New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-28

~ companies lias.594 l2es. OsO Dec l7O.525 ils
Total Total 60 CO... IS 1851 sse'So72 Inc. ss52i 90
81 companies s5ie 500 81 osi 2s4 Inc SSH 40, ia
II companies ia4s.752 i.ls6.s74 Dec. i56.77s III
Total ~ cos .s5ses.552 se2ls23s Inc ss5aose GO
THE WEEK IN WALL STREET.
Violent fluctuations in the cotton market and
an erratc foreign exchange market were the
predomnating features during the week in the
! financial and speculative situation The heavy
| liquidation in the cotton market in the early
part OF the week monopolized the attention OF
| wall Street while the influence Of the liquida-
| ton In cotton upon the foreign exchange mar
ket was attentively watched. Considerable
| disappointment was felt over the failure Of the
break IN cotton to Increase the foreign demand
10 more than ordinary proportions. Instead OF
a large supply OF bills coming into the market.
There appeared to be a growing scarcity A
| heavier supply of cotton bills may come for
ward in November but IL Is not safe to count
| upon this. In the week there was apparently
SUFFICIENT exchange to meet the demand, and
! the disposition Of drawers OF exchange APP
peared 10 be to hold exchange for top figures.
The course of the market was gradually tow
| ard a higher level. AS in the preceding week
rates grew sitter until Friday. when there
was slight reaction. On Thursday sterling
| rates were dangerously near the gold shipping
| point and considerable gold export talk was
heard but the opinions of the best Informed
persons on the current situation that
| none OF the metal would be exported at present.
The exchange held against the Anaconda mine
| negotiation mas not all Deen Onered, ana, De-
| sides this. the expected sale in Europe OF a
| block OF bonds by the Pennsylvania Railroad
| Company for refunding purposes Will furnish
a fair amount OF exchange. Some authorities
| are predicting gold imports In November from
an expected increased cotton and grain move
ment While such condition IL to be greatly
| desired. it does not seem safe to make any rash
| predictions. for the weekly movements Of ex-
| ports and imports still too far apart to
make gold imports possible IL would be far
| safer TO predict gold exports, and. although
"a ia "a
| fall than they We're last year an outward move
ment Of the precious metal would cause no
great surprise.
Stock values do not respond TO favorable de-
| velopments in the companies they represent.
and the improvement in commercial conditions,
| which dates from the time when the last Con-
| gress stopped making laws. with the knowledge
| of an incoming Republican Congress. does not
| increase the interest of the investment public
| in Stock Exchange transactions. The public
| is holding away from making investments be
| cause II is uncertain about the future. The
strength Of the foreign exchange market causes
| fear :of gold exports, and the mere rumor or
| shipments OF the metal apparently paraly2es
| even the bravest of the professional traders.
| while the great support afforded the market
| in years gone by from European investors is
weakened. and no one cares to take any risks
| IN "a market which Is swayed by such nfu-
| ences. The cry IL made that all the uncer-
| tainty IL caused by the present currency sys-
! TEN; that long such system exists gold
| will leave the country. and as long as gold eX-
| ports are made investors will take no part In
| the cecurity market. Secretary Carlisle adj
| vises cure for all the ills which beset the
| country the retirement Of the legal tenders.
| but does the spirit of the people commend his
| utterances? The reason set forth by the DEM
ocrats for the gold drain upon this country
since the Democratic Administration under
| took 70 govern II. has constantly been the
| influence OF the much-a bused greenback. and
| there is doubt that Mr.. Carlisle and others
| Of his calibre actually believe that the retire
| ment Of the legal tender notes would at once
| end gold exports forever and bring into this
| country such food OF the yellow metal as 70
| line everybody's pockets with IT 1t Is doubtful
| If the country is ready to pay interest on $500
| 900 bonds In order 10 retire legal tender
| notes, as proposed The last three bond issues
were not made for the purpose OF redeemlng
| legal tender notes. as Secretary Carlisle in his
| recent speech at Boston endeavored 10 make
his hearers believe but to meet the deficit In the
| National Treasury caused by the insufficiency
| Of revenue. Had the gold received from these
| bond issues been applied 70 the redemption OF
| legal tender notes alone, and had the revenues
J been large enough TO meet expenditures the
Treasury's cash balance would to-day be more
| than $500 600 900. instead OF a trife more than
sls2 900 900 The uncertainty of gold exports
| does not depend upon the legal tender issue
| but upon the present revenue law
The excess Of expenditures over receipts from
the first OF the month until the 2Oth amounted
| TO Sl.272 095 but since then, as has recently
| been the rule at the end OF the month. there
has been falling off in expenditures-at least
| on the boOks-and for the week ending yester-
day the excess Of Expenditures had been re-
duced TO $3.50, 800. making the excess for the
| fiscal wear TO dare slS474.15s Despite increased
imports
| meet the expenditures OF the Government as
| long as the present law continues In force and
| while the expenditures show an increase every
| month over receipts. the balance OF trade grows
larger against this country. and obligations
| calling for payment are enlarged. The imports
of general merchandise in the week showed an
| excess over exports Of 1894. 0s4 For the year
10 date compared with the same time last
year imports increased s63.4l5,545 and with the
| corresponding time In 1893 decreased $40 s'5osl
For the week the value OF exports Increased
more than 81 900. 900, due in part 10 signify
heavier cotton shipments, and they were the
largest with the exception OF one week. since
January l. but the total exports since January
/ show a decrease from the same time In 1894
OF 500 091 253 and q decrease OF $2S.S2l .s2s. as
compared with the same time in 1893 In view
OF the exhibit made by the export and import
movement due directly to the Wilson Tarin
law. IT is not hard to understand why net gold
exports from this country in the last two
years have been above 600 and why
there Is so much uncertainty as TO Nationai
finances. 49,, l.,
the week was helped by higher foreign ex-
change and by moderate selling by commits
sion houses. but the END or the week Drousn'
no material changes either way In stock Values.
except in few issues The course or trading
throughout the week only gave additional evil
denca Of the sound condition OF the market.
and the unwillingness Of large holders to dis
pose OF their securities. t. amount or STOCKS
in Wall Street IL not large. and there seems
little probability OF active speculation for the
nresent II is waiting market and refuses
10 bulge until future conditions are more sell
tied In a few stocks there were conspicuous
movements and the bears took turn upon
the Gould stocks and hammered Manhattan
down about 3 per cent. The Southwestern group
was weak on the falling of in cotton tonnage
Missouri Pacific losing over per cent, and
the Industrial shares moved with their accus-
toned irregularity, Sugar Refining and United
states Leather being the only ones to develop
anv great activity. Distillers was strong on the
announcement that the successor company
would control about all the distileres in sight,
and United States Leather was considerably
lover on liquidation The Granger shares were
not materially changed. and the anthracite
~ eun showed no disposition 10 move on better
trade prospects. The heavy increases In earn
he Milwaukee and 81