The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-11-24
Money, Stock, Bond and Produce
Quotations
WALL STREET SPECULATION
Tile Market Dull and the Prices Very
Irregular
The Weeks Gold Shipments Very Nearly
Break the Record, All Drawn From
the Treasury Reserve

NEW YORK, Nov. 23.-The stock mar
ket today opsned dull and irregular with
changes in prices unimportant. A raid
on &c industraIs by the traders resulted
in only fractional declines. Tho railway
shares were unaffected by the heaviness
in ndustrials and ruled SLIGHTLY above
last nights final prices. In the late deal
ings the prices were cratic and the clos
ing was irregular. There was no special
news bearing upon prices. but tho firm
ness OF the exchange market was consid.
cred indicative of further heavy exports
of gold next week. The supply of COM
mercial bills is still very light. Specula-
ton during thu week was irregular with
q downward trend.
The salient feature of the week has
been the heavy outgo of gold, ST. 579, 6o5
being close to the heaviest shipments of
any single week on record. This was all
drawn from tn, treasury reserve. 1t is
obvious that the dam built by the great
syndicate bankers TO protect the gold re-
serve has given way, because of the In
tense pressure for remittances and con-
sequenIly food of gold pours forth.
Secretary Carlisle's after dinner speech at
the banquet OF the chamber of commerce,
advocating the retirement of the green
backs. has redirected attention to that
question. Ia the judgment OF many ex-
per-ncrd 6nanciers the real underlying
cause of the persistent export movement
of gold was ignored. 1t is a simple
proposition that the American people
owe the money to Europe and can only
hv .,.{ino Cp INN of
merchandise are very large, while our ex-
ports are relatively quite small. Every
year at least 10000 American citizens
visit Europe. ending there an aggregate
OF at least $lU0 100000. When to these
drafts upon the products OF the farm, the
mine and tho factory are added the Sums
necessary to pay Interest and DIVIDENDS
on our securities held abroad. ana at
times to take back sucn part of the secur.
tiles thesneves as the foreign holders
sh to resell to US, as, for Instance, re-
Gently OIL account Of the kaffir slump,
it is not strange that we are losing gold
to Europe. To reiterate, at this time
the United States owes more money TO
Europeans than the value OF our exported
merchandise will suffice to pay. The re-
suits OF the weeks operations were losses
generally
Trading IN bonds today was light ard
upon declining tendency Of prices. The
dealings amounted TO 1881, 200.
The movement of bond prices during
the week was dominated by the course of
the stock speculation. Amongst the
more mportant losses was Atlantic and
Pacific guaranteed 4 s, ~ per cent.
There was an increase IN the trading in
governments at the expense of values.
The new As made share fractional de-
cline. The .al-s mere $4,000
The Financier says: As is usually the
case when be.vy geld exports are being
made, the statement of the New York
clearing house banks does not reflect ex-
listing conditions. AS shipments during
gated over $1,000, 900, the banks, despite
the fact that they received more currency
from the int, rior than they shipped,
must have lost LARGELY in legal tenders,
which were withd avn for the exchange
of gold at the subtreasury. For six
weeks past the specie item in the state
ment has been showing q steady gain.
The gain reported BY the com bined banks
for the week was $5ld, 700, bringing the
total specie item to x6e 2Sl, 800, or an in
crease of nearly S., 500, 90 since October
18TH last. Thi, regular increase has given
rise to a rumor tt at the New York banks
were preparing for another bond issue,
but as the banks have hsen losing eold
since June 1st until recently, and now
told IS than was reported INN el lately
after they had absorbed boni issue, the
small increase dues not seem to possess
much Importance. 1t is doubtful, too,
wn, Their the recent sxpansio. OF the
specie item means that the banks possess
that mn, b more gold, since silver certifi-
Gates are also counted as specie.