New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-19

! companies. ss3.sss sossis Dec. i2sso IS
Total 10 cos. ssei.4es soos 42s Inc sieoo7 10
ON THE STOCK EXCHANGE
| Little interest was taken in Stock Exchange
| transactions last week. The attention OF the
| Street was still confined To the foreign exchange
situation although the condition OF the anthracite
coal trade the possibility Of putting II on a better
| basis nd the meeting of the Trunk Line and Cen
| trail Traffic Association committees ali fac
| tors which were not totally passed by. and they
were especially observed by those who know the
| importance OF their bearing upon the coal and
general transportation business. In the early
part Of the week there an advance in the
anthracite coal shares, which Immediately I'M
pressed the Street that something was being done
| by the big anthracite carrying and producing
companies looking toward readJustment OF the
trade. and reports were current Of a big coal deal
| by which the coal business Of the Reading com
| pany would pass into other hands presumably
a syndicate OF railroad men and bankers NO IN
| formation given out by the coal presidents
concerning the progress OF settlement, ana
there appears to be no likelihood Of any an
nouncement before the vacation season comes TO
an end Mr. Morgan has expressed his intention
of taking the anthracite situation. and he VIII
prObab bly, dictate the plan for its solution as well
that for the rcorS anization of the Reading
road On Tuesday there was considerable buy
ing of Reading, supposed to be oy the same IN
terests which bought heavily OF IL some urne
ago and II Is generally believed that the greater
| part of the stock is now held in this city the
| committee Of railroad men which was appointed
| TO prepare a plan to secure stability IN east and
! west bound rates has drawn up an agreement
which provides for the establishment OF com
mission. with absolute power to make rates;
clearing house. and money penalties for the viola
| ton of the agreement II the rate question can
be satisfactorily arranged. as now seems probable.
| II will do much toward helping the value or
| American railway securities, making them far
more attractive both for investors here and in
| Europe.
The end Of the week brought an easier feeling
over the foreign exchange situation. Bits were
| offered against recent sales of American securi-
| ties abroad, gold exports were much smaller than
| had been expected, and the bond syndicate again
made evident its intention Of standing by the Ma
| tional Treasury by depositing during the week
more gold at the Sub-Treasury in this city II
was also learned that the syndicate had been ac-
| cumulating gold from the smelteIs. The exact
amount Of gold held by the syndicate has been
| topic of considerable discussion, and estimates
varying from 81 0000 900 to over $100OOOOO have been
made: but such estimates are mere guesswork.
| for II Is not known how much the syndicate mem
bers contributed. and the operations of the syn
dictate have been carried on with 50 much secrecy
that II is impossible to make accurate calculations
| on the amount of its gold holdings The pubic
may some day learn all the interesting details or
the syndicates operations. but for the present IT
must remain content to watch results without
facts. Well-informed bankers expressed the opln-
ion at the close of the week that change In the
| foreign exchange situation was in sight In the
week over A,3oO,OOO in gold was exported. but this
was offset a greet extent by deposits by the
syndicate of 100000 gold in exchange for legal
tenders. Some gold nay go out this week in set
| Element of sale in this country Of new Govern
| ment As recently sold IN Europe. but the firm OF
| bankers conducting the negotiations will take
| bills II rates should TO appreciate eX-
tent. This may happen as there are more com
mercial bills coming into the market. and sale
| Of Northern Pacific receivers certificates has
been made abroad, which, il is promised, VIII be
| followed by other sales by the firm making this
sale At this time last year rates in the foreign
| exchange market began to fall. nominal rates de-
| clining two cents per pound sterling. The de-
mand was small THAI bankers were able to
cover their counter business every day. and there
were fairly liberal offerings Of bills against arbi-
| TRACE operations Rates for actual business ruled
| at 81 S5iAaS4 S5a and 81 s61@A S6S for long and
| short sterling respectively. Compared with these
quotations. rates for last week were 81 1914 a 81 S9la
| and 81 9014 asa 90l2 for long and short bills re-
| spectvely. The high rates demanded by the syn
dictate cause no less dissatisfaction now than they
| did several months ago, and houses outside the
| syndicate are endeavOring to enter into compet-
| ton with the syndicate houses In order to sell ex-
| change down; but it appears impossible to make
any impression the 81 80 rates, which are the
| highest on record.
With gold leaving the country exchange rates
| standing at top figures and growing deficit In
| the Governments expense account liquidation in
stocks is likely to happen. and the present
strength in the stock market well reflects the
| general publics confidence in the countrys abil-
| ity to offset present losses by future gains.
Heavy holders OF stocks are not frightened over
the situation and there are few selling orders in
the market. The crop returns promise good re-
suits; general industrial conditions continue to
| improve, and the prospects for the overthrow Of
| free-trade fanatics and Popustic silverites are
| all Wnlcn create nope ana confluence IN
| the future. Transactions in stocks fell TO low
| level in the week, but there was no material
| change in values, except in some Of the shares
| subject to manipulation. Only professional trad
| ers were in town and the market was a waiting
, one, dull one and particularly undressing
| one. American Tobacco shares were sold down
| and there various reports concerning for
midable opposition to the company in the West
| but there good deal OF evidence that in
siders were working for a speculative turn. New
| York and NewEngland scored a substantial adj
vance covering of shorts The Gould shares
were generally strong, although on Friday Man
| haitian Elevated was down over per cent. the
stock being freely sold on the publication OF the
| companys showing for the year ended June 80
| The company earned 5.07 per cent on the stock
against III per cent In the previous year and 992
per cent in the year before that. The decrease In
! earnings due TO the progress Of cable COM
petition The sale Of the assets of the Distiling
and Cattle Feeding Company to the reorganiza-
| ton committee accomplished in the week,
despite the efforts of the GreenhutMorris inter-
| ests to prevent it, and though these disgruntled
| minority stockholders continue TO carry their
objections to the court there is nothing 10 indi-
| cate that final rehabilitation OF the old con-
| Germ under different name and in strong ana
honest hands will not speedily be brought about.
| announcement that the managers Of the com
| pany had decided to extend the line in order 10
| reach more important traffic centres. Such an
| arrangement should cause no fear to the stock
| holders for the line reaches only one important
| traffic point and, as at present its traffic de-
| pends to a great extent upon the development OF
| natural gas, and as gas Is too uncertain a
factor TO be depended upon TO furnish traffic for
| ALI time move for extending the road into
| other territory should not be considered unwise
The movements of the principal active stocks
| In the week are shown in the following table: