New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-21
Total ca co.'s .S6cGa.5s7 s5497197 Dec silGo3eo I'm
THE WEEK IN WALL STREET


THE WEEK IN WALL STREET.
Speculation in stocks last week was moderately
active although transaction amounted to less
than 100000 shares The movement OF prices
with few exceptions was steadily downward IN
the last two days American Sugar Refining iur-
nishcd nearly half of the business, iaing
rapidly about per cent on each day. It's maj
loss in the week was l1i2 per cent Under cover
of this fall there undoubtedly was considerable
buying Of other stocks for the short account;
and consequently final declines In the general
list were much smaller ST. Paul which was
next to Sugar Refining in point Of activity, was
depres"ad occasionally. and II closed only Y per
cent above It's lowest point. bur It's hnal loss was
only per cent Excepting Industrial ana speclal
stocks which felt the influence of the break III
Sugar Refining -and excepting. also. stocks OF
bankrupt railroad companies which are hable 10
heavy assessments in order to obtain reorganlza-
tion-nuctua lions were not wide nor final changes
extensive. 1t must be observed however that
the bear faction was evidently in control OF me
market. because the supply 81 ceftllcateS lvi
purposes Of delivery certainly was increased
Most of the supply probably came from Europe
but there were some sale OF securities by dones-
tie investors The European selling was SLOW
but constant.
The difference in the rates for money between
New-York and the principal financial centres 81
Europe is not great as 10 induce large VIII
drawals of foreign capital. II affords no satls-
factory explanation Of the increasing shipments
of gold These were continued and the strength
Of foreign exchange indicates a further loss OF
the metal. The reason may be found III the as
turbed condition Of our National currency ana III
the uncertainty in regard to the action ol N'i'-
gress. This country cares little about the de-
pletion of the gold balance. because II mas the
greatest faith in itself. In spite OF errors which
fla representatives In Congress may make
Europe. on the other hand. regards the SITUATION
in far different light. because II foresees what
In ordinary circumstances must DC me SURF re-
suit The Treasury gold balance mas 1dIlen agdIh
to about SS6000OOo and the exports !'S'cIun.'
Of course, do appear in the weekly statement
Imports of merchandise are contracted anu pa!
1nent Of duties is in the cheapest FORM oI our
currency Without specific action by Congress
the Treasury Department Will be forced 10 reE
upon its present authority 10 sustain the suIu
reserve and there would seem to he no escape
fro-T another issue Of high premium bonus II
is a question where the Secretary OF the treas
ury Will find market for II. ne can MAJ naIu ny.
sell the bonds 10 the NewIork banks, ana ne
would find IL equally difficult 10 negotiate them
abroad. The position in which he mas himself
with q constant outflow Of gold, u most en-
barrassine one and solution of the problem re-
| olires ability Of the highest order. NO goid is
| going into the custom houses. but GoIcrhhl'h.
Disbursements must be largely IN goh' OF a., ~
once parity between the different IoIlhS VI Ou'-
| rency will fail to be maintained.
In addition to the doubt in regard ID ue
CURRENCY are the labor troubles. which are
| mo-, vnt settled and the disturbapce in railway
! rates which are being cut rclenjlessly on az
| count Of an insufficient volume OF trah.' IL was
| expected that "A settlement II the strike IN 'hs
! btuminous coal folds would have peer Tea'nG t.,
! last week but ii not accomplished ana ~
| several sections of the country the lack Oi s"l'
| coal Is interfering with manufactures ana even
! ,ri,h TRANSFORMATION business Railway rates are
! a g,oI jc1l demoralized. although in some IN
! stances there have been new agreements. rVn
| ,anv vaars railway managers have solemnly
| sworn 10 maintain freight rates. bui from their
! meetings they have gone merely 10 order their
! subordinates TO secure their usual proportion u
| the traffic. - ~. s.oo,,
| In view OF all the circumstances, the STOCK
| market displayed extraordinary strength, ana IN
! spite OF the decline the market showed no III
! nerent weakness.
| Following Is the usual table, giving the mum
ber of shares sold Of all stocks, the highest Io"
| est and final prices Of the week, together win
/ To- final priccs OF a week ago. prehNcd by the
/ average prices OF May 20. 1928: