIS per cent
in Louisville and Nashville, which was ue-
pressed by sales apparently FOR European az
count Union Pacific sustained MAJ i"SS %i
8 per cent, although it rallied fractlohany
after the official announcement tha' we
company had sought the protection oil the
courts. ,.,,
Apart from the manipulation in the industral
shares. which. of course, possessed no Icai SIG
niicance the course of the market was coz
troed largely by the varying prospects Oh thc
repeal of the silver law. Wall street Is not ye.
convinced that repeal will be defeated put III
the uncertainty. speculation Is SIMPLY aWal'ns
a decision Commission houses are DONG no
business on either side Of the market. ana In
consequence fluctuations are guided by Si,dlI
traders and professional Operators Iio, ,a'
Of stocks are not parting with their securities,
but on the other hand they are not addihg TO
their store. When the test OF physical enhui-
ance in the Senate was begun behel .na' d
vote would be obtained caused an advance IN
prices but the partial defeat suffered by tne
advocates Of repeal by the Adjournment OF tle
Senate early on Friday morning caused a shatP
decline 1T at once considered uoup'i.H
whether there was an absolute majority III
favor of the repeal bill. and certainly the leader
of the Administration forces was not supported
Loyalty 10y members Of his own party kepofts
of some sort of a compromise have been leVl'eu
but the statement by Senator Noorhefs .hat vi
his side compromise is contemplated - r. ~,
assuring In financial circles compromise Will
be regarded almost as full surrender iersohs
familiar with the situation at Washington as
seft that no compromise measure can ne ar
ranged which will be accepted by the Rouse
of Representatives and approved by the i'resl-
session of Congress will end In failure. ana the
present silver law will remain on tne s.a,n.e
books. The policy Of the Treasury Department
If the law should remain in force Is peine US
f,,ssed with great interest. Ii IL urged tby
friends Of sound currency that IL is enurey
competent for the Secretary OF the treasury 10
suspend purchases OF silver bullion on the plea
that he can no longer maintain the parity be-
tween the two metals. The Government 'H,
pendtures exceed the income, and the goid
balance of the Treasury has fallen to the lowest
point since the resumption or specie payments
IL is now over 81, 800 900 lower than II was III
June when the decrease excited general appie-
heueion In the last week Treasury payments
have been made almost exclusively in gold coin.
although the stock Of legal tender notes ana
other paper money has been permitted TO IN
crease. There may be "A method in this conduct
| Of the National finances. The stock OF sold IL
being depleted. however. at the rate oi ABOUT
$4,000 "A day. while the receipts oil gold from
customs are extremely small The result 10 the
Treasury, if This outgo should be continued.
might be extremely serious An issue Of bonds
might become absolutely necessary To meet
even the ordinary obligations Of the Govern
ment.
The condition Of foreign commerce is favor
able to this county, although the eNports OF
grain temporarily are falling off. Shipments
of cotton are increasing. and for the crop year
are not greatly behind the exports In the same
Ieriod in 1892 In ordinary seasons imports
Of gold ought to be near at hand. but the Ioi,
eign exchanges remain unnaturaly strong ana
AT the present rates an inflow il Impossible. ii
must be conceded that the principal reason for
the strength of exchange is the uncertainty III
regard to financial legislation.
The bs nkruptcy Of the Cnicn Paciic RAN
way Company had been discounted in the stock
market and the price Of the stock rallied
slightly on buying. evidently for the short ac-
count Immediately after the official announce
mert The effect OF the receivership on me
European markets has not yet been perceptible
That the rcceivership viii be long one IS
certain, because there can be no reorganization
without action by Congress In regard TO the sub
sidy debt. Efforts to secure an extension from
the Government have been made for several
but
some positive action in the premises. So far
as the company Is concerned, the interest OF
the stock and security holders may be protected
by the reccivership. and action Of the managers
in that respect Is undoubtedly wise and ju-
dicious.
Following is the usual table. giving the num-
Der of shares sold Of all stocks. the highest. low
est and the final prices Of the week together
with the final prices of "A week ago prefixed by
the average prices of October. IL. 1892:
THE WEEKLY RANGE