New-York tribune., 1896-08-25
CLOSING PRICES or PHILADELPHIA STOCKS.
Monday. August PIP. m.

Monday August 24-p. m.
The stock market to-day was excessively dull
and lower prices were recorded for nearly al!
the active stocks. There was a fall in sterling
exchange and further tightening oc money.
The announcement OF d receivership for the
Louisville, New-Albany and Chicago Railroad
known as The Monon Route created no sur
prise and depressed the stock only fractionally.
The company's consolidated i per cent bonds
however, fell fou: points. The stool; of this
company. Of which there are two classes. has
never been a speculative favorite. An advance
in Manhattan consolidated ascribed to the
closing of short contracts TO take profit
While there have as yet been no engagements
of gold for importati tion to this country in ad-
dtion to the lots which left the Other side the
latter part Of las. week. ii is prOhab that there
Will be some engagements before the present
week is over. The price Of gold bars in London
is us. 10i2d. per ounce, which is exactly par. or.
in other words. the equivalent Of the United
States Mint price for gold. At this price the
value in New-Yorl is 81 SG.G7 per pound sterling
Figuring freight at one-eighth of per cent, in
surance at one-sixteenth and miscellaneous
penses including TRANSPORTATION from London to
the steamship, at one-thirty-secOnd the total Is
about one cent pound. Interest for nine days
al the London rate Of per cent adds one-eChtc
OF a cent, making the aggregate expense.
elusive of nine days interest at the NewYork
rate. about rs cents pound Accordingly the
specie importing point. without allowing for
New-York interes'. works out st practically
1902. New-YOrk interes, at per cent would
reduce the importing point three -foufths Of
cent TO about 1919. If commission OF one
eighth Of i per cent can be obtained for the
gold the greater part Of the reduction for New
York interest is offset. and the importin- point
is made something like 4S5k 4Sj>s Last
week at time demand sterling touched 80
and commercial bills were OffSet a rates equal
to a still lower figure for demand BUS. II
would appear therefore. that there is an actual
profit in the gold on the way TO NeW-York.
American gold coin purchased in Europe might
WELD better return to importers than bars
when abrasion is taken into consideration. The
coin would be bought by weight. and If not
abraded in excess Of One-half of ! per cent
would be received by the United States Treasury
at its full face value.
Up to date no Clearing House loan certificates
have been issued bat it is understood that sev-
eral banks will take out certificates before the
end Of the week. The Loan Committee OF the
Clearing House Will hold daily sessions 10 re-
ceive applications and TO pass on collateral AZ
stated collateral will be taken at - per cent
OF It's market value. Interest at the rate OF Il
per cent will be charged on the certlhcates' ana
in addition a commission Of one-sixteenth OF |
Der cent will be exacte1. Should S2JOOOOWO or
S}0.0O0,GO0 Of certificates be taken oul the
money market would be eased materially. There
is disposition on the part Of the National
banks to increase their circulation. with the
high rates for money there is an advantage to
the banks in extending their circulation.
Declines of note in the active list. comparing
to-day's closing with that of Saturday were;
American Sugar Refining. |; Burlington ana
Quincy Is; Big Four, q ; Lake shore, - - faui'
ss There was advance Of ~. IN Manhattan.
The total sales Of stock were lol .U3' shares
Closing prices for a number Of active stocks
with the final figures Of Saturday were
as follows: