New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-02

Wednesday. July Up. N

Wednesday, july l-p III
Il NAV be that the approach Of holiday ard
the Democratic Convention has made some opera
tors and lightly margined holders OF stocks timld
abo1; keeping their possessions over the two Gays
and therefore, they think 1t safer 70 hqu!date
The movement of prices to-day bears out this
opinion. as there was indiscrmnate selling
throughout the active list, helped along by the
bear raiders. who aimed their batteries princi-
pally at the inius:rals and granger shares. The
market opened weak. and in the first two hours
of business losses OF from ! to per cent and in
a few stocks larger ones were suffered Rumors
about an adverse action on American Tobacco
dividend were current at the opening. leading
TO a break Of more than ! per cent, and Sugar
Refining ani the rest Of the manipulated indus
trials novel in like course. while Burlington
st. Paul Northwest Rock Island and Louisville
and Nashville followed with losses OF 1898 per
cent. A small withdrawal o, gold for export $500
900 was said 10 have had a bad effect upon
sentiment. but as a matter OF fact the financial
community is viewing with cCmplacency the
present Withdrawals OF gold, because they are
80 small and because the exports are special
transactions and not demanded 10 meet trade
obligations The condition Of the foreign ex-
change market does not warrant gold exports
and pretty good commission has to be PAID to
get the precious metal Certain European coun-
in this market. despite the expense incurred. Sc
cur,ty bills have been Offering IN good supply IN
the ex change market. and though many millions
OF dollars have to be remitted 10 Europe for dlfi-
dend and coupon payments due to-day, there
is no indication that the demand VIII require
any large amount Of gold exports 10 satisfy ii.
The bear element circulated a report today
That there would be extensive gold shipments
on Saturday, but no exchange house was Will
ing 10 credit the rumOr The Treasury reduced
It's premium on me pil,e OF SoIu Dars 20 l-lV 81
| per cent from Is Of per cent, but this action
was not taken account OF any scarcity or
gold coin but - make the bars more attractive
10 exporters and TO save the expense OF trans
portation and coinage OF bullion. London's early
ouotat!ors were not encouraging. and arbitrage
houses sold more stoclse than they bought The
INDUSTRIOUS bears hammered stocks ali day, and
although there were spaernod.c rallies the
est prices Of the day. The American To-
hac>o director met this afternoon. but
adjourned without action on the dividend
on the common stock. declaring. however
the regular quarterly dividend OF per cent on
tho nreferred Tobacco stock lost "a per cent
sugar Refining 37s per cent Chicago Gas 3 per
,,ant. and General Electric pa per cent Among
tbe Arway stocks the heaviest selling ana the
heaviest declines were In ST Paul Burlington
Huntsville and Nashville, Manhattan, Rock Isl
and and Northwest. St. Paul lost rs per cent
Huntington 2l4 per cent Louisville and NashvlIie
IL r,er cent Manhattan 37s per cent ROCK isiahd
per cent and Northwest 3is per cent. itele
was no news of any sort responsible lot t4ie se
rolIs loss in values, the market AGAIN oes -
tbe influence OF politics and the concerted Efforts
- hq hear epeculators 10 lower prices Inc
ms rxef is certainly discountlng anything INA,
,,1av hanDen at the Chicago Convention, anu
although values have lost goOu yea. en- =. -
ST Louis Convention, there is no Ieaso'i ~ "
Ito that the decline Is not near us emo.
Closlno prices to-day OF a number or active
etocks Compare with yesterdays as follows: