New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-08

number shows loss of $92G. 125. or l24 per cent
Fourth week in December -
companles... SIS, 800 5000 SO Inc sI2o $50 2
20 companies cGssi35 55Sics Dec. Ii4s5a2 ~
- con'ponies II. $9aiose s1o5o SOS Inc sGale cs
- companies G4375o7 5.4G5i7o Dec. 2o$7 l'3
Total 81 cos....s7.a5593sG 5e4scS 1926
THE WEEK IN WALL STREET
Speculation at the Stock Exchange is paralyzed
by the uncertainty about financial and economic
legislation. No one would be rash enough to pre-
diet the action Of Congress in regard to tariff and
revenue questions and still less to offer a con-
lecture about the course Of the Treasury on
financial points The lates, statement issued by
the Treasury Department showed among other
things that the amount of gold coin in the
Treasury vaults considerably less than the
amount of gold certificates in crcus ton. In con-
sequence OF the interest payments a; the begin |
ming OF the year the stock OF coin has been re- |
duced still further by about $GooooO0 and the
deficit now probably exceeds Sl00O0000. No one |
expects Of course that immediate alarm VIII be
excited by this condition of affairs, but il would
seem TO be judic!ous policy Of the Treasury |
demptiOn 81 gold certificates II they should |
happen to be presented. At present there IS no
likelihood that the stock OF gold VIII be replen-
ished except by extraordinary measures In the
first hale Of the present fiscal year government |
receipts fell below the expenditures by over $5l- |
OOO 900 and It IS not at all probable that in the |
uncertainty attending legislation this deficiency |
will be reduced in the coming half year The |
Secretary of the Treasury. in his annual report |
estimated the deficit the close Of the fiscal year
SOS 100000. but the actual deficit In the hrst
six months has exceeded this hopeful calculation
by &C. 900 900 The reasons for his belief that the
receipts between now and July Will largely eX- |
coed the expenditures are evidently a Treasury |
secret. The chief officer Of the Treasury APP |
pears TO be laundering about without appreci,
alton of the necessities Of his department. anu |
without showing evidences Of a definite financial |
policy. 1t is becoming clearer every day ma the
department is deeply imbued with financial mere
sizes. The suggestion that the seigniorage on the
silver bullion held by the Treasury should De
coined and certificates issued against II ~ UNI |
worthy the chief financial officer of the Govern |
ment There can be no seigniorage uhtll the |
bullion has been turned into coin. To estimate |
a profit which has not accrued especially when
IT is admitted that the market value of the bull
which cannot be too strongly condemned. Inc |
certificates which the Government wouid issue sa.
money Why the issue should be restric'en
necessarily to the amount OF an alleged seghior,
age is not plain. II at any time the price OF |
silver should again decline would the Treasury |
deem IL incumbent to take new account on STOCK
and issue fresh certificates against the additionaI
gain? II certificates may be issued against me
profit In coming Go-cent silver dollars. why
should they not still more be given out when me
silver in a dollar shall be worth perhaps only |
so or 40 cents? II is evident also that for rea- |
sons probably political the Secretary or me |
Treasury entertains an intense hostility 10 the |
National bank system To be sure ne recon,
h"nI" or what may be called exchequer bills |
bu, he accompanied the proposal with the con- |
dions that the issue shouIn De IN SINAI an1
nations and made through sub-treasuiii.s ahn |
postohices Since his report was suDill'.eu ne |
has again dalled with what appears 10 De MS
favoritc plan OF coming the seignorage ana con,
srnnently his sincerity in making his formal |
recommendations mus. be open 10 DOUBT.
