New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-05

shows a gain of 1893 265. 81 per cent. The
arpune has also printed the gross earnings of
nve railroads systems for the fourth week liz
July. which return gains of s?05l2 or 1917 per
cent.
Third week in July
:. comD., assi ls95 $40 Inc Change, s,s *, rG
IS companies ~ SCI Isl LS7s7s7 Dec iss0so 6s
Total 70 co.'s sS9io,7es sC2seo27 Inc $3.50 265 81
Fourth week in July
. companies. Ssi6O3i 1896 500 51e 10.7
ON THE STOCK EXCHANGE.
Alarmsts and others who are dispeased with
the condition of the foreign exchange market
nave been endeavoring to circulate their views
and opinions to such an extent to cause lower
prices for stocks but their success has been of
doubtful kind. The market has resisted all at
tacks with stubborn persistency, and only in
the case of easily manipulated shares have losses
been important. In them declines count for
nothing, except concerns the lightly mar
gined holders and all those who not on the
inside OF the manipulation, and their losses are
of such a nature as not to do any permanent
harm TO the general market. Ever since the pub
lie became aware that prosperity was returning
1t has refused to take fright at the silly predic-
tons OF the bear faction, and sound investment
properties have held their own and nave maze
showing which the holders of their securities
should be proud of. OF course the pressure in
the foreign exchange market is an unpleasant
factor. but II is not which cannot be RENE
died. and the natural course Of things Will bring
about conditions which will remove the present
high rates and perhaps lower them to UNUSUAL
hgures. The foreign exchange market has al
ways been a guide to the stock market ana WIN
rates high an advance IN stocks is not likely ana
very often declines are general from the fear OF
and actual exports Of gold. AT present, how
ever, there is fortunately sufficient confidence IN
the future 10 drive away fear OF a nnanc.a
panic which a large movement of gold abroad
sometimes causes. and The operations OF the
bond syndicate in taking hold Of the finances OF
the Government have brought about a condl-
ton Of affairs which has kept the stock market
from receding in the face of gold exports, and
moreover the syndicate has played It's mana 50
masterfully that large movemen; of gold
abroad is extremely remote and almost impossl-
be
Large holders Of stocks and heavy Stock Ex-
change interests content to remain out Of
town, leaving the market to take care Of itself
which they confident will be done with no
bad effect upon the standard shares. Gold eX-
ports DO not frighen them Slight declines
caused by the screaming Of professional manpu,
lators are powerful enough to frighten the small
traders, but not sufficient to hurt the general
condition of sound investment properties or 10
brighten their holders The market has gone up
and down all the summer. and except in the
case Of the Industrial footballs OF speculation
there have been material losses. Standard
shares have not only maintained their values
but in many cases have crept toward a higher
level When the result Of the harvest has been
fully established. and II now seems that II Will
not be disappointing; when the pressure has
been removed from the foreign exchange s'tua-
ton and the vacation season has come to an END
the stock market will follow up the advances
begun in the early part Of the season, and from
present indications there appears nothing In the
outlook for the near future which can prevent
a healthy movement of prices. The influence OF
hurtful legislation by incompetent Congress
has been removed and the fall trade Will not be
checked from fear Of lawmak.ng harmful to
industrial prosperity, as happened when the last
Congress was in power The fear Of gold ex-
ports will be removed. and though gold exports
at present are not causing any alarm they are
factors which used by the pessifnsts ana
manipulators in Wall Street to brighten and TO
shake confidence. The present gold export move
ment is of particular significance. when the
strength of the gold reserve and the ability or
the bond syndicate TO protect ii taken into
consideration. Exports of gold just now cannot
be looked upon as detrimental to the general
situation, and when the condition OF the local
money market is examined IL will be seen that
an export movement ought TO have beneficial
effect upon money rates.
When the demand for remittance is heavy
and there is a scarcity of commercial and Sc
curity bills rates for exchange are bound 10 go
up. and they follow the law OF supply ana de-
mand as in the case of any commodity. There
is but one supply of bills at present. and that
is controlled by the syndicate which Is drawing
against its credit in London and banking on
the future supply its present sales.
The syndicate is holding its bills abnormaily
high. but IL does not force them on the market
if gold exports are preferred. Houses OUTSIDE
the syndicate can export the metal, the synol
cate cannot stop them, and 1t never pledged
tration allowed itself to go into receivers
hands the receivers guaranteed TO protect IL,
and, incidentally, TO take all pronts arising
from the bargain, and this II Is doing, 10 the
satisfaction OF itself and the Government al
Washington. The foreign exchange SITUATION
promises to develop some interesting features
before long, and from Saturdays deVeiopinehts
il looks though houses which never pelore
dealt in exchange intend to go into the bus-
ness their own account
Exports of gold last week amounted 10 over
s125O,Oo0 the larger part being made by com,
mercial houses. and the rest by hrm OF golo
and silver bullion brokers. The large banking
houses show no disposition to make shipments,
and from all that can be learned they nave no
intention of making any. The CONDITION OF the
crops is not such as 10 cause disappointment
and while the wheat yield will probably iail be
low the most hopeful estimates. the yield or corn
will undoubtedly be the largest IN tne hls np
will be sufficient 10 bring good supply OF com
mercial bills into the market. 1t Is not at az
unlikely also. that in the fall security bllls VIII
ne in the market in good supply, FOR there are
evidences that large blocks OF American secur-
ties will be placed abroad. The progress OF bank
rupt corporation reorganization Is not RAPID just
now, but enough is being done 70 make the re-
ORGANIZATIONS successful when the proper time
arrives to launch forth reorganization plans
The earnings Of the bankrupt properties show IN
creases In every report. and when the companies
are out OF the hands Of lawyers and receivers.
and managed by competent railroad men, an
even better condition OF affairs VIII De SHOWN
There is some disappointment over the hsht In
Northern Pacific affairs but even TINS Is likely 10
be satisfactorily adjusted and the property re-
organized on plan which will be for the best
interests of the owners OF the property Inc
Northwest does not look with favor upon the
ideas OF Mr. Hill, who would like To get control
OF the Northern Pacific for the Great Northern,
and so far IL seems that his efforts have not met
with the success which he contemplated Inc
anthracite coal trade is the Encouraging feature
of the present situation. and the sales agents
have practically acknowledged that they are
helpess to readjust the trade while their su-
periors remain idle and take no steps 10 Drlng
about a settlement OF the difficulties. coal is
selling at prices which will make hard showing
for the stockholders OF the big anthracite com
panies but the presidents Of the companies and
their friends in the banking community assure