The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-04-15

oountry, but win, ss heretofore, simply improv,
opportunities 30 acquire Rold that may be Of.
fered from time 10 time, apprehension OF heavy
exports OF specie have become less acute. Ths
cessation of gold shipments At a slight recession
in the rates for exchange Is indubitable evidence
that foreign bankers are not disposed "a
pay large commissions upon their imports
OF gold ~ merchandise from this coun-
try. 1t Is also plain that the ruling
rates for money in this market have begun
TO attract foreign capital. which Is a most de.
sirablo circumstance. as II is likely to prevent
the rates for exchange from reaching figures al
which gold might DO exported In settlement OF
an adverse trade balance. Regarding this last
IL Is interesting to note that the exports OF
brendstuffs, provisions. mineral oils, and cot
ton for March were SO. 600, 900 greater than for
the same month OF last year, and for the nine
months ending March 81 over $780, O0. 900
greater than for the corresponding period Of the
previous fiscal year.
The larger volume of trading In stocks to-day
resulted chiefly from increased activity In Su-
gar Refining and American Tobacco. The first
named was again exceptionally strong, while
the last sold of q point on rumors that the bay
ment of the scrip dividend may be enjoined.
The only other stock that sustained IA note
worthy net decline was General Electric, against
which there appeared to be an organized at
tack. At the lower range of prices the stock
seemed to enjoy support that brought about
q fractional rally. Trustworthy informa-
ton regarding the forthcoming annual re-
port OF the General Electric Company is that 1t
will show profits of about $500, 900 for the year
ending Dec. 81 last, after writing Off all
doubtful items, paying fixed charges, and al
lowing for the dividend upon the preferred
stock. The prospects OF the company have, 40
rnrlinU IN all arCOunfa ham Inn DrOypd an ma
terlally by the alliance formed with the West
inghouse Manufacturing Company that sugRes-
tions, made principally by the Street, that the
preferred stock should be converted into a
bonded obligation. that the accumulated dlvi-
dends thereon should be funded, and that the
common stock be reduced, will not he
considered by the management or the stock
holders at the annual meeting next month. In
other words, there Is no intention OF readjust-
ing the company's capital account. The ad-
verse difference between the assets and liablli-
ties of the company shown in last years bal
ance sheet is being reduced. and with the pres
ent increasing demand for electrical apparatus
and the reduction in competition just noted, 1t
is believed by those most largely Interested in
the General Electric Company that its balance
sheet will aoon make a radically different show
ing from that submitted last year.
Stocks other than Sugar Refining that showed
a pronounced tendency toward higher prices
were Chicago Gas, Distilling, Manhattan Rail
way, United States Leather preferred. and
Western Union. a number of inactive stocks
made noteworthy progress toward higher prices
In spite Of the reactionary tendency during the
last half of the day. The promptness with
which stocks Of that character respond to the
moderate demand shows that the selling pres
sure has been removed from them as well as
from the so-called active stocks. The closing
was firm, at q recession from the best prices.
Final sales compare with those OF yesterday
ns follows: