New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-05

Sl'V-tJI5, or l6O pr cert.
Third week in Fe6rlary- con, ,,,,... =
a So%pa%ss 4Gi6 4SaS sS p I%S S:os $50
Total 81 cos So eoi so7 s5.an9s Dec $ioe,oia 100
THE WEEK IN WALL. STREET.
Increased interest in speculation was manifest
last week. Greater confidence shown, and
while the volume Of business was not large. it
was divided more evenly and many stocks were
relatively active which for long time have lain
dormant. The industrial shares were less promi-
nent in the dealings. while railway stocks dis
played greater activity ana constantly growing
strength. The transactions in American sugar
Refining were only about One-quarter Of the total
business. while the transactions In the Granger
shares. and generally in the railway list. were
large than they have been for many weeks
In fact the final advances. with few exceptions
We're in railway stocks In the Granger group
Rock Island gained 23s. 81. Paul 3ls. and Chicago
Burlington and Quincy 81. per cent. and they
closed strong and confident. although trihe be-
low their highest points. New-YorlS Central adj
vanCcd per cent and retained two-thirds of the
Improvement OF the industrial stocks. Distilling
and Cattle Feeding gained !. Sugar Refining "a
and General Flee trio @'s per cent. The whole
/ market closed strong at material advances.
The revival of speculation in railway stocks
WAS an exceedingly wholesome and hopeful sign
TO be sure a large part of The buying appeared
to be for the short account but the causes
/ which tended to frighten the bear faction also
added To the confidence of investors. For the
/ change in sentiment there was Il general belief
that. 50 far the transportation interests are
/ concerned. the worst has been passed. Through
/ severe economies and rigid retrenchment rail
! way companies have been enabled 10 Offset large
/ decreases in their gross earnings and the re-
/ ports Of net earnings In January have been uni
formly satisfactory. although they all have not
/ shown increases Whether the economies can he
maintained without injury to the physical CON
dition Of the railroads is not entirely plain. An
other reason for the improved interest and faith
/ i'm railway affairs was the fact that by Judicial
/ decision the Interstate Commerce law has been
practically nullifed. II the law should not DE
/ aO1p ~ difficult q how It's PROVISIONS
can be enforced and why the railway companies
, are not at fun liberty wholly To disregard them
The decision, however, renders ii absolutely nee
| essary that Congress should amend the law 50
| as TO permit pooling arrangements between rail-
| way companies in regard to competitive business,
! and modify. and perhaps abrogate, the long
| and-short haul clause of the law. At JOINT
meeting Of the Central Traffic and Eastern Trunk
| Line associations held last week no deInte
/ action i'm regard 20 rates taken. 1t seemed
10 be believed that the 20 cent rate ON grain
from Chicago to New-York could be maintained
! hut Il was decided ineXpedient to advance II.
| As this is the usual summer rate. the action OF
| the meeting suggests that on the opening or lakc
NAVIGATION a further reduction In eastbound rates
| will be necessary. The opening of navigation Is
only a few weeks off, and the result Will then be
| quickly determined - a.,
! The most important event Of the week was the
/ massage by the lower House of Congress OF the
Bland bill for the coinage Of the segniorage on
the silver bullion held in the Treasury IL caused
no EXCITEMENT but prices of stocks yielded soii''
thing in consequence Of it, and the outward
| movement of gold to Europe was immediately
resumed. The fate or the OIL III tHt ''i'''' -
not in doubt. and there seems to be only thr Nr,o
OF the President to prevent this nischleNous
measure from becoming Il law.
There is everywhere an apparently well
grounded belief that the Administration VIII III
terpose its veto power. Is It entirely certain that
the bill will not become law? To be consist
emit and TO maintain his previous record on '.e
silver question, the President must veto liie p'i'
The situation in regard to financial and eco,
/ nomjc legislation has been greatly changed ana
noltjcai eXigencles may possiblyinduce the Admin
istration not to interfere with the deliberate ac-
zion of congress The Wilson Tariff bill appar-
emily has been defeated in the Senate. ana ,hrIe
,,ie6t he such a combination on political grounds
that the present Tariff law would not he us
turbed at this session or Congiess i"e
homes of the Administration hang upon me SUI
cess Of tariff revision II Is possible therefore
that in order TO secure the passage IN 'he ',e"a1e
OF the Wilson Tariff bill! the President i mig as
sent TO the coinage OF a vacuum. In 'htl case
the discussion OF the silver question WI" oN'e
more be reOpened. .. 49,, T.,
Tbera Ia been hardly time 70 estimate the IN
enence OF such legislation. but Investors at home
and abroad certainly would not be reassureu Ny
~ II would be asked with the greatest reason
What may not the Federal Congress yet 90 -
coin the seigniorage Is to coin sonelnihs VIM,
does not exist. The new issue OF money peCoh'rs
simply act of legislation without sDui'u Vs.
II is fiat money in the worst sense IneIe - ,'o
reason apparently why the silVe- shOuu We
counted at the cost price and money iss.s1
FOR the difference between IL and the face oil thc
coin II would be Just as reasonable 10 'ak1
the present market value Of the bullion ahi
that would permit a still larger issue ol i' Ia,
money. or II may be as wen SiiIlpIy " ~ ~
printing presses in motion ana 'urh Uut ,"'
rency according 10 the "is"eo VA Nf
silver fanatics.
In spite of the recent issue OF s3O.OOO.OOo bonus
the condition Of the Federal Treasury IL not su'h
that any question about the stability or our cur
rency can be raised without exciting alarm. w me
| heavy exports Of gold are generally not expected
the fact that one shipment has been made TO-
gether with the continued strength OF I"iris"
exchange proves that the balance between Inis
country and Europe is not In our !aNoi. me
imports Of merchandise in the last Week "fie
, the largest since last summer. ana Whlie la &c
! part OF the amount is Of goods admitted free
| ~ dutv they increase our foreign obligations
while not adding largely to the government IrNe
nues Since the beginning OF the month the u"N-
eminent expenditures have exceeded the IeceiPaS
by over 81 900 DOO and In the fiscal year me ueh-
cit now amounts TO $jl .0OO.OOO Al the same
ratio the deficit al the end Of the hscal year VIII
exceed s75 900 900. 1t is absolutely certain that
the New York city banks will not furnlsh large
amount of gold for export and that me urdlh
will fan upon the stock Of the metal held IN the
Treasury. With decreasing revenues ana an
outflow Of gold. the Treasury VIII be opneeu DE-
fore the end Of the fiscal year again 10 increase
= the funded debt In view Of the uncertainty IN
regard TO tariff and financial legisiauoh the
Treasury Department may experience no niue
difficulty for its bonds. The credlt Oh inc cou',S
q stands deservedly high, but Europe would prop
ably not accept them to deplete us own s'o'h
OF gold but would pay for them, as IL mas paIu
for a long time for our products, by returning
railway securities.
Following is the usual table. giving the num-
Der Of shares sold Of all stocks, the higeSl' l1W
est and final prices Of the week. toec'her WI, II
the final prices Of a week ago, piehAeu w ''e
average prices OF March 4. 1893:
: THE WEEKLY RANGE.
Mar. Actual sales Mar Fch' no.