New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-21
CES or SAN FRANCISCO STOCKS.
Thursday. August 20-p. m

THURSDAY, August up. H.
A steadying of sterling exchange. which was
something to have been expected after the col
lapse in the exchange market yesterday, essened
somewhat to-day the expectations of extensive
importations of gold Immediately. There was an
accompanying loss Of interest in the stock mar
ket, and. as Is usually the case when transactions
diminish prices dropped. The changes in values.
however were not important. and it could not be
said that the market developed any real weak
ness 1t is conceded that the present state OF for
eign exchange hardly warrants importations of
gold yet there Is a way Of bringing gold from the
other side at least without loss. The consign-
ment of 81 100000 which is to leave London, or
rather the port of departure OH Saturday, for
New-York is admittedly in connection with the
operations of the foreign exchange syndicate.
The best information is that the syndicate had ac-
cumulated a good many more bills of exchange
than 1t needed and concluded to turn some or
them into gold. The prospect is that the supply
of bills for quite time to come Will be in excess
of the demands. 1t is probably true, as has been
stated, that the foreign obligations of importers
are pretty thoroughly settled up. Coupling the
small requirements for exchange with the great
amount Of exchange created by sterling loans
which have recently been made on an extensive
scale. 1t is easy to sec why foreign exchange -
something Of drug. There was shipiiient ~
$3.50 GOO in gold from Southampton to-day, whlch
Is in addition to the S2,OOOOOO referred to above.
The banks were willing TO lend hand IN I'M
porting gold because they are benehteo III d
sense. When gold arrives from Europe II Is put
in their vaults. The importers draw against
1t in payment for exchange which they purchase
1t may be that later the banks VIII De
called upon. they were short time ago, 10
contribute to the gold reserve in the United
States Treasury. and they naturally wish TO pre-
pare for such a contingency. They are ready, II
is presumed to advance money against gold I'M
ports without interest, or at nominal interest,"
for the sake of adding the gold to their stores
The interior banks are reported as being IN
az strong a position as at any time since the
Barring panic in 1890 This is said TO be es-
pecially true of the banks in the West ana
South These banks took pains 20 fortify tnein-
selves against trouble which they feared might
arise from the silver movement. one part OF
their policy has been the exchanging OF their
large notes for bills Of small denominations
The changes of note IN the prices or active
stocks comparing to-day's closing figures with
those of Yesterday, were: Declines-Sugar he
fning Ia; American Tobacco, q; Atchison pre-
ferred "a; New-Jersey Central, "a Rock Island,
a. Burlington and Quincy, y; st. Paul ~
Louisville and Nashville /; Western Union, l1s
Wabash preferred. l. Advances.Missouri ia.
cifc 81: National Lead preferred, IN. The total
sales of stocks were 1877, 432 shares.
Closing prices for number Of active stocks
compared with the final figures OF Wednesday
were follows: