New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-18

Monday. August lip. m.


While the amount of business transacted on
the Stock Exchange to-d,y was not large the
tone of the market was notably strong. An I'M
,-oyement in values was recorded for almost the
entire active list The only conspicuous excep-
tion WAS Manhattan Consolidated which de-
cuned on the statement of the company for the
quarter ended June 80. showing deficit after
charges and dividend of SSS,4O1, and deficit
for twelve months of 1851 .904. The general gains
in values otherwise were accomplished "i'hou'
the aid of European spectators or investors Tor
practically no buying orders for foreign account
were executed. Prices were easily nileo anu
maintained above the London figures Tor Amer
lean stocks, and it was matter or comment tha'
confidence at home must sooner or ia'er pese'
confidence abroad In American securities 1T mas
always been the rule that foreigners invested
their money in America after and not before an
improvement was started, but they have ever
been ready enough TO put funds in stocks and
enterprises here when they thought the way was
clear. ,,. o,,oo,s a.,
COLI in wall Street say that If the decline IN
values which eliminated August III was PAM ,t
II is easy to determine what the STOCK mar Me-
will do The decline was panicKy III its ~ oPo,
tions but the sentiment which prevailed WINE
II was In progress was not II is pointed out tia'
the violent declines in stocks when nave &c
wears
In one NAV The heavy fall was followed WITHIN
about ten days by a strong rally ana then WITHIN
thirty days ensued sagging market Which car
ried quotations back we'll toward the low polnt,
THIS Vas the experience in 1878. in 1884 In 1870
and In 1895 Whether history VIII now repeat IL
self in the stock market remains to be SEEN put
A. lie fact that 1t has not yet shown much signs
Of II On the contrary, the outlook seems 10 De
for a considerably better order OF things
A prominent feature Of the situation Is pro-
nonnced weakness in foreign exchange. The ex-
&c hat
week Balances have been so well settled up that
the call for bills will probably be light Tor some
time to come. Then again, there nave peeh rev
sales of future bills recently, which means tnat
more than the usual number or documents lol
payment" must come on the market III the ieNl
sixtv DAYS Furthermore. the prospect Is LOT d
continuance OF the tightness In money, whlch VIII
have the effect Of keeling exchange uepresseu'
The managers Of the exchange syhuica'e na a
abundant reason to be satisfied win the eAlstlns
state of affairs. Up to the present circumstances
have been entirely in favor OF the syndicate anu
il has been obliged TO do little or nothing III lhe
way of regulation Of the market In other WORDS
the exchange market has taken care OF itseIt. Inc
belief Is strong in the minds OF many Gooo JUDGES
Of the exchange market that imports oil eOiu VIII
be witnessed in October The low prices oi ,,
and the growing certainty that this country VIII
remain on gold basis are especially relied on 10
induce large purchases of American securliles lor
European account before long, ana such pun
chases would create exchange .
Some of the larger banks whlch useo W o , ' ~.
better part Of the surplus reserve are now close "
the % per cent limit. This, II is SAD IS the resu
of the demands for money from their commerce.
customers Several Of the banks have called IN
long standing loans in order to ACCOMMODATE
these customers The requests from the W est LOT
funds are extensive, and currency shipments
thither are likely 20 be larger this week IMAM III
any week since the movement began Telegraph
&c transfers to the South will also be large
Noteworthy advances to-day were sugar rem
ing. per cent; Chicago Gas, l; Rock Island. rs;
Burlington and Quincy, - St Paul, %; North
western. IA Illinois Steel. 3; Northern Paclnc
preferred IL; Leather preferred q. The totai
sales OF stocks were 1S7 403 shares
Closing nrices for a number of active stocks
compared with the final figures of Saturday were
as follows: