New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-12
Total % ss3i2,C3o s6eS7c25 Dec si.3:5.co5 Ii
THE WEEK IN WALL STREET.

Total % co.'s 3i2 $50 s6oS7 o25 Dec i325GO5 1873
THE WEEK IN WALL STREET
Speculation in stocks last week inert and
spritlcss The volume of business was about the
same as it was in the preceding week. amounting
to S27 1872 shares. or this amount however.
American Sugar Refining furnished about one
third and in no other stock did the transactions
reach even 10000 shares. The movement in
Sugar Refining and in one or two other industrial
stocks controlled mainly by conflicting re-
ports from Washington in regard to the action
Of the Senate on the tariff and revenue bill
Fluctuations in Sugar Refining were extremely
narrow. but on one or two days the market was
strong on buying which appeared to be FOR the
short account Previous losses were virtually
recovered and at the close of the week its final
loss was only an insignificant fraction Although
much less active. Distilling and Cattle Feeding
was strong in the belief that the Senate would
eventually raise the tax on distilled spirits from
10 TO - cents gallon more IMAM the lhcrri "a.
/ imposed 10y the lower house Of Congress. This
stock closed materially below its highest point
but nevertheless recorded "A final gain OF 1i2 per
cent General Electric made the same advance
on evident improvement in the business and
financial condition of the company. on the other
hand Chicago Gas declined in consequence OF
speculative rumors from Chicago. ending with
loss Of Ia per cent. In the railway list the mar
ket presented no interesting features. with the
exception Of St Paul. which lost per cent. the
dealings We're 50 light that they possessed no
meaning. As a group the Granger shares were
inclined u be heavy. losing on an aVeraS, ABOUT
/ per cent in consequence partly OF railing OF
| in traffic and still more Of the heavy decline in
the price OF wheat. 1t argued in Wall street
/ that farmers would be unwilling TO sell wheat at
I the current price and moreover that the spring
planting would cover a much smaller acreage
than usual Outside the stocks already men
toned the dealings were small and the fuctua-
tons utterly insignificant.
The new Government loan has failed 70 stmu-
late either speculation mercantile business. SO
far as trade is concerned this perhaps is not sur
/ prsing while the action Of Congress on eco
homie and financial measures remains IN doubt
....1 l...t. n No
/ success Of the loan and the restoration OF the
| lega-tendor reserve would inspire confidence IN
railway securities. Beyond little trading IN
/ bonds, which throughout the week were IN ROod
demand. the markets remained lifeless. The
! Treasury now holds something more IMAM the
500 600 900 gold required for the redemption iund
Entertainments on this reserve were made In
April last year. and il is encouraging TO see that
the fund has been restored or the SaS.0ooop IN
round numbers which the Treasury Will receive
from the principal and premium on the bond
issue all but about s. 900 has been paid IN
Ii is Interesting TO note that the Treasury mas
gained in actual coin only S2s.s23.3O3. hut gold
certificates on hand were increased by s325Sa20
and the amount outstanding reduced by sl635-
600. other paTmcnis on account OF the bona SUP
scrption evidently We're made In ies,i-trnder
and Trea sury notes OF the old legal-tender notes
the stock in the Treasury was Increased by
s. g35 Gl6. and the amount Of outstanding certn-
Gates reduced by 100000. while the amount OF
Treasury notes issued under the law Of 1890. now
held in the Treasury, was Increased by St9S@" o."
These changes aggregate $i1396.1 24 ana IA the
pavment of subscriptions amounts to about
$50 900 600 II is evident that the Treasury would
have suffered another loss in cash If il had not
been for the bond issue. This Is entirely
reasonable inference. because the Government
receipts continue steadily to fall below the neccs-
sary expenditures. and thus far this month me
excess is over 81 100000 In the iiscal year 'ne
/ excess Of expenditures over receipts amounts 10
nearly $i7 100000. while IT Is admitted by officers
OF the Treasury that large payments Oh az
count Of the sugar bounty will soon have TO be
made and that on other accounts payments nave
been deferred Even If the remaining supsc1p-
oh. no
gold coin The Treasury would hold In excess OF
the legal tender reserve only about *iooooooo
Unless another issue Of bonds should De MADE II
NAV no questioned whether the Secretary or
the Treasury will be able for more than mon,h
or two maintain the reserve AT sloo,ooo.vVo. J..
would SEEM. therefore. to be hecessa'! ma
Congress without further delay. should author-
ize a new Government loan at not over . per
cent interest. 1t is exceedingly donnt,. II an
other issue Of high premium poHuS cou'' Nv ""'-
! cessfully hoated ,
Perhaps the most important developments of
the week occurred outside or wal otrtr, n on
silver and wheat touched the lowest points ever
recorded The fall in the price OF silver once
more demonstrates the utter futillty OF main
tanning an artificial price for any product: Inc
United States failed TO maintain the price or
silver and now the India Government prac,lcay
confcsses its impotcncy. Whether the uecllne
will have any influence on our foreign 'o'ei, -,
&c not vet clear but Great Britain certainly VIII
suffer severely In its Eastern trade IL was ione
suggested in this column tnat ,',e rSsu ha VI
the monetary conference at lrusseis hieht nave
been far different If the Sherman silver law had
been repealed before this country sent its ueic-
gates to the meeting. The fall In silver when
he's boen gradual would have been preciptated
fv the reneal Of the Sherman law, ana European
nations would have been more READY 10 discuss
plans for the larger Of silver In international
currency. In regard to silver. which now Is
mere commodity. the old law OF supply ana de-
nland remains pre-eminent. one advantage on the
decline i'm the price will be natural check to
production Already II Is reported that some
mines in the West will soon shut down because
they are unable to reap profit from bullion at
thc present market price. The mining OF god
ON the other hand will be stimulated by the
low price Of silver
ber of shares sold Of all stocks. the highest low
ost and final prices Of the week, together with
the final prices OF week ago. prehXed by the
average prices Of Feb. II. 1893
THE WEEKLY RANGE.
Actual sales No.
Law Eel Feb hal