New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-22


losses of sl4O.6sS, or l49 per cent The whole
shows a gain Of sl44s,15l. or 1928 per cent. The
Tribune has also printed the gross earnings OF
forty-nine railroads systems for the second
week In July. of which fortytwo return gains
Of $l.1S9,4l4. or 3S.4 per cent and seven return
losses Of s64.540. or l12 per cent. The whole
shows gain of sl.124S74 or 3O.7 per cent.
RECONCILIATION.
First week in July
10 companies SS g. d s9 "a, Inc c 81 Il
ID co%panss siss5 sSss b Dec 80 isSSss isS
Total 60 co.'s. s4u27l7 $500 sos Inc sia,s iai ~
Second week July
q c SS%G%p." iss ssc ,sS Inc 'sss Is
Total 40 co.'s. .ssoG4oi7 s47sa7ei si.i24s7i 20 !
ON THE STOCK EXCHANGE
There were no important or significant changes
In stock values last week. and the chief interest
In Stock Exchange and banking circles was cen
tired upon tie foreign exchange market. There
was no fear dismay at the announcements OF
gold exports and there was no apparent d.
minution In prevailing enthusiastic sentiment
over the favorable industrial and financial out
look for the nature OF the gold shipments was
known and the certainty that they could not be
large WAS prevalent AS matter OF fact n
movement OF gold abroad under pre-: ent condi-
lions is in accordance with normal demand.
From the latest figures from the Government Of
imports and exports tn trade balance for the
present is against this country, ana TINS. with
the July interest disbursements and travellers
credits. must be taken into consideration In con-
rection with gold exports. The shipments Of
the metal last week were done at rates which
were hardly more satisfactory than those re-
quired by the syndicate for its bills. and 1t is
extremely doubtful that when the loss from
abrasion and export cost are accounted for that
the exporters will have made much Of n profit.
The conditions in London are such that a large
amount Of gold would not be disposed Of at
rates which would compensate the exporters for
the cost, and moreover the demand for remit
lance has been light, and there are numerous
indications which point To n speedy change In
foreign exchange rates. The supply of bills in
the last few weeks has been made up almost
entirely of syndicate offerings. the number of
security bills being small. In the last part Of
the week there some drafts against cot
ton futures. and there were unmistakable evil
dences that there will soon be good supply OF
security and commercial bills The demand in
Europe for American railway bonds and issues
of other companies IS on the increase. and bank
ers with foreign connections report most ac-
tive inquiry. This promises to give the market
a supply OF security bills and the movement Of
the crops will soon bring the commercial bills
into the market into sufficient volume to meet
current demand.
While the Street has not been frightened at
the gold exports II has been intensely Interested
in the foreign exchange market. FOR II is con
ceded that lower rates for exchange would have
a beneficial effect upon the stock values. Then
the operations OF the syndicate have called
forth considerable comment and also criticism
from houses not members for It's apparent cN-
cessive rates for It's bills but IT appears that
such criticisms Will have little or no effect upon
the managers Of the syndicate. In holding its
rates at the present figures the syndicate is not
making an excessive demand If its operations In
drawing bills on its credit In London are 70 be
considered apart from its operations In disposing
Of the Government bonds. There is no surety
II at the syndicate Will come Jut II us foreign
exchange operations with profit. ana. In fact.
II expects loss on the transaction. IT, however,
its foreign exchange business IS TO be consid-
cred as part II It's contract with the Govern
ment II might we'll seem that II could reduce its
rate for demand sterling and offset the loss
from its large profits from the sale Of the bonds
The criticisms against the syndicate for allow
ing the gold 10 go abroad are made by persons
evidently unfamiliar with the bond contract Tor
there was never any promise given 10 prevent
gold exports. The syndicate merely agreed -
protect the Treasury CT the United states In
these words: AS far as lies in their power VIII
exert all financial influence and Will make
all legitimate efforts To protect the Treasury OF
the United States against the Withdrawals OF
gold pending the complete performance Of TINS
contract TO all purposes the bond contract was
completed month ago. when the Adminis'ra-
tiOn allowed the syndicate To stop Importing
gold and 70 deposit In lieu Of the remaining
SIG 900 600 contracted for abroad an equal amount
Of the metal held here. The contract from the
beginning way unfavoraDlr TO the Government.
but the stupidity OF the Governments financial
management is responsible for that ana not the
syndicate The contract has been lived up 10 by
the syndicate, with the notifications allowed
and there IL no reason to suppose that this pow
crful financial combination Will allow any drain
upon the Treasury. II has at It's command
enough gold to make up for every cent the
Treasury loses under the $lO0.OOO000 limit. and
If IL had any serious doubts about its ability 10
handle the situation II would soon be known.
The managers Of the syndicate are content
with the situation. and they have no reason 10
be otherwise.
Stock trading last week was small and
fined to the operations Of the professional .le,
ment The Industrial shares were manipulated
as in the previous week. and most III them
closed at net declines. There were no develop
ments Of importance from news point OF View
I'm any OF the stocks, but rumors. especially
about Chicago Gas were plentiful Toward
the close Of the week there were Indications Of
some good buying OF the stock. and there prob
ably would be more IL IL could be cut loose from
the grin Of the spectators who have been
ming It on the Stock Exchange. concern which
supplies gas to a big city Ike Chicago certainly
oupht TO nav dividends and have a good stock
value, and in fact. many Of the industrial shares
would be attractive If they were not under the
influence OF slch vicious manipulation. The
condition Of the crops and the prospect for a
good harvest continue fair, and the Granger
shares SUSTAINED their values In the week, al
though ST. Paul was Is per cent lower. The
outlook for the Granger and Southwestern Kali
way shares Is becoming more favorable ana
they cannot help but sell higher The Wander
bilt shares strong. and the anthracite
group showed no important change. Reading
was the most active for the coaers. and II Is
understood that progress Is being made with
Its reorganization plan ana win the general
anthracite situation. The stock market pre-
sents the usual appearance OF midsummer dul-
ness and is nothing more than a waiting mar
ket The end OF the vacation season a change
In foreign exchange rates and the gathering or
the harvest will end the present stagnaton.
Despite midsummer dulness business In gem
eral continues to expand. and reports from all
trade centres are encouraging. The demand TOT
iron and steel is increasing wages are gong up,
bank clearings show heavy gains over this time
last year. and railway earnings are better In all
parts of the country.
The following table shows the movements or
the principal active stocks last week: