New-York tribune., 1896-03-30

oantie o community will feel the effects ~ str,n-
indnce1 TeS t keenly. and while foreigner, may be
ueeu 10 ieave their balances her, at the
atuacuVe rates which will follow anv further
,, uontracton in the banks holdings their action
port rave movem no lasting effect upon the gold
this city e ~ 'e Ia ia'or 'i
a Inc condition of the foreign exchange market,
Ss regards supply and demand ia not so un-
favorable as 70 make necessary any large ont
ware ware movement OF gold. The demand for remit
sonre sae IS not urgent There Is 10 be sure a
sohcity OF commercial bills. and the prospects
lor security bills from foreign buyine az stocks
dle not especially bright. Perhaps however the
eminent banker who sailed last week for Europe
aS succeed IN placing blocks of American Sc
rufl'ies abroad and If he does there should
pe p ialr supply Of security bills In the market
~ VIII be remembered that Mr.. Morgan sue
oecued last year in disposng of a large amount
oI american securities in Europe and there are
thasons tha winch lead to the belief that he will
me same this year Recent distrlst abroad in
american railway securities has been caused in
great t measure by the fall Of the Baltimore and
nt,o, Onio fallroad This unfortunate affair can re
satisiactori!y explained to foreigners as II Is
hot an indication Of the condition Of American
railway properties. and doubtless Mr. Morgan
VII set the foreign investor right In this respect
before the venezuelan panic, Europe began to
take American railway bonds in good supplies.
ana there is no reason why it should not be In
S,ineo again to look with favor upon them.
moreover, the increase Of sound money sentiment
as expressed in current Republican political con-
Ventions and the certainty that the party for
,nn SJunu money VIII elect it's candidate by
Mheimns majority, should have a salutary effect
upon foreign sentiment. II doubtless will and
then when Europe Is assured that the country
W. WI. oe run on business principles. we may hope
10 see .ne complete disappearance OF its present
lack OF confidence in our Investment properties
Inc course OF state political conventions Is being
cicseiy watched In the business and financial
, oUiliInunities. . and II would seem that in
quarters too much Importance Ia attached TO
Nnat is called the uncertainty Of the political
SITUATION as regards sound money. Can any one
doubt. who has read Of the enormous subscrin-
tions to the last Government bonds the meaning
OF the word coin the preponderarce OF nublIc
sentiment In favor Of honest and. sound money?
Every Republican Stat" Convention held so
iar, has proclaimed in favor of honest and
SOUND money There should be no uncer-
tainty In business centres over the Republican
party on the money question. for II stands first
ana foremost for sound money and It is unalter-
ably opposed to the theories Of silver cranks and
tnose who would dscredit the country in the
eyes of all nations
Actual business conditions are not materially
changed, although certain operators in stocks
apparently believe so. There have been some
large mercantile failures. and the worst effect
they have had has been TO put commercial paper
In further discrAdit hut as regards trade In
general, the bad features have been about offset
by the good. Foreign trade Is increasing. Ex-
ports from this port in the last three weeks
show an increase OF per cent. and imports
show nearly a corresponding decrease. Various
favorable developments occurred in the week.
but they were passed unnotced in the stock
market where almost complete stagnaton pre-
vailed. Sound-mOney declarations by State con-
ventions, improved railway earnings. and the
prospect of an early adjournment of Congress,
all failed to stimulate trading, which continued
throughout the week wholly professional and
generally at declining prices The daily aver
age about $4,000 shares, and a few specu-
lative favorites generally made up the greater
part of the business. Values sagged throughout
the week. although there We're spasmodic rallies
yesterday and Wednesday. and closing prices
for the majority of shares were at declines
American Tobacco Chicago Gas. Tennessee Coal
and Iron were among the few exceptions. The
total business amounted to H3.16l shares. OF
which GAS 754 shares were contributed by twelve
stocks. The bond market moved In sympathy
with stocks. twelve issues furnishing the bulk
Of the business. The following table OF railway
stocks shows the low prices reached during the
December panic. the highest prices on the sub
sequent rally. which eliminated on February a.