New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-19

San Francisco. July IS. ls9t
dav Xss.eraay Tod
ON THE STOCK EXCHANGE.
Thursday. July lS-p. m

Thursday. July 1S-p. m.
The influence OF the high rates In the foreign
exchange market Is beginning to be burdensome
10 many houses outside the syndicate. and there
are indications which point toward effort to
reduce the rates on the threat Of gold exports.
1t Is not likely that threats will have any effect
upon such powerful financial combination as
the Government bond syndicate, and the houses
which assert that they are paying tribute to the
syndicate in taking Its facilities for settling their
accounts abroad may find that the syndicate
will allow them TO make gold exports rather
than give them easier rates for exchange. The
syndicate Is managing the foreign exchange mar.
ket after it's own ideas. and 1t stands ready 70
project the gold reserve from any encroachmene
by gold exporters II 1t is forced to call upon
It's members for the gold and to bring here tho
rest OF the gold contracted for abroad. The syn
dlcate knows It's power and It Is confident In It's
ability to live up to Its contract with the Cow
eminent. which calls for its best efforts In pro-
tect.ng the gold reserve until October and so 1t
Is not troubling itself about the demands OF out
side houses for lower rates OF exchange. There
is no doubt that the rates for sterling exchange
are onerous to a large number OF business men,
and they believe that as they will receive mona
OF the large profits which the Democratic Admin
istratlon gave to the syndicate they ought not
to be forced to do business at such exact.ns
rates. and Just now they ar. taking no pains 10
conceal their feelings. Up to last week many
men outside OF the syndicate were talking ABOUT
their willingness to accept the syndicates oIis.
more from patriotism than anything else. pus
this week there have been whispers OF unrest
and discomfort over their pledges to patriotisn''
and although the difference between taxing tno
syndicate's bills at present rates and shippins
gold Is trnng, II appears possible that SOM
houses will ship the metal There were weli-oe
fined rumors to-day that a large shipment .;
gold was being arranged for by commerce.
house. and that the only thing when couu p.e
vent II would be lower rates by tire syho'ca'e:
A few shipments OF gold would nave no en-
upon the Treasury II the syndicate continued 20
watch the gold reserve as II has done up 10 tne
present time: and about the only enect 'nsy
could have would be upon sentiment. wnich ~
pears TO be In a pretty sound condition TOT suen
an attack. II the demand for remittance
urgent as some houses would have people oe
lieve perhaps slight outward moveme". "
gold would benefit the exchange Market oy sa
isfyIng the demand and thus easing the marxss
The absence OF bills. however OUTSIDE Oh symu
cate bills. In large enough supply to meet cuI1v hv
demand will In all probability soon De o"se' ~
a supply from natural sources. .,,.
There Is nothing In current STOCK trau.nns
which calls for any extended comment. ana .ne
market will continue dull and small untii u.'S
has been a change In foreign exchange rates anu
the crop question has been settled Io-uay
transactions were unimportant. and prices snoweo
no significant changes either way the oes.s
endeavored to force liquidation at the oPemnS::
but the market did not respond. ana the $780, 80
part OF the business for the day wa: purely ~
fessional. Good crop reports helped the ~'sns''"