New-York tribune., 1895-07-18

ON THE STOCK EXCHANGE.

Wednesday, July Up m
The same small bullion house which exported
gold last week sent out $4,000 gold this morning
and will follow IT up with a further shipment to-
morrow and one at the end of the week As
was the case last week. to-day's shipment had
no effect upon the stock market and the senti-
ment Of the Street was not affected by the move
ment The syndicate has no power to stop gold
exports by outside houses. and even members
might ship gold and not force the syndicate to
violate its contract with the Treasury Depart
mont because the syndicate never promised to
prevent gold shipments 1t promised to protect
the Treasury Of the United States, and II can
control sufficient gold 10 keep the reserve intact
even should gold exports take serious turn.
Large exports however are not likely. Tor al
the present rates of exchange. where the loss
from abrasion on the kind OF gold which would
be furnished for export Is taken mo cohsiuera-
tion there Is not much choice between taxing
the syndlcate's bills and exporting the Hie'a'.
The present high rates OF exchange are certainly
not helping the stock market. ana therc can De
no general advance ir pri, es until exchange has
eased and the business public can get some Idea
Of the syndicate's next move. Crlt'csms con
tinue to be made Of the exacting terms which the
syndicate makes for its bills. but tho syndicate
evidently understands Its business and VIII PROB
ably ma Ike no concessions until II Is able to nguTe
on how 1t will ultimately come out with its pres
ent operations The syndicate at present ~
keeping exchange rates at their hlghest pun,
and at the same time is endeavoring to keep the
stock market from receding How well this 10
being done can be Judged from current quota
tions, but efforts 10 advance the market 10 any
great extent under present circumstances hp
pear to be out OF the question. General cohui-
tions are such that the standard shares, WI, wa,n
few exceptions will probably not vary except
fractionally until the present tension IN the eH.
change market has been removed ana the result
OF the harvest has been assured.
II looks as though a change In the sterI'ns eN-
change market will take place before long on nc
count OF the supply OF commercial bills which
will soon come into the market and the evidence
~ a good supply OF security bills. Plans have
been made and are making for sales OF large
blocks of American securities abroad, ana on
Friday an offer Of $6,sO0 900 per cent gold bonds
OF a big American coal company Will be put on
the English market. Advices received here from
London are to the effect that the demand for our
securities s likely to be large In the near future
All such Indications point to an end OF the high
exchange rates and the end Of the bear cam
paign now being carried on In the stock market
and the accompanying vicious manipulation
which has been 80 prominent all the summer
To-day's market may be called dull with strong
tendency There was a covering OF shorts In the
Industrials and an effort to follow up the recent
success In depressing these shares by hammer
ing at the 0rangers but the attempt was sadiy
disappointing to Its promoters There were some
early declines, but subsequent trading developed
strength and the entire list OF the active stocks
closed at net advances. The advance In the IN
dustrials extended to 2GS per cent, and the rail-
way list was up on an average OF n per CEN. CEN,
The Vanderbilt shares were strong and active
and Lake Shore advanced IN per cent TO lbois.
Street gossips were predicting 40 for this STOCK.
New-York Central closed at " per cent gain For
fiscal year the Washington Treasury statement
showed to-day excess OF receipts over expen-
ditures II was only little over $4,000, but sur
fcient to cause the financial management OF the