New-York tribune., 1894-06-25
Total &C. co'sse,o7olic s5.8sl.3lo Dec si5s.fs7
THE WEEK IN WALL STREET.

Transactions In stocks last week amounted orlv
10 little more than 67S 900 snares although Aneri
can Sugar Refining contributed over one-ffth Of
this amount It was much less prominent in the
dealings and its fluctuations attracted little al.
tention Some OF the other industrial stocks
recorded small changes, and Chicago, Milwaukee
and St Paul lost per cent. The conspicuous
feature Of the market. however, was the extreme
weakness Of bankrupt stocks. which have an
international ket. Atchison ended with
loss Of 2% per cent. Northern Pacific preferred
with the same loss, and Union Pacific with one
Of 3as per cent. These stocks were only rela-
lively active The selling undoubtedly was for
European account, and 1t partly explained the
UNEXPECTEDLY large exports ot god.
The condition Of the Federal Treasury. IN
consequence Of the heavy exports Of gold, was
the centre OF greatest interest. The gold bal.
ance fell 70 the lowest point since the resumption
Of specie payment and II sucn point that some
Of the city banks thought II Incumbent on them
10 repenish the Treasury reserve They did not
perceive at once that the exports Of gold recently
have not been natural. but that they were merely
Withdrawals Of European capital The action Of
the banks not only supplied a larger stock On
which Europe could draw, but it tended to ex.
cite uneasness. The banks will make good
s. 900 900 lost by the Treasury last week, but II
Is safe to say that the policy will not furthe,
be pursued They will endure assessment Of
! per cent on their gold holdings. but any fresh
levy will end in revolt. 1t is only necessary to
add that the scheme was sugg by one Of the
young subOrdinates Of Secretary Carlisle, who
with the city banks since he was placed at the
head Of the Treasury Department. As an officer
Of the Government charged with the care Of the
most important department OF its business, he
ought at once 70 be impeached FOR lnc)mpetency
and neglect Of duty
The gold reserve has fallen 70 a low point, and
II is impossible 10 say how much further the
outward movement Of gold may reduce H. The
remedies for the conditions now existing per-
fectly simple The Federal Congress ought i'm
media tely 10 pass a law authorizing an issue Of
low-priced bonds say per cent % be sold at
not less than par II ought % provide also for
the retirement Of all kinds Of paper money. and
moreover the law should take into consideration
the fact that revenues are not always largest
when expenditures are heaviest. Such law
would be a relief 70 the Treasury. would restore
confidence at home and abroad. and would turn
the movement Of gold toward this country from
Europe. Congress shows an evident indispOsi-
ton 10 attend 70 financial matters and the Ad-
ministration apparently wishes 10 throw the en-.
tire responsibility for any embarrassment on Con-
gress. Such a law. Of course. would be an
admission that gold Is the real basis u values
throughout the world. This country prefers. un-
der It's present policy 70 substitute something for
the only medium OF international exchange. and
because Il is young and has been prosperous. II
hesitates 10 acknowledge that II has made a
financial mistake until II has been compelled by
circumstances. II is the popular belief that the
passage Of the Tariff bill will revive business
and furnish all necessary relief. 1t Is asserted
by member Of the Cabinet that the Tariff bill
days. Even II this prediction should be tut
filed. II Is to be feared that II would be too late
Prosperity is not thing 10 be picked up from
the bargain counter. Through several financial
crises ought 10 have learned one esson
That recovery in means or restoration of conf
dence grows slowly.
The selling Of securities for European account
was due partly - the publication Of the ncom-
plete plan for the reorganization Of the AtchisOn
Company. What was said in the proposed plan
was an assessment OF sl2 a share on the stock
1t is not surprising that in the circumstances
Europe was disposed II liquidate It's holdings be-
cause II was plain that II such assessment
was levied on Atchison. much larger c0ntribu-
lions would have 10 be made by the shareholders
of the Union and Northern Pacific companies,
while II has become perfectly plain that re-
organization Of the Union Pacific Railway is pos
sible until the Government debt has been ad.
Justed by Congress.
Following is the usual table. giving the number
OF shares sold 0f all stocks. the highest. lowest
and final prices Of the week. together with the
final prices Of a week ago. prehXed by the aver
age prices Of June a. 1898:
RAILWAY STOCKS