New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-03
Total 81 co's.s), 937 2c4 81, O3s, ga Inc sIo;
THE WEEK IN WALL STREET

THE WEEK IN WALL STREET
The stock market was more activa lac.
but the movement Of prices was eNceDtjonoIycek
regular 1t was treated to two SURPRISE n
TUESDAY it was announced that the Indian Goveu,na
ment had closed its mints TO the free cojn,nee Urn:
| silver. and after the close of business ons9E OK
day The President published his proclamoirrr'
calling congress together on Monday, Augua,
| for tire discussion of monetary questions ~,
/ actcn o. indla naturally caused a decline A ~
prices, whie the convocation OF CONGRESS a mn
earlier than had been eypccte1 caused sSasuu
! rally. The senstiveness of the m1rLat r 'Ndfp
perceived by reviewing the course of pricas 'S De
Monday they declined sharply but rallied "a ~
great spirit on the following day only n re "n
nearly as much On "Wednesday ON Thursla,' . .uue
market was strong but extremely ieverish a ,ns
toward the close on Friday advanced on conSdna.
rumors of an early session of Congress. BIt on
saturday the market opened bouyant ana dcclinSS
steadily, although early gains were not whou
lost. Final changes compared with the closir.
in the previous week were irregular ami 10y
nificant Excepting in the industrial shares iSs
variations rarely exceeded PEI cent. ard We ',.s
pretty evenly divided between gains and Nv
The closing dull and inclined TO he wosS
Speculation in railway bonds was Light in conSa
quence, principally Of the high rates for rnona' >"
Transactions in silver bullion certificates we,s
much larger than they have been for a lone ,in"
The price dropped to 81. and in spite of a ,, II~
to y. closed with loss of IL at 81 - TI
closing of Indian mints 10 the private COINAGE %;
silver settles probably for generation the nos
ton of sill yer a. 4 money metal IL is absurI 70
suppose that this action was taken without the
lull approval and advice of Great Britain III.
Bank Of England within two DAYS has refusal
positively TO make price on American coin n,
gold bars. It's stock of the precious metal i, ey.
tlaord1narlly large and yet II refuses to part with
II in favor Of the United States. Powerful and
prosperous as this country j.. it cannot maintan
silver on parity with god against the j1Ienent
of the rest of the world. The fall in the ny~s
of silver simply proves the futility of egi.,ppia,
State or National in attempts TO support v,ln~s'
The whole Of Europe, since the adoption of t5s
present financial policy Of this Government. has Y
been drawing gold from the United States. know.
ing fun well the results Of IFS vast accumulaion
Of silver And now Great Britain virtually de- e
Irivcs us Of one OF our largest customers for bull
hon silver, and more than that. il practically
promises within snort time to make gold the
basis Of Indian currency. II is great satisfaction
10 believe that this movement on the part Of
England viii end in the speedy repeal of the nras
mt sherman silver law. which for nearly tire, i
years has disgraced the statutes of the United II
states. The Administration has been quick 10 n
'r9gnlze the necessities of the country. aid a Il
all for an extraordinary session OF Conlress "a
consider financial LEGISLATION has been made
month earlier than was officially expected II d
i0t AT all certain however; that repeal Of tho
liver INV will b. accomplished without PROLONGED L
DISCUSSION
The silver party in, Congress will oppose BIT.
erly any change in the law which shall reduce 1
he Government purchases II is. moreover.
erious questio how the currency shall be main. \
aimed equal to the wants Of business if the I
ompulsory purchase of silver bullion and the
topped The popular impression that Congress l
MI repeal the law without delay after il has
ssenlbled is likely TO be disappointed. The
of the East has been known always and l
osslbly the recent disturbance in financial and !
circles may have converted many !
nrsons 70 the defence Of a sound currency Il
reported. even that some of the sO-callCi silver \
ings profess now that the Government pur.
Eases were never advantage 10 them. One Y
eyitable Consequence of The. decline in silver
ill be the restriction of the output Many
nrO1uca sill a
profit at current prices. and they WILL of course, Il
. closed There are Others which can turn ont
lvrr at abou' one-haf the present price. bat
nitcd
The general condition Of affairs in this country
not one 70 excite alarm E IeGsnt
are either weak or unduly extended The 4
rin9ency mas been continued so long that prob u
ly this element IN trade has been eliminated.
10 half-veary settlements have been completed, II
4 return flow 70 the city Of currency fror II
= country and Of gold from Europe may 500 I
expected The prices of grain; which have
ed European demand, and the low pNces %
lwav securities will prove an attraction TO
'estors. both az home and abroad. whenever
re seems II be fair chance that rho present y
ancial heresy is about 10 be abandoned u
ures little study of the general list printe1 In ~
other place 10 discern the bargains which may (
had for the asking. Prices of some of the A'
nde>t railway stocks in this country are from ii
10 30 per cent lower than they wsra at this 81
10 last year. and apparently the only reason 81
the decline has been the d>trust in rcgarl -
financial policy of the Government If the
cal session Of Congress shall devot' IFS atter- u
I. nor 10 the discussion of political matters. or
Of the tariff. bit 70 the prompt
cal of the sherman silver law, with the cnr-
cy questions which may follow from it. con-
nee will he restored, and money which is now
ne boarded will seek investment in the cheap n
securities anywhere Obtainabe. If Congress \
any reason displays hesitation the course Of q
eS AT the Stock Exchange may not safely be
llctel
n spite of gloomy apprehensions the only de-
Il in interest yesterday was that by tho !
a1elphia and Reading Railroad on IFS general
tgace bonds. This had beca expected since
failure of the proposed plan Of reorgani cation ]
consequently had littla influence. The r. Il
ers stated that the interest was only deferred 1
i such time AZ the affairs Of the company \
III enable them TO resume payment
GLOWING is our usual table giving the number
mares sold of all stocks the highest. lowest Ill
the final price, of the week. to,cther with I'M
final prices Of week ago. prctiXed by - mi
age prices Of June %, 1892: nJ
WEEKLY RANGE.