New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-22

Total 81 co.'s. :s44co727 s4o2ooo4 Dec. s3772a os
First week in January.- s-,o-o,, .,,-,,,,-s
s. ss&s sis9 Dec Dec ol5s 1s
Total SO cos EOS 1913 s,acoi7s 500, ia5 AS
THE WEEK IN WALL STREET.
The event Of highest Importance so far
speculation Is concerned, was the announcement
late on Wednesday afternoon of an issue OF s1o-
600 900 of Government bonds. In asking Tor bids
the Secretary of the Treasury liked the upset
price at $1l7.223. thus reducing the bonds TO
3 per cent basis. 1t has since been announced
By officers of the Treasury Department that
subscriptions under the call have been large.
and IL is estimated that they aggregate over
5000 900 900 Some of the bids are reported 10 lie
considerably above the minimum price fixed by
the Secretary, and II his expectations should De
realized Ii Is probable that the loan VIII De
placed at the lowest rate of interest AT "nich
any government ever foated Its obligations
While prospects of success appear therefore 10
be extremely bright. 1t will be interesting TO
learn the source of the subscriptions and OF the
gold with which they INST be paid: Na'i lnd
on account of the law regulating their note CIR,
culaton. For different reasons the issue VIII
hardly be a favorite investment abroad. ana 80
far as can be learned no European subscrp-
lions have been received 1t is reported that
foreign syndicate is being formed for the pur-
nose of taking the entire issue. but the rurnor
has not been confirmed absolutely, and II may
be that European bids will not be put In untl
the last moment. Bankers and bond dealers IN
this city declare that they have not offered any
subscriptions and large life insurance COM
pany. which had offered to take al par S9oocooo
OF per cent bonds. has decided not to subscribe
to the present issue. 1t must be Inferred that
the subscriptions which have been received by
the Treasury Department have come from say
ings institutions and fro;a estate and trust FUNDS.
and perhaps from individual capitalists.
According to the Treasury circular the SUD-
scriptions must be paid IN gold coin IL IS a
matter OF great interest TO know from what
sources this gold will come. the permanent IN
fiuence OF the loan on mercantile business anu
stock speculation will depend largely on ms
question. IL any considerable part oil the athount
which will be obtained should come forth from
private boards. or even from the stock held by
National banks. the influence OF the loan would
be highly beneficial. II. on the contrary. large
part OF the amount should be obtained from the
Treasury on presentation OF other kinds OF cur
rency. the influence on business might n9i De -
grateful To be sure. the Treasury would secure
an important accession TO its resources but 'lc
legal tender reserve fund might not long remain
above si0o 1900, and another issue OF bonus
might I'm that case soon become necessary ~
is a question, indeed. whether the gold would
ieman long in the Treasury vaults In inc llscal
year up to the close Of the week the expenditures
of the Government have exceeded It's recelpts
by s39 306. COS. The statement FOR the last three
weeks shows only small excess OF expenditures.
and 1t may he presumed that the department.
has been forced to delay payments whenever IL
has been practicable a large portion or the pro,
ceeds Of the loan might have TO be disburseI
Immediately In settlement Of these delayed
claims 1t would be idle to discuss the inquiry
raised In Congress as to the legality OF the issue
The right OF the Secretary 70 sustain the iegai
to be doubted. The very fact that he has been
charged with the duty OF maintaining the
parity of all CLASSES OF the National culremry
ought to clothe him with sufficient authority.
even II the terms Of the Resumption act were
less definite than they are. 1t would nave been
much preferable that Congress should nave
granted him authority to issue bonds at such
rate Of interest that they would not have soid
above par.
The opposition Of Congress 20 the adoption OF
any financial legislation Of that kind compelled
the Secretary to follow the present course be-
cause the exigencies Of his department were
liable to excite doubt as TO his ability 10 MAINTAIN
specie payments 1t Is for this very reason that
the proposed issue OF bonds is welcomed gladly
by the American people.
The effect Of the bond issue on the money
markets will be watched with much interest. II
a large amount of the gold should be Withdrawn
from the immense holdings OF the National bahks'
ties for money would undoubtedly be SUI
fened. The banks could easily spare the entire
amount. they might thereby ma more
profitable use for the balance OF Their reservr rs
moment problcmatical. Until II Is known "hat
part II any, Europe may take OF the Issue, !.
cannot be known what amount OF goiu hish'
be expected from that source. FOR some uu'e
Europe has been paying for our products by the
return of securities. and rates OF exchange nave
prohibited natural imports OF the precious metal
If the issue of bonds should tend to advance
rates for money materially to lower the
price OF European exchange II would nave ac-
complished something In any event u am"rnS
assurances that the stability or the Natonai
currency will be maintained and for that reason
alone Il ought to infuse new spirit into not only
epeculation In securities but Into all xmas OF IN
dustrial and commercial business
The stock market was dull and irregular last
week but II presented some encouraging features
transactions In stocks barely exceeded 9oooOV
| shares and four stocks furnished more thah haii
! of that amount. 1t Is a matter FOR congratuia-
lion that the most prominent shares were not
those OF the industrial companies. ST. Iaui was
first I'm point Of activity and IL was fOilowed IN
order by Atch.son and Western Union Telegraph
while American Sugar Refining fell back TO
fo,,th MACE Western railway shares, or whicn
81 paul was the leader were strong on some
| what better railroad returns and evidences OF q
| revival In the transportation business 81 Phui
| closed with an advance for the week OF "a per
cent while Rock Island gained 29s and North
| woat 3ss Sharp advances In the vanderbilt
| CLOCKS together with increased activity IN them.
were especially gratifying as an indication OF Il
I'm In speculation. Philadelphia and Reading
| .aa iraucnccd favorably by the suggestion OF a
snoodv rrorganiza ton Of the company. The prln-
pin,i excention 10 tho general movement was
ipnr,,eJ Nv American Sugar Refining, which
n ,od weak with final loss OF over per cent
~ nrt,rinat,on OF a serious struggle In Congress
| -, - tho sugar schedule In the proposed tariff
ooe With this exception the market closed at
! ,r;r.,iv It's highes: points and with apparently
| fresh confidence. ,,..,o ,;,.,,o ,,. ,,r,her
rCuo s,ld Of All stocks. the highest lowest.
.. S', al nrices of the week, together with the
| 0uol prices of week hao' pu.nNe" Wy 'ic "'''
n,,"' ,irr,ces OF January 81. 1893:
TIE WEEKLY RANGE.