New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-16


30 companies 81 isl s2s s. sssa5 Inc s227 t25 So
Total so co.'s ses3o se5 SO 42ali2 Inc. sse25 10
ON THE STOCK EXCHANGE.
Foreign exchange the predominating in
fiuence in Stock Exchange business last week.
The efforts of the members of the bond syndi-
cate to defer the payments Of their obligations
abroad until a larger and better supply OF com
mercial bills came into the market had to be
abandoned. and for the first time since the bond
contract was made a member Of the syndicate
was forced to ship gold. The strain in the for
eign exchange market has been excessive. The
members Of the syndicate have struggled to pre-
vent an outflow OF the precious metal for the
settlement of their own Indebtedness abroad.
and until last week they were able to accomplish
what they morally bound themselves to do, but
the time came when their own credit demanded
a relaxation of their vigilance over the Treas
ury's gold reserve. When the bond syndicate
began its work Of protecting the Treasury Of
the United States II counted upon no such con-
ditiOns $ goveA the foreign exchange market
at the present time. 1t did not believe that the
wheat crop would be restricted II did not
foresee an unusually backward season for the
crops ana perhaps It did not expect return by
Europe this fall Of commercial securities pur-
chased In the early summer, or Of resale here
of part Of the foreign half of the new Govern
ment bonds taken abroad. The syndicate
banked upon heavy movement OF grain and
cotton toward the other side in the first half of
September. when il would be able 20 cover the
exchange furnished by a large supply of bills
against merchandise exports. but unfortunately
it has been disappointed. and the large banking
/ houses which are members or the - Indicate are
now compelled to ship gold in order to cover
| their accumulated Indebtedness and 10 supply
/ the daily demands Of their customers. At the
close Of the week there was an easier condition
/ in the foreign exchange market and the action
or a syndicate house in shipping gold brought
h.
competition which ought to cause decline In
rates and eventually end the operations Of the
/ houses which have gone into the gold-shippins
/ business for the profits which possible with
rates at the high figures which have ruled the
greater part Of the summer. II is not safe t.
say that good supply Of commercial bills is in
/ sight, but there some indications that lead
/ to the belief that before the end of the month
! the supply will be sufficient TO end the profit on
gold shipments, and perhaps the decline in
stocks may induce Europe to again pick up
American securities for future profits.
Inc Withdrawals Of gold for export al the begin
| ming Of the week with no deposit by the syndicate
/ caused bearish feeling on the stock Exchange.
which was intensified later on In the wesl: when a
bond syndicate house withdrew over g. 00o gold
/ for shipment abroad and weak holders Of stocks
/ threw their holdings upon the market and con-
siderable long stock came out followed by de-
cines In the entire list. Stocks bought by London
/ In the spring have recently been returned for
/ profits. and this movement became pronounced
last week when local liquidation get I'm I'm order 60
] realize before the market had fallen 10 a point
where profits were no longer possible. Declines Of
from 20 per cent were suffered by many 81 the
standard shares ana extreme tneasiness and fenr
we're shown when II became known that the syn
dicate's gold supply had besr used W and thH the
bankn we're looked 60 by tn" syndicate 30 continue
the WORK which tho syndicate had carried out 80
well al the summer, Another issue ~ bonds WAS
| talked about during the week. ana there were
certain well defined fum0rs which lead 10 the be-
lief that n new Issue Gf Government bonds will be
made before the winter and perhaps IN the very
! near future The gold reserve Is down below 49,
oVOOoo THIS country stu has large foreign trade
balance 10 settle; imports continue 10 Increase
while exports. though showing gain last week
are far below figure large enough 90 turn the
trade balance, and there is not yet sufficient
reason TO believe that the banks Of the country
Will give up enough OF their gold holdings to keep
the Treasury reserve intact for the rest Of the
year. The Cleveland administration has allowed
tarir law 10 be enacted which is totally against
the interests Of this country. IL has SLOWED the
/ National Treasury to sink into humating and
disgraceful condition. and 1t has fostered and en-
I couraged a situation which has put the Treasury
IN the hands Of receivers, who have been success
full in bridging over emergency which how
ever, must necessarily occur again. The
public received more enlight snment In the week
I as regards the operations Of the syndicate ard
the duties and promises Of its members. 1t
officially stated that the syndicate longer
bound by contract to furnish the Treasury with
| gold and that there never had been any obga-
ton on the part Of the members not to ship gold
/ but that II was understood that each member
would do all in his power TO keep gold here and
ship IL only when necessity demanded such
/ a course. II stated by Mr. Morgan that the
ulate gold for Treasury purposes long the
! situation made such action necessary but the ef-
forts to accumulate gold are not now attended
with such success as In the early part Of the sea
/ SON and the syndicate has been forced to call
/ upon the banks TO help It Olt.
1t is encouraging to note that the events which
have been responsible for a fall I'm stock va tues
have not affected To any extent the bullish feeling
The general Industrial conditions throughout the
/ country continue In the line ~ Improvement. ana
in the iron ana steel business the highest quota
lions yet reached were recorded last week. ana the
/ production Of pig iron was larger last week than
ia any one week IN the history ~ the country.
| Railroad earnings for August showed - fair In
crease, ana only IN the coal roads was the siuns
ton unfhV0fhble In View ~ The Generalization
/ IN the coal trade such condition In ~ be- eKs
pected. bat the future of the oohl Industry seems
al present 10 be brighter Tor II II believed that a
settlement ~ the anthracite coal differences VIII
/ be- the next important announcement ~ wall
| Street The demand for coal shD vs. improvement.
/ and IA the week the Reading ana Lehigh Valley
companies advanced the price Of coal from 10 10 30
/ cents Yesterday II was reported from Philhde-
/ phia that an important announcement concerning
/ Reading would be made tomorrow and that II
/ would contain the plan for the future ~ the COM
pany. The Granger shares which were the most
/ conspicuous in the recent advance, suffered the
/ most In last weeks declines, averaging losses OF
/ from to 61s per cent The anthracite shares
/ showed smaller losses and the southwestern
group Of railroads suffered declines or from To s
| per cent. Pacific Mail and General Electric both
| reached on Monday their highest prices OF the
I year. but sold down the rest Of the week. Ten
/ nessee Coal and Iron was down AT the close about
/ per cent and Sugar Refining lost over per cent
The action of the stock Exchange Governing Com
: mittee at It's regular meeting on Wednesday IN
I considering a resolution which was introduced to
/ compel the American Sugar Refining Company 10
/ make public a statement OF its financial condition
for the last two years was one OF the interesting
/ and important developments In the week In Wall
. Street The Stock Exchange has wisely decided
interest itself IN the operations Of the Industrial
/ companies which have for so long outraged public
! opinion and confidence by their shameful stock
| manipulation and II the Exchange prOsecutes
/ rigid crusade against the methods ana operations
OF the inside clique in these speculative pitfalls
and of bucket shops and their Ike u will receive