New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-30
'o'al sc cos. 5000. 2Co 50 sss.5o3 Dec. 81
THE WEEK IN WALL STREET.

The continuance OF the outward movement Of
gold with the consequent shrinkage Of the stock
held in the Federal Treasury oVershadOws all
other influences In the speculative markets In
view of the unprecedentedly large trade balance
In favor of this country the heavy export of gold
can be explained only by European dstrust OF
American securities and American financial poll
cieS. 1t is of no consequence whether the money
is owed to Europe in payment for merchandise
or for loans Of capital In either case gold goes
from the country because rates Of exchange
Justify shipments and because foreign creditors
are unwilling To wait the result ~ fresh lnanciaI
experiments. 1t has been argued I'm some quar-
tcrs for the last two months that the gold move
ment was about to cease and that the Treas
ury's stocks of the metal would be Immediately
repenished by inflow from across the At
lantic. The shipments in the last two weeks are
a sufficient commentary on this argument mus
far in the month the exports have amounted
II nearly $40 900 0OO Of which nearly one-half
Went out Yesterday. Moreover, rates OF luTtieh
exchange closed exceedingly firm, ana the move
ment. If indications do not prove false. is liable
steadily 20 increase. The burden Of furnishing the
metal falls upon the United states treasury
According To the weekly Treasury statement the
gold balance has fallen II nearly SS,OOooo0 ana
as this does not include about &oOOOOc taken
from the Sub-Treasury in this city on Friday the
actual gold balance is probably not much above
500 100000 1t may justly be said that the situa-
ton is better than It would have been II me
sherman Silver law had not been repeated AZ
the same time there is nO country in the world
that could maintain such an inflated volume or
paper currency small q margin OF metal
n
worst features Of the situation Is the almost
criminal negligence Of the Treasury Department
in providing sufficient protection 10 the Ma
tional currency and credit.
The fatuous course which the Treasury Is pur-
suing was illustrated YESTERDAY by the publca-
ton Of what evidently was an inspired dispatcn
from Washington In this II was stated 'na'
.'the present alvlces 81 the Treasury are 10 the
effect that the tide Is ready 10 turn and that
the point for cessation 81 me goid ou'noW ana
the beginning Of a gold income is al mana 'Ts"
than this Il was suggested that self-interest
alone would compel hankers to come 10 the sup
port Z the National credit What should he
thought Of a Treasury Department which re-
lies upon National ruin FOR lis protection? l|nt
II is moro than month ago that the lieni
officially announced nearly he same pph,N An
ventured similar predictions in regard - tho goii
movement: Tho purpose If this Official uttcrih'e
20 ailay apprehension. bat = may nr con-
sdorel doubtful II IN Eur pc NJ least. II dli not
arouse fresh dis;rlst. Al any rate since he ~ te
the Treasury ID balance has shrunk over wv,
600 and i IS now at the lowest point since me
resumption Of specie payments. Government re-
ceipts IN the last four weeks fortunately have ek-
ceciei expenditures by over s550oooo. bat the 70
ccipts have been entirely IN paper currency
Speculation in stocks in thc last week was ~
a low Obj ALTHOUGH Sugar Refining furnished
nearly one-haif II the very modest TRANSACTIONS
the industrial shares were uncertain ana h"Nl
tating The movement Of prices WAS do"nWat'
and the heaviest losses were suffered by STOCKS
end securities which enjoy an inieriar.na mar
Ike. There was considerable selling r EuroI"a1
account srccialiy 81 stocks ana bonds - ~"
cline in s., PAU seemed 10 be iue chiefly 10 a.
,acts bv he bear faction. There "at ai~' "
colnparaf.ve!y heavy Gecin" IN Missouri fh'n
bat that seemed to be ~ mpai n"lc 'utSn' ~
any disturst II our financial policy tho develop
ments in the case q The Atchison company
certainly DO not tend 90 inspire confidence IN
American railway management. selling 10y EH,"-
mean holders Of securities that are IN any az
gree la bile - similar mistakes would seem 10
be reasonable and prudent Although IN" chate's
against the Atchson management have ~, p''n
pr,ven explicitly ;herc has been no attempt al a
ssniel and the aii"nrr IL at least suspicious u
has been hiuted that the system pursued 10y lh"t
company is not altogether an unusuai one uu'
no speclnc charges have been made. f"r ''
weakness IN the Granger shares there mas poem
the excuse II threatened damage I" the corn crop
and the puhHcat ton Of unfaNorabe railway Ic-
r,rfs Weekly returns u earnings begin 10 sho"
some IMPROVEMENT but this undoubtedly II 'He
result OF a resumption of traffic attef the H'''i-
ruuti,u during the strike. In all IN" rr'um-
Stances +, must be admitted that the MARE
dianlayed a stubborn strength and dechn'n Hu'n
lnss than Il might have done.
relieving "a the usual table. giving the NUMBER
~ shares sold II all stocks. the highest lowest
and final prices II the week together WIN 'he
nnal pr! rs Il a week ago. preilXed by Inc aver
ace prices Of July %, 1893;
THE WEEKLY RANGE.