New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-22
CLOSING PRICES OF BOSTON STOCKS.
Friday. August 21-p. m.

Friday. August 21-p. m
There was general loss of values In the stock
market to-day. 1t not due to a change in
conditions, but to raid by operators who were
caught short Of stocks in the rise following
Bryan's failure in the Madison Square Garden.
These operators were pretty badly scared by the
collapse In sterling exchange on Wednesday and
the simultaneous engagements OF gold for i'm
portation The partial restoration Of exchange
rates yesterday. followed by another advance
to-day. afforded them an opportunity which
they feared might not be presented again, and
they set about it to force down quotations, In
order that they might cover their shorts TO as
good advantage as possible. They did not
disOdge much long stock as they expected,
which was something that demonstrated that
the liquidation in the stock market had practi-
cally reached It's limit 1t is safe to say that the
transactions Of these bear spectators show
considerable deficiency The principal decline was
in Western Union. 1t said the bears made
this stock special object Of attack. in hopes Of
inducing the sale Of the large block of Western
Union held by the Baltimore and Ohio Railroad
Company.
At the present rate Of Withdrawals for shipment
TO Canada. for use in the arts and for boarding,
the gold reserve in the United States Treasury
will be carried below S100000.000 in about two
weeks The understanding is that further contrl-
buttons Of gold to the Treasury counted on as
necessary and accordingly importations Of gold
in addition to those already arranged for are
probable in the near future. These importations
will be made of course. by the foreign exchange
syndicate, and will be financed by the banks
which are allied with the syndicate. The appar-
ent state of exchange has little relation to gold
imporations, for the simple reason that the syn
dictate makes the rates OF exchange. ana can put
them down to the importing point whenever 1t
sees fit to do so. The syndicate has had much
easier task in regulating exchange than the bond
syndicate of 1895 had under its contract with the
Government The most helpful thing for the ex-
change syndicate, II Is clear. has been the main
tenance OF high rates for money, which has In
duced the making OF sterling loans on an extern
sive scale. These loans nave created exchange
far in excess Of the requirements OF remitters
Gold importations always produce better feeling
in the stock market and higher range of values.
whether the impOrtatons are the result or natu-
raj conditions or not. Improved prices Tor securl-
ties benefit borrowers in that less collateral IS
required by lenders than when prices are low. An
advance in stocks need make no difference In the
ra les for money. In fact an advance is calculat-
ed to expand speculation and cause greater de-
mand for money. 1t is plainly the purpose or the
exchange syndicate and the banks and financial
institutions allied with II to obViate the necessity
for another issue Of bonds by the Government.
bond issue before election, or condition OF the
Treasury gold reserve pointing to an issue, would
impart an impetus 10 the free-slVer movement.
There is money er ough in the Treasury for the
needs Of the Government. The thing to do Is TO
keep up the gold reserve, and 1t seems to be in
the power Of the exchange syndicate and the
banks to do this The undertaking Of the syndi-
cate is big one, and yet, as it is participated in
by houses the other side well as on this side,
its entire success is assured
Declines Of note in the active stocks, comparing
the closing figures to-day with those of yesterday,
were American Tobacco. y; Burlington and
Quincy. q; Chicago and Northwestern. q; Lake
Erie and Western preferred q; Leather pre-
ferred, IL: Louisville and New-Albany preferred.
rs; New-Jersey Central. q; Manhattan. rs;
New-York Central. Is; Southern Railway pre-.
ferred. !; Western Union, g. The total sales OF
stocks were 15J. 1916 shares.
Closing prices for a number Of active stocks
with the final figures OF yesterday were