New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-23


Total CT co.'s. .s7Io7o72 s72s4sos Inc sil7io2 10
~ commands oss 49, S2s Inc 1854 81: 10
Total 81 cos .sooaoies soes9s2i s.ei72s IL
ON THE STOCK EXCHANGE.
Holders OF stocks were encouraged In the week
over the improvement in the foreign exchange sit
uation. and the easier tone in the exchange mar
ket was quickly reflected in the value OF securities
The lower rates for sterling exchange, however
which resulted In restricting gold exports. cannot
yet be counted upon to continue throughout this
week, although conditions have begun to shape
themselves toward normal situation in the for
eign exchanges. The depletion of the gold
serve a. week ago was a matter which received
the serious consideration OF Administration Of
ficials, and 1t evidently spurred the members Of
the bond syndicate in the week to renewed efforts
In protecting the Treasury, despite the fact that
they were not bound by contract to continue the
work which they have persevered In success
fully since the last issue of Government bonds
The condition Of the foreign exchange market In
the week was more artificial than natural and in
dicated the influence OF the syndicate bankers
upon rates more than that which liberal supply
Of commercial bills would bring about Evidence
was not wanting that the syndicate reduced rates
to allay alarm and restore the confidence which
shaken in the previous week by the heavy
shipments of gold to Europe, but the fact that the
expected supply OF bills did not come into the mar
ket at the end of the week again raised doubts as
TO the end of the gold exporting movement Even
If the situation as regards foreign exchange last
week partly artificial. there certainly was a
freer Offering Of bills. and there are now good
reasons TO believe that the market supply VIII be
materially increased before the end Of the month.
Whether or not the grain and cotton movements
will furnish enough exchange to prevent further
exports of the precious metal before the begin
ming of the new year is question which no one
definitely answer. The import trade or this
country is increasing and exports OF general mer-
chandise are far below the figures necessary TO
even up the trade balance. and even with the
grain and cotton exports the trade balance may
be against this country for a long time to come
If. as some bankers have observed In the week,
the changes in foreign exchange and money mar
kets have been purely manipuative for the pur-
pose OF protecting the Treasury. II is doubtful If
they will prove a lasting RENE 1y, but II Is moro
encouraging to look upon the bright side OF
things and 10 believe that last weeks situation,
while partly artificial will not be followed pY IKE
effects again. and that conditions normal to TINS
period Of the year Will assert themselves. Pro-
viding the export trade does not come up 10 eX-
pectations. the movement OF the crops lore
shadows a beneficial change In the money mar
kets and with a high interest rate Europe VIII
undoubtedly prefer to leave It's money here, ana
in this way gold exports will be restricted with
such conditions the country may rest win ease
for a period but will not the emergency when
caused an issue Of bonds last February arse
again this winter, and perhaps sooner? The pres
ent tariff law does not promise 10 chahse
conditions 10 extent sufficient 10 pre-
vent such emergency from occurring again
and in fact Its operations are now great
~ against the welfare and prosperity or
this country. It's provisions are such as u as
courage exports while encouraging imports. ana
even at that the low duties crowded are lnsuL-
fcient to meet expenses. and In the present month,
when customs receipts should make one OF the
largest totals Of the year. expenditures are over
receipts and in the fiscal year TO date they aggre-
gate an excass Of $4,000 600 The condition Of the
New-York banks. as shown by their statements
for last week and the week before. is greatly In
favor Of higher money rates ana early last week
call loans, which ruled SO long at per cent,
reached 21a per cent and then eased off 10 l1zm2
per cent closing the week at these figures
Transactions IN stocks were almost wholly pro-
fessional and In the early part Of the week con-
sisted principally in covering OF shorts. Inc
liquidation of the week before has had the erect
of putting stocks In stronger hands and an oppor-
tunity has been offered for accumulatng securi-
ties which is being taken advantage OF In many
quarters although commission houses are still
steering clear of the market Weak holders nave
been shaken out, and big speculative interests are
reaping the harvest. The most important ueVei-
opment of news in the week as far as the Stock
Exchange is concerned was the announcement
of an advance in the price of anthracite coal.
which has extended to all the companies. indicat-
ing that the big anthracite interests are tired OF
doing business a a loss. Higher prices for coal
appeared to most minds to indicate that the
much talked-of coal combine had been formed.
and that the coal differences would be speedily
settled but the leading officers Of the different
companies announced that there was no mutual
agreement to advance prices. and that II was the
result Of individual action. Developments in the
affairs of the Reading Company are now looked
for and II was learned last week that an an
nouncement concerning Reading reorganization
would shortly be forthcoming, and that with II the
complete plan for putting the anthracite coal
trade upon a stable basis would be divulged The
Industrial stocks the most conspicuous In
point of activity, but the coalers and the Gran
gers were also heavily dealt in, and the general
railway list received considerable attention The
heavy losses sustained in the previous week were
in many instances recovered and the general
condition of the market was far more favoraDIe
in every respect than a week ago
General trade conditions throughout the coun-
try show further improvement, and particularly
so in the East and South. This Improvement was
reflected in heavily increased bank clearings by
larger wheat exports by an increase In the de-
mand for coal, iron and steel by better railway
earnings and by the hardening Of the money
markets and q better demand FOR mercantile &C
commodation. Another interesting feature Of the
weeks developments was the meeting OF the
Trunk Line and Central Traffic associations pres
idents TO discuss the plan which has been drawn
I'D for the maintenance OF freight and passenger
rates The agreement provides for the formation
OF a new association and the affairs of this asso-
citation will be managed by a board Of nine d.
rectors which will have the power to make rates.
fares and rules for the conduct OF the business.
No previous meeting Of railway men has been
able TO bring about an agreement which mas
proved an effectual remedy for rate-cuttng. but
The present efforts promise to be Successful. and
their influence upon the transportation business
most satisfactory.
The following table shows the movements OF the
rrip ar stocks In the week