While the gold balance Of ne treasury Ii,.d1y Is
reudlv shrinking the precious metal - IHnHs up
in hank vaults to the Inconvenience OF lhc III
siitntions themselves. The Treasury has no
crlnary means ans Of ne we Mhie ts baks
cannot prevent 10 accumulation III i"'h nHn'ro
The banks DO not want II ana are Hihn1nb ~
effort 10 all - their ho;dnEs. Inc lrra u'F WI
honn,ly has nothing else TO pa out ana the Ia" |
forbds the Issue OF gold certificates soN wnen tne
legal tender reserve Is below slV',,ovU, ,s via
reserye was restored many banks doubtless "ouIu
denosit their surplu. gold in order 10 OBTAIN the |
more convenient certificate An Issue OF unN1
eminent bonds in these eircu, I va ,bs Treas
urv and the banks. Nothing but the eViu.,'t
hostility exhibited by the financial oilice,s q, ~,
Government and many members , y, o1 adon
party IN Congress prevents '"c ii'
ton Of this policy. o,o, orostions |
n the action Of Congress on financial qupa'iDns
s doubtful there Is even greater uhccI'","'t
about the outcome Of the proposed revision .i
the tariff and revenue laws The parry hlaJotins
In Congress divided seriously on lhe qno,iom
Of an income tax and certainly no R;cu'.""
ohout the fate Of the Wilson TaT!r Dbl ~ POS
sible. The chances Of its success nave no, pern
improved by the vote OF me Waya az" nd "d,oms
Committee in favor Of an inquisitoria ana oulous
system of taxation. Aside from pohtlcai reasons
it is difficult to perceive why the ',oVe,,li,t,m o
revenues should not be increased by IMPOSING
. dutv ON sugar tea and coffee The collection
of these duties would involve no hcuIt"Aa' ~
pense while losses through corruption anu pV,
Jury would practically amount ID ho'hihs' 80
preference TO a tax on personal incomes IL wou'u
he preferable TO nave the stamp TAX. Whlcn was
I'm successful operation during the Civl war,
I'm the deep uncertainty surrounding ieRlsih'
unn II is not surprising that the speculation
In stocks last week was local ana proiesSiVI'aai'
ON the RESUMPTION Of business after me non
days the bear faction was IN coh,To' o; uIc MAJ
koi but in the absence Of fresh adverse ue-
toward the clos. of the week moderate buS,-
ness was done, but 1t was not evenly "iS'Ip"'u'
and I'm three stocks the transactions were con-
sideraDy more than Orc-fhird or Inc 'o'ai p"si-
,,o.o The stocks were In order: American sugar |
refining st. Paul and Western uni,n 1ci'-
graph. The first named vas lnuehceu ny t"e
Uncertainty about the tariff. and western 'hion
-. unfounded ruinOra in regard To nc nhahclii |
condition Of the company. the Granger ran
way shares suffered at i'st IRON, o.H peg, $50: ~
tacl5s but rallied easily under persistent buying |
a. nrotect short sales. The final advances In the |
general list ranged from l to nearly per cent
Lr, tho lnovrfaea; was fairly uniform. Inc plln- |
D '.i executions were furnished by Louisville !
and Nashville and Missouri Pacific. when |
clnsed frac'ionally lower than they did week |
aro Missouri Pacific was depressed untiI Of
lcers Of the company positively contraai'teu re-
,aotel runlors In regard 10 receiVerShip TOT the
company. Louisville and Nashviile huclua'"u
several times within range OF @pf per cent !
Iut showed remarkable readiness 70 recover !
-, Tho effects Of short selling. The alarm |
81 The bear faction became greater as the |
,rool wore on. and the closing yesterday was |
extrs,nelv strong ana confident In both stocks |
anJ hon1s the buying not wholly FOR the |
shnrt account although speculative interest APP |
.r.ntIv ,yes confined largely to the walls or the !
it,,, i,xchonge The demand for bonds was !
,in,i,,atrd IN come degree by the successful sale
~ he broadway and Sevcnth-ave. Railroad
trnllc1v,ng "a the usual table. giving the number
~ shares sold Of al stocks. the highest. lowest
and dnal prices Of the week. together win ne
d., nrjces Of n week ago. prejiXed by the aver ,
ngn nrices Of January :, 1893
THE WEEKLY RANGE. /
RAILWAY STOCKS.
Ian Actual sales, g. Dec. Shares |
Iii;h Low. Final. 30. 30 sold |
lbs, 1Us |