New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-14
Total ca co.'s Ss277.325 sG,954s7; Dec. sl322, 40
THE WEEK IN WALL STREET.

The stock market last week deserves and re-
c,,ires no extended comment The trading was
confined almost exclusively to professional opera
tors and the total transactions amounted 10 niue
over S25 600 shares. or this amount American
Sugar Refining furnished more than one-third
The course of prices irregular, but sales for
the short account failed II compel Nquidaton,
and the supply Of floating stock was not IN
creased. The bear faction was forced conse-
Quen;ly to protect its contracts. and the result
was that early losses practically were recovered
Speculation in fact is at a complete standsti
The market displays marvellous strength. IN
view Of existing conditions. while the indifference
OF holders OF securities Is remarkable. For special
reasons General Electric los; in the week 2&s per
cent and Chicago Gas gained 2is per cent. Other
wise variations narrow and undressing
The outward movement of gold was continued
on rising scale and the strength of foreign
exchange indicated further large shipments
While money is somewhat dearer in Europe
than it is in this country. 1t is doubtful
if the difference fully explains the ship
ments. There is everywhere plethora OF
idle money. and the last report Of the Bank of
England showed almost the largest reserve on
record. 1t must be RENE mbered that this country
in the last few years has manufactured great
amount ~ paper currency. and that In accord
ance with currency laws the cheaper money is
driving out the better one 1t Is not surprising
that Europe should entertain some distrust OF
our currency system and that II should con-
tinue 10 withdraw gold while IL is obtainable
Evidently without premeditauon or concert OF
action. the New-York banks have thrown the
burden of the exports on the Federal Treasury.
The legal tender reserve has been depleted by
about $l000O0OO. because the shipments made
Yesterday DO not appear in the weekly Treasury
statement. 1t Is die to expect any prudent
financial legislation from the present Congress
and the Secretary Of the Treasur' undoubtedly
will be driven 10 another issue % per cent
bonds. As manifest the time Of the
recent issue the banks were reluctant to purchase
ldgh priced bonds. although they readily would
have accepted per cent bonds at par. II the
necessities Of the Treasury should compel
another issue Of the old per cents an imme-
date market for them may not easily be found
At any rate the success Of the issue will be
achieved in entirely different way from the
previous method. The Treasury may be forced
10 sell the bonds at whatever price the banks
may be willing to pay.
Congress has made progress. or az any
rate little in regard Il the Tariff bill and the be-
likely TO be made at this session. In ai-
dtiOn to this uncertainty, labor troubles in
many parts OF the country are exercising a
affecting adversely railroad earnings and rates
In some portions Of the West the cutting OF rail-
road rates has been so deep that naturally il
cannot long be sustained and a meeting of
officers OF some OF the principal lines will prob
ably be held this week for the purpose Of settling
the conflict. II Is 10 be hoped that the proposed
meeting will be harmonious and that rates Will
be at restored. 1t certainly would be I'M
fortunate If the warfare sh )uld extend 10 the
Eastern trunk line.
Following Is tho usual table, giving the num-
Der Of shares sold Of all stocks the highest low
est and final prices Of the week, together with
the final prices Of a week ago. pTeflXed by the
average prices Of May 10, 1893.