New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-02
al o' co.'s. .s6oii.oi2 sa7so4I2 inc. sIG5,sCo rs
ON THE STOCK EXCHANGE.

io'a' % Co g. .s86ii9l2 S.7s04T2 inc. SIG5.5Go 25
ON THE STOCK EXCHANGE.
COD exports were unexpectedly large last week
ana the course OF the foreign exchange market
at the end Of the week was disappointing. The
influence which the foreign exchange market has
upon the stock market made emphatic in
the first days OF the week. when reduction in
foreign exchange rates was followed by higher
prices and activity in stocks, including purchases
for others than the professional traders and also
for the foreign account When the demand for
bills became more urgent, due In great part to
easy rates, the supply of bills became smaller.
rates went up. gold taken for export and
the stock market became less active and values
ceased going toward higher level. The cotton
crop is late. and the partial failure OF the winter
wheat crop has kept the market supply OF bills
small. and the security bills made by the foreign
buying in this stock market on Monday and
Tuesday have been quickly absorbed by houses
which have been short OF exchange and
took this opportunity TO even up their balances.
The reaction in the foreign market last week,
which brought the rates for sterling exchange TO
figures only slightly below the highest Of the
season, was followed by heavy Withdrawals Of
gold for export. and the advance by the Bank
OF England in It's purchasing price for American
gold coin was a circumstance which favored
continued movement of gold abroad. over $4,000.
600 gold went Europe In the week, an amount
considerably below the total shipments for last
week. and observers OF the foreign exchange
situation are not inclined 10 predict that none
will go out next week. 1t was thought week
ago that the end Of gold exports was In sight.
the reduction in exchange rates leading straight
TO such an Op!nion but the course of the market
in the last few days has forced new estimates
and made many men in the Street reach differ
ent conclusions the exchange situation.
While gold continues To he Withdrawn from
the Treasury the syndicate keeps up It's faithful
work OF replcnishing the gold reserve from It's
own private store Of metal, ana IN the week II
turned over To the Treasury N,3OO.OOO gold when
kept the reserve above the $l00.0OJ.O 900 limit and
fortunately the syndicate controls sufficient Of
the precious metal to meet all demands Tor
long time to come. Imports are increas-
ing and. according To- tn" figures from
Washington the Governments revenues show
Improvement at the end Of August over
the same time month ago. and IN view
OF the increase in imports the gold SNIP
ments must be considered normal But IL
must also be remembered that while customs re-
ceipts show improN ement they are not Ne' large
enough 10 meet expenses. and as long as such
situation exists gold exports may well be looked
Lpon with some uneasneSi. The question Which
/ is now agitating many people Is now nucn
, longer will the syndicate be compelled to guard
the Treasury. Its contract ends next month
and will conditions by that time adjust them
selves on such a basis as 10 prevent further
withdre walls of gold from the Treasury? In the
ou;nion OF those best calculated to judge the
/ present situation and the prospects for the near
future another month will see conditions In this
countrys favor instead Of Europe's. and a suf-
dcient crop and security movement abroad to
supply all the exchange necessary TO meet cur
rent requirements. The stock market does not 20
down in the face Of gold exports. but In the con-
sideration of this fact The confidence given by
the attitude of the bond syndicate and the gen
eral individual conditions throughout the coun-
try are to be taken into account. The crops are
nearing maturity and they promise exceedingly
well: the decline in the price Of wheat has been
offset in a measure by an advance IN cotton
trade reports continue satisfactory. and the pros
| poets in the iror business are growing better
| every day. In the last week further advances
| were made in the price of all grades Of pig iron.
| and as the iron trade is accepted as the general
| barometer Of trade the advance in the raw ma
| terial and the manufactured product is suih-
! Gent to cause hope and encouragement The
/ attitude Of foreigners on American securities IS
/ growing more favorable. and 1t Is 10 be noted
| that the recent gold exports have not been made
on account Of withdrawal Of foreign capital
| from this country.
! The progress Of the reorganization Of bankrupt
railroad properties Is one Of the important and
interesting features Of the present. and the com
ing months will undoubtedly see the successful
! rehabilitation Of several Of the large railway
| corpora tons now In receivers hands. The Erie
! plan which announced in the week. was well
received here and in Europe, and its features are
/ such to command its reaGy acceptance. All
/ the leading interests in the company were con-
/ suited before the plan was launched. and so II
| comes before the public in a shape which Is sat
isfactOry TO all classes of its securty-hoders.
/ The PRONUNCIATION of the Erie plan had distinct
!
/ ket. as well rs upon the stock values Of other
roads now undergoing reorganization. There
! will be no delay in putting the plan into opera
ton. and il is expected that following closely
/ uDOn Fries reorganization the Reading plan VIII
be announced Northern Pacific interests are
still unable 10 agree and expensive litigation is
being INDUCED in by the various interests To
decide whether not the present receivers snail
continue in their positions. each side apparently
believing that the reorganization will be FASTENED
by such methods. The Hill scheme has prac-
ticay been dropped. and il is safe to say That
when the Northern Pacific is reorganized II WI
be on lines which will not deprive the people 81
the Northwest Of the benefits Of railway competi
ton The operations Of the Northern Pacific Com
pany in the last fiscal yeai showed a net surplus OF
1851 80 against a big def cit the preceding year
and such a statement = sufficient answer to the
arguments of those who believe that a guaranty
from the Great Northern is necessary "a keep the
company its feet. In the early part OF the
week the stock market was active and advancing
and many stocks reached their highest prizes
for the year The highest price reached in the
Granger shares in 1894 was Als for Burlington.
673s for st. Paul 1l0as for Northwestern and l2&s
for Rock Island while in 1898 Burlington reached
IO37s St Paul SSla Northwestern 1853 and Rock
Island S9% This weeks highest prices for this
group were 92as for Burlington, 1l3s for 81 Paul
1861 for Northwestern and Si%s Tor ROCK Island
From these comparisons II will be seen that at
present the Granger group with the exception of
Northwestern. is selling at the highest price
since 1892. The fact that the demand for cur
rency from the West has shown marked in
crease I'm the last two days. indicating good
crop movement has had favorable influence
on the shares OF the western roads. ana the
street grows more hullish every day on the pros
pect of these roads for Increased earnings in the
next few months. ,
There was an increased outside interest IN inc
stock market when foreign exchange rates were
reduced ON Monday and London bought to some
extent IN this market The report Of the SOUTH
srn Railway. issued in the week was a most
favorable statement and some surprise was eN-
pressed because the stock value Of the company
did not advance. but this was due most Ikey 70
the fact that the interests in control Of the
road arc moi vet ready for higher prices for It's
securities Wabash preferred was one OF the
few international s?ecialties 10 he bought by me
foreign account throughout the week ana "
closed Yesterday at a gain for the week OF near
~ per cent. Tho annual report ~ this com