New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-04
Total 81 co.'s Sc. 7sO. 7ee $3.50. sss Dec. seo4.
THE WEEK IN WALL STREET.


TIE business accomplished in the stock market
last week consisted Of little more than the clos
Tag ,., of small speculative ventures except yes
,er6 ". when there was better business doing
ana prices advanced in response to a more cheer
y, ointment in all quarters. Transactions in
the rye days of business amounted TO only 1885,
~ shares and Of this number the greater part
--ss furnished by eleven stocks. the dealings In
the chief speculative favoriteS amounting 10
1863 1853 shares. Prices for the majority OF active
stocks closed the week higher. and II Congress
does not create disturbance this week the
prospects for January rise will be excellent.
Probably there were regrets in the Stock
Exchange community over the closing of the old
year. for TO Stock Exchange traders the year
had been prolific of disappointments and fnan-
cial losses; and among the pessmists OF the Ex-
change little confidence was placed in the reas-
surfing declarations of the broad minded men OF
the Street promising a return of prosperous
Stock Exchange business in 1897. The losses in
Stock Exchange values In 1896 were not serious
In any Of the prominent stocks, and in many of
the leading favorites. such st. Paul, Rock
Island Sugar Refining. Reading, Chicago Gas
and General Electric closing prices for the year
showed gains over the last prices in 1895. Special
causes brought about heavy net declines In
few issues, as in Baltimore and Ohio. Long ISL
and, Louisville, New-Albany and Chicago pre-
ferred, Consolidated Gas, Bay state Gas and
Brooklyn Elevated; but in the majority of
stocks changes from last year were small. and
while losses outnumbered gains majority of
principal stocks gave higher values Many ex-
cellent reasons can be given 10 support the be-
lief that the business on the Stock Exchange in
1897 will show vast improvement over 1896
the chief ones being the strong position of our
foreign trade. the heavy holdings OF the United
States Treasury. and OF the banks. the conf
dence OF foreign countries In The maintenance OF
the gold standard and the promise Of tariff re-
form which will afford proper protection 10
American industries and provide the Govern
ment adequate revenue TO meet its expenses
Conclusions based on these factors lead all men
OF intelligence TO see that an enormous increase
IN the country's Industrial activities must fol-
low. Western bank and other failures are not
the results Of present underlying and funda-
mental conditions in trade. The stagnation in
trade has forced many badly managed concerns
10 the wall. but the real causes which have been
the chief contributing factors to the recent
troubles in the West must be traced back to the
business depression and financial uncertainty OF
tne summer and fall periods preceding the cleo
tion.
In the foreign exchange market a strong con-
rast Is offered with this time year ago and
conditions in this branch of the financial mar
ses inaicate pretty clearly the very favorable
International trade and financial relations now
existing. Rates for sterling exchange closed the
year at 4 s3l2q4 sS&. FOR long. and 4.s6k 4sGl2
lo o.. snort against 4's'l2Q4S7s4 for long. and
1854 "a 50 for short at the same time year
ago and in the week they showed an easier
tendency which will probably continue for some
,,me 70 come. The payments due abroad on
January usually call for gold shipments from
mere as has been instanced in the last few wears:
Dut despite the fact that these payments ora ex
ssseNey large, they have all been provided for
eh.s year without any disturbance In financial
Ths - or any neavy advance In sterling rates
lne neavy excess OF the country's mercha nd e.
sHpus over imports. which M 10 December
amounted In value to $2G8 OS6 100: the heaxx
49, .ominss OF money In this market by Eurr
Ian Ian account FOR the conditions Of the foreie,
. nOnanse market. and the fact that a jarc.
rnn,.h Oh ,ohg sterling held here natures this
,h o,n, further increase the favorable OUTLOOK e.
the exchange market While foreign ovnt ~
h''ons are favorable. the holdings ~ IL
moe ra aIu treasury are satisfactory and Gar
the v assuring than al the beginning Of 1soG
pos,ts coo , OK Associated Banks holding IN de-
jas, 80 ro'. ~, ip more than ri the first ~ tho
incry year while the National rroasurv shows me
increae IN gold holdings 81 SO SO a25 ard an
fertunsts IN actual cash Of $50 500 4O7 II IL an
Treasury to,. ~ Iorced 10 bear IN mind that the
mfncssn, ,re OF the Wilson Tariff law 10 provide
ees. -, revenue to meet ~xpend,smres tbo cue
payments for tho first half of the fsca,