New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-15
'otal 80 .sloGG33s7 ss9l9c37 Dec Sl.'i' 100 'c
TIE WEEK IN WALL STREET.

Speculation in stocks last week was utterly
stagnant The total business fell considerably
below 100000 shares, and of this amount me
transactions in American Sugar Refining ana
in ST. Paul were nearly One-third. The only
other stock viii n approached them In point OF
business was Western Union Telegraph. me
general movement of prices was Irregular Dut
as a rule downward. although final changes
were neither large especially significant
Although the meeting OF the sugar fehnlms
Company was postponed for a lack or a quorum
OF the stockholders. the stock showed Il maj
gain in the week Of il. per cent. the more
important declines ranged from rs per cent IN
Burlington and Quincy, and per cent IN
Northern Pacific preferred. The passing OF
the dividend by the directors OF the l,oulsN,iIe
and Nashville Company had evidently been as
counted for the fluctuations in the stock were
narrow. and its final loss was only " per cent
The statement of the company Tor the SN
months ended on December 81 which mas Deeh
printed in The Tribune. was NOT altogether I'M
Favorable. and the action of the managemehi
in outstanding its resources was cohsiueIed
prudent as well conservative The postpone
ment for month of the Sugar Refining meet
ing was regarded with some suspicion. because
apparently no effort to secure proxies had been
made. The suspicion was strengthened ny tne
official announcement, in explanation OF thr ue-
lay. that the number Of shareholders had IN
creased from 1000 a year ago to aDout 'tvV'
Speculative attention was directed almost e"-
trelv to the condition of the Federal treasury
and the relief which Congress might decide 10
afford II In the extreme uncertainty in REGARD
to financial legislation spectators ana investors
were not inclined To venture upon large e!lsdEo-
ments No little uneasiness was excited by 'hr
decision of the House Committee 10 report iaNOr-
ably the Bland bill for the coinage OF the So
called seignorage. II is deliberately proposed 10
authorize the Secretary Of the Treasury 10 issue
silver certificates against the seigniorage when
is estimated at $51 900 0O0 even before the bulnoh
is coined II IL utterly incredible tha' sucH d
measure should be adopted, because In every re-
spect its passage would be financial crime. II
IT should become a law II would be Impossible TO
foretell to what depths OF financial desTddaloi
the country may sinh The proposal mas cauSea
some friction between the Treasury Department
and the New-York banks. which had promised 10
furnish reasonable amount OF gold ior eXport
on the personal assurance or the secretary 'nit
he should oppose such movement II IL De-
lieved in many quarters that the antipathy 10 an
issue Of bonds which the Administration pIaihP
shows may have led the principal officer OF uh1
Treasury TO a taCit acquieSCencc in TINS proposal
of the silver faction in Congress. The Govern
ment ought 10 do precisely what any business
would do in similar circun stances ana .hat
Is TO borrow money on the National cr"di' 10
protect It, The reasons for not following inns
course, 1t must be presumed. are simply pIhu,aI.
The gold balance In the TREASURY Is SIAM , ~
dwindling and professedly the Secretary mas no
means - resist the outflow. At the same TIME
money is still rapidly accommodating In the cly
banks The financial depression IS So VIDE
snread that banking institutions in the interior
continue to add 10 their deposits IN the city
banks From several sections or tnc country
complaint Is made that the local banks are I'M
able or unwilling to afford accommodalon 10
their customers. 1t IS not improbable that me
extraordinary accumulation of money al ms cen
tire is to a certain extent responsible loT tls INT
IT Is argued in behalf Of the country INSTITUTIONS
that the New-York banks are refusing 10 IoaH
money in anticipation of some dreaded caidini'y'
There is no good foundation Tor ms SuppD 90
The city banks would be extremely glad u they
could reduce their excessive reserves by nnding
profitable use for them. For the small amount
az their loans in comparison with their deppslts
they are receiving small recompense IT 'i"Te
was any real cohesion between the banks they
Wonld agree a. once 10 suspend the payment OF
interest on deposits. excepting in rare clseS
where the deposits are fixed.
An ADEQUATE issue Of Government bonds would
relieve the emba IRA ssnent OF the Treasury re-
store confidence I'm the stability OF the Nationa!
currency. and indirectly reduce bank reserves
and bring back the money market 10 n heaithlei
and more natural condition Within short
time rates for foreign exchange have advanced
about cents to the sterling, ana rehe"ai "
gold exports may soon set In. The movement OF
gold at present seems to depend almost entrelN
on the movement Of securities between Europe
and this country. Recent defaults In interest
and suspension Of dividends. together win the
uncertainty In relation to other companies
which are likely TO reduce dividend rates. u
nothing more have not encouraged foreign buy
ing of either stocks or bonds. the selling LOT
ElIropean account has not been large recently
but II might readily be stimulated by doubts IN
regard 70 financial legislation by Congress
Trade reports indicate distinct Improvement
in business in the last two months ana many
Industrial establishments have been feopehed
since the beginning Of the year In consequence
of an increa sed demand for their products. III
II were not for the uncertainty about the action
OF Congress there would be greater commence III
every department Of trade and every branch
of speculation
Following is the usual table giving the number
OF shares sold Of all stocks. the highest. lowest
and final prices Of the week together with the
final prices Of a week ago. preiixed by the aver
age prices Of January Z, 1893:
TIE WEEKLY RANGE.
RAILWAY STOCKS.