New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-20

OF capital have been confined to a few small
sterling loans which have become due and
M , tne low money rates have not made adj
Nisapie 10 renew. As to the export of gold for
the regular settlement OF trade obligations the
movement has been Insignificant. In view Of
.ne Iact or the vast amount OF money required
10 meet travellers credits and July interest and
dividend payments. the actual sending of money
mas been exceedingly small, and shows most
favorable conditions In the exchange market.
Inc outlook In the foreign exchange situation
Is decidedly favorable, for the largest cotton
crop In the history of the country Is fast reach
ing maturity. and all demands should be salts
ned ny the exchange this crop will furnish, I'M
less some unforeseen development should arise.
III Europe becomes heavy seller of It's Ameri-
can security holdings-which. however seems
improba ble-the complexion of the exchange
situation would be changed: but such a move
ment is not counted at present as a possible
FACTOR Tor European investors have maintained
tcelr equilibrium during the slump here, and
they are not disposed TO believe that the civiliza
ton OF this country has deteriorated to the level
represented by the orators Of the Popust and
free-silver parties.
In the week upward OF 10000 shares were
bought in this market for the foreign account.
making. with those purchased fortnight ago,
about li0UOO shares The important feature Of
this buying has been its excellent character.
which has shown it to be no speculative move
ment Of a few days but permanent investment
against which exchange can be drawn None Of
the shares recently purchased for the foreign
account have been thrown back on the market,
despite the fact that last week settlement
week in London In the course of the settle
ment there were signs of the expected
speculative long" account in Americans. show
ing that the foreign buying had taken the
stock out OF the open market for invest
ment houses. The true feeling toward the free
silver candidate has been more correctly
judged In Europe than here. and the only
satisfaction local brokers take out or
the present condition of the market Is that
the bears cannot continue to brighten the Street
with their free-silver spectre all the summer. or
worry the Stock Exchange into panic over the
condition of the gold reserve Gold boarding
has been more general in the week, but not at
all alarming. and an effort made to stop 1t
by one bullion house. which refused TO act for
customers who desired to take gold for that
purpose Possibly. the gold hoardcrs are afraid
that the country will run to silver basis and
perhaps they are looking ahead for the pronts
be derived from the appreciation or gold
which would follow the free coinage OF silver.
In the fall. however. they will have the trouble
of carting their gold back to the Treasury vaults
taking the more convenient legal tenders IN lts
stead. .
Government bonds declined In the week to the
lowest points on record for the new As, az
l1l%0112% for the registered, and ll2%n lloA
for the coupons. which prices were against III
for the coupon and 1909 for the registered dur
ing the Venezuelan panic. The selling In thrn
was from speculative accounts. and on the de-
cline many Of them were picked up by invest
ment houses. -,
The following table shows the movement or
the chief active stocks and bonds In the week: