New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-15

me CIearIng
as follows Exchanges. slO2. 1924 balances, g.
S64 $50. For the week: Exchanges, 57e,l53,Soo;
balances, s3S.651,396
ON THE STOCK EXCHANGE.
Jneasiness caused by the condition Of the for
etgn exchange market and the National Treas
ury caused further liquidation In the stock mar
ket to-day and declines in the first hour Of trad
ing extended from TO per cent. Subsequently
there was slight rally Influenced by covering
OF shorts, but there was renewed weakness at the
close and last prices were only fractonally above
the lowest prices OF the day. Considerable long
stock was brought out by the execution OF stop
orders and there was more intensified feeling
OF distrust by holders who have FOR long time
refrained from taking bearish view OF the situa-
ton. The Granger shares continued their down,
ward course at the opening OF the market and
suffered losses for the day Of from u to rs per
cent. This group Of stocks has been one o. the
heaviest losers In the week and to-days last
prices for Rock Island, st. Paul, Burlington and
Northwestern average per cent less than the
last prices week ago. Other standard stocks
which have been hurt by the downward move
ment In the week Jersey Central which has
lost per cent Cleveland Cincinnati Chicago
and st. Louis. . per cent; LOUISVILLE and Nash
vile, per cent: missouri Kansas ana
Texas over per cent, and Missouri Pacific. Gas
per cent. Sugar Refining has lost over per cent
in the week, but decline in this stock Is purely
speculative manipulation. and Is likely 10 occur
when the general market is going up as well as
down For a halliday transactions were large,
total sales being 161,7is shares more than on last
Saturday and rejecting an increase IN hquida-
ton over yesterday. when there ere three more
hours OF trading
The official statement OF the head OF the syndi-
cate. intimating that the syndicate would con
tnue to help the Treasury. apparently has not had
the desired effect upon the Street. and the fact
that the banks have turned In gold 10 the Treas
ury seems to have impressed some holders OF
stocks with the Idea that the syndicate gold sup
ply is too small to be longer counted upon and
they know that the banks Will not give up their
gold holdings 70 repenish the Treasury's reserve.
Fortunately. the Treasury now holds a large
amount OF gold and is In good position 10 stand
an attack from the gold exporters for some time
10 come, even without the assistance OF the syndi-
cate or the banks. but the conditions OF trade are
not such that II can bank on flow OF gold from
abroad in the near future. and while exports may
increase to extent to furnish all the exchange
hope that the movement Of grain and cotton
abroad Will be large enough or continue SUI
ficiently long to offset the increasing debt which s
involved by the present import trade The i'm
ports for this week o. drygOOds and general mer-
chandise amount In value 10 $40 7l9,Sl2 an In
crease OF nearly s2000.0o0 over last week. and
large Increase over this week last year and In 1889
Foreign imports have been encouraged b. the
Democratic protection destroying tariff now in
force, and every week sees an Increase IN the mer
chandise balance against this country Under
such conditions II is not 10 be expected that the
syndicate VIII continue 20 protect for the rest OF
the year the Treasury; for Il time Will come when
its own interests Will have 10 be considered. ana
the shipment Of over 81. 100000 gold to-day by a
syndicate member is just such an instance. Then
the Administration has to fall back upon It's IA
vorite financial card, bond issue and IL Is not
improbable that before the winter comes the
funded debt OF the country will be increased for
fourth time within TWO years by over S5O,00O,00O.
Many transa ctiOns In the foreign exchange mar
ket have been made in expectation OF lower rates
This month and unless CONNER a bills come into
the market IN "A large supply, gold exports Will
continue heavy next week-probaby heavier than