New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-05

also The gross earnings o. ffty,six companies for
the third week in January. The whole number
shows a loss OF $ji3,21S, or SIS per ccnt.
Fourth week In lanrary-
4 companies 81 io3 Go siisGcGG Dec S.OO@G 80
'n r5mD yeG N $40 $3.50 500 Inc SIZES, 81
Al compa,i,s.... +"io1NS 4."iG3l9 Dec GG:Go l3'
Total &c cos....sG.so5a7 s5c2729 Dec. s5422ls SIS
THE WEEK IN WALL. STREET.
Speculation IN stocks was utterly stagnant.
Transactions amounted only to STEPS shares.
against 105c9n in the preceding lEsel.. and
S27a9116 in the corresponding week Mst year.
OF the total business American Sugar Refining
furnished more than one quarter. ana three
other stocks, of which St. Paul was the only
railroad stock contributed further another
quarter At the same time the market was
strong. slowly advancing toward the close Of
the week The largcs, gains were recorded
by specialtes like Delaware and Hudson. which
closed over per cen. higher. and &. c.. G. ana
s.. Louis. which gained pa per cent; The
dealings in these We're very small. Tho in
dustrial shares attracted the greatest atten-
ton. and National Lead gained S2s, American
Sugar Refining ia. and DsIilling and Cattle
Feeding Is per cent
The passage of the Tariff bill by the lower
House OF Congress brought no relief 10 the
market with the possible exception OF the in
dustral stocks. Sugar Refining advanced
promptly in the last two days Of the week on
the theory that it would be some time before the
Senate would take action on the Tariff BILL and
that when II did reach "A conclusion the Sugar Re-
timing Company would receive from II some d.
gree Of protection against foreign competition.
The Sugar Refining and. in fact, nearly all the
industrial shares closed strong a. the highest
prices for the week. In the general list lnal
changes were generally small and insignificant.
Union Pacific was a prominent exception on ac-
count Of It's weakness. but after an extreme de-
cline OF per cent, it closed only frac;ionally
lower than il did week before. This stock was
not at all active, but the selling undoubtedly
was chiefly for European account.
By far the most important event was The final
success Of the Government loan. The circum-
stances attending IL We're interesting. and AZ the
same time unprecedented On Monday the Sec
rotary of the Treasury held a conference with
officers OF the leading banks and trust COM
panies Of this city. He professed 10 be unable 10
remember the amount Of subscriptions which had
been received. but in answer To- further qu"s-
tions asserted that he had made no provision
for failure" Subsequent developments proved
beyond doubt that at that very time he held
SUBSCRIPTIONS OF only about $b.OVOVJO. IN" Sec
rotary made no appeal TO the bankers who were
present while they showed plainly their reluc-
lance to assist him in placing the loan. II would
be interesting To know what was the basis for
the sanguine predictions emanating from the
Treasury Department that the subscriptions 10
the loan would amount To four times the issue.
The real situation Of the Treasury probably was
revealed to some OF the banking friends of the
Administration. and on the following day II was
generally realized that failure Of the loan ought
not to be permitted 1t remained. however. for
Mr.. JCnn A. Stewart. president of the United
States Trust Company, who has always been
|
its embarrassment. Through his energetic ef-
forts the financial institutions Of this city In
forty-eight hours subscribed practically for the
entire list Of bonds. The fact IS not TO be
loan, because the subscribers were frightened at
the possible consequences OF failure.
To what extent the action of the banking IN
stitutOns was entirely wise IS not yet deter
mined. They seemed assured that In case Of a
failure to place the bonds the Secretary Of the
| Treasury might be instructed by Congress y
issue certificates against the alleged scgniOrage
on the silver bullion held in the Treasury. The
subscribers eXacted and Secretary Carlisle gave
no pledge In regard to his future course. With
| In two days after the loan mad successful
a committee Of the House recommended bill
for the coinage of the silver bullion, and for
the immediate issue OF certificates against the
segniorage. which is estimated at something
above $4,000 600. In the circumstance 1t Is dill
cult TO see what has been gained through the
forced loan made by the chief officer Of the
Treasury. II might have been better indeed to
have withheld the subscriptions until n new law
for the issue Of bonds had been passed by Con-
gress. No one doubts the unlimited credit OF the
Government, while prices IN every branch OF
business and speculation have reached so low
point that an absolute failure OF the loan could
not have caused serious disturbance. Any furry
that might have followed the announcement
could have been checked quickly by prompt
offers from the same financial institutions 10
take S50OO00O0 or $lOo,OOO090 OF new 3 per cent
bonds at par.
suspicion Of faint. while they would have been
In demand. not only by investors, but By Na-
tonal banks who could use them for their note
circulation ON account Of the high premium on
the present bonds the banks can hardly use them
for that purpose. There is no doubt that $l0O-
100000 Of new per cent bonds could nave been
placed with the greatest readiness.
Now that the loan IS successful II becomes an
Interesting question what part Of the SJS,OJOOOO
or thereabouts will come IN gold from the banks
Deposits at the Sub-Troasury on account Of sub
scrptions amounted at the close Of business yes
tcrday 10 $780, 100000. or this sum $Go0O000 was
IN gold certificates and legal tender notes. II the
GlDulI - followed
the remainder Of the subscriptions the Treasury
would receive in gold little over &O,OOOOOO. or
only 5000 600 or 81 100000 more than enough to
restore the lcgal-tendcr reserve to It's proper po-
sition. Meanwhile the expenditures OF the Gov
eminent have exceeded its receipts In the seven
months Of the fiscal year by over $io,OOOOOO. and
In three days Of the present month the excess OF
expenditures has been over sl,OO5.OO0. unfOrtu-
natcly for the Treasury, the imports or IneF-
cbandise continue to fail off steadily. and last
,,colf they barely exceeded 100000, an amount
less than one-half the importations in the same
week last year In five weeks they have fallen
below s3900o.000. and In the same period last
>,car they amounted to over sG5,O0O,OO0. If this
sbrjnkage in foreign commerce reduces the Gus
toms receipts of the Government. 1t must he re-
,ncubered also that Il reduces our obligations ~
I,urona and removes temporarily the danger or
q heavy outflow Of gold to Europe.
In regard to the Bland bin for the issue OF
certidcatcs against the segnorage the minority
,onnrt of the House committee presents an ex-
coilent answer. 1t exposes the fallacy or the
claim that there Is any seigniorage un,n lhe
huIlion has actually been coined. The minority
repor, goes further in showing that while the
co,naro value Of the silver bullion in the Treas
vr,. is nearly slS2 600, 600. It's market value Is
i;,t,o more than $J1,OOo.0O0. One paragraph OF
,be minority report is well worth reprintng. for
II is a clear answer to populist theories:
rb. mn iority seeks to broaden the meaning or
,h ,rori '"scsR,oragc' to cover the difference be-
t t tie bullion cost and rs estimated colnage
- ,,bis difference. however Is not substance.
r@, million not coin. not anything tangible or cor
49,. (. IA slmufy the faith and credit OF the Ma
Ca. Intrinsic value of the bullion cannot be
increaseI by legislation. Its exchange value may
hn Nv adding the Nations credit; put equal ex-
nh,orSa voluc yDght he go given to copper bullion.
or we n,ight 80 further and Issue worthless paper
rbe Notlcn's credit ought never to be traded upon
give in an emergency, and then without juggling
TO ;nsle1d the p"oD"
-, occonra ecment can be derived from the