New-York tribune., 1894-01-01
THE WEEK ~ WALL STREET


As regards tho depression Of sentiment the
closing week of 1895 probably the gloomest
of the year In Wall street. One need not seek
far for an explanation. While the settlements
preceding and following last July attended
by more acute distress. there distinct
ground for hope in the future which popular
opinion seized eagerly. An extra session ot
Congress was expected. and many persons looked
70 the probable repeal Of the Silver Purchase
law as certain - terminate the depression and
suffering. The law was repealed. but the long
delay in Congress robbed this action Of much II
its power ~ benefit As industry began to re-
yirc It Gnitten by he proposition radically
to revise the tariH. and the Resembling II
Congress with the rcw year opens up the pros
poet of an uasetlinG debate iil;rl 10 last sevcral
month, with ii" nndl consequences Of tho meas
ur". If passed, dreaded on many hands Tinker
n@ with ,hc currency seems also - be the
programme, and an Od.Ous system of taxation
j. contemplated The financial community has
been Disappointed by tho financial policy AZ
outlIrcd by tAe Secretary o. the Treasury. II is
most unfortunate that in this crisis the chief
financial officer Of the Government should be
50 thoroughly out Of touch with tho monetary
centre oi The "ountry; II is univ'rsally ad,
mEtrd that the condition Of IN" National
Treasury demands carly. r. not instant,
relief l. IS question how much success
may attend programme which seeks 20
bO.rG" money 10 make up for 2 deliberately
proposed reduction IN Government revenues.
The sNc"osa Of G)roIHmert bond issue may
not be doubted. csp"ci3ily ~ II W ,ld onor A
lefugc for sIch capital a. has been DISCOURAGED
hv the fat" ana prospects OF railroad securities
The past refunding operations e The Govern
ment GsiOdScd Important capital and forced
IL - Geek nlore proi'ab,o invcstmcnt in prosper
Gus railroad and other enterprises II would
- difficult o. sav bow far the immense sums
oi idle capital now in tho banks would have tp
meet the competition oi otncr capital withdrawn
from railroad and Industrial securities.
l.ow little in soun respects the Insolvency OF
Tho A;chison. Topeka and Santa Fc railroad
had been "tiscuunjci' IN the previous prices Of
Atchisoa securities ard stock was Indicated by
further Important declines last week. The bonds
* ~ Tfl1 de ll-'
close but this was due L the belief among
many holders of first lion, that the stock junior
issues would be forced - bear any fresh sac.
rilres involved IN Z second reorganization.
~, hscn stock was only moderately active. but
another decline Of oyer per cent took place
Tho comments of the London press proved what
. -ario,is bl,v. ,y:.s given to confidence abroad
hv the Atchison insolvency Here was case
whore bankruptcy lid Mt follow oith"r scam
been the caus'. hat Wall street Is already
wondering who, Is The reel cytcrt = The CONF
panys floating debt and why r. became un-
manag gcahle. TIE enormous i"'0~tmcnt and
speculative losses suffered IT,. year nay hardly
he weighed with the GcHtr"ct'on = confidence
they involved Floating debts have acquired
an unknown terror. ana di@c2iiafcH investors
scem t. fcel that they haze no sure guide IN
other public reports of oainilgs @, hnoyant Es-
surGnces from mlnGCcrs ,f railroad properties
THO rccsivorsr.p ~. tho New To.k .ai New
England Railroad lei t. extensive liquidation.
which re':'~d tho price a5ou; pcr cert In
fortunate security holders. ana tho condition al
re;,y reveale, -. 1.ls circuT>taut.cl support 20
H. Confidence ,Xp,rssed by sorin of the Now
York. Nev-IlaVen md Hartford people tnat
they will pick 40 the NewEnCla0i property for
tn" cogt Of It's first mortgage. Another active
stock vas Louisville and Nashville. which de-
clined Hnder Gl'auoa ler cont. although
later recovery Of about Icr cent followed
thc covering of shorts The selling movement
vas started by sudden conviction on the part
of foreign interests thai N" road could not De
held on a dividend paying basis fo~ tho present
The market showed great irregularity through
western settling down p"r cent and over while
Burlington and Quinc,. under heavy liquidation
OF In" sh ,~t account. actually rallied trfe
for the ek In the Industrial group interest,"
was almost or tirey confined to General Electric.
IN which speculative liquidation involved fall
%. nearly I ucr cert. Tn" safety of American
Sugar Refining from Legislative attack during
tho recess Of Congress was utilized To establish
81 small advance
\ striking feat turc of the weeks market was
the eaec with which the bears bought cdck
stocks without causing themSelN serious ON
,arrassueut Tho operations nave fortunately
hplpnl tO sustain values. bur doubtless 'h"re is
ground for the belief that largo short interest
is still outstandinE. l. may be- hoped that the
effect of adverse railroad and business conditions
may be- considerably mtigated by the tendency
e all bear factions 10 accumulate an excessive
and unwiedy company.
Following is the usual table. giving the number
cf shares sold of all stocks. tho highest lowest.
AMI rrol prices Of the week. together with tho
final ,li go of = week ago. prciNcd by the aver
age nr. ,cs of December 81. 1852:
THE WEEKLY RANGE