New-York tribune., 1896-08-27
CLOSING pRIcEs or PHILApELpHIA STOCKS.
Wednesday. August 26-p. m.


After a comparatively weak opening to-day
the bears set at work in the stock market Cir
cumstances were rather in their favor and they
effected a materially lower range Of values be-
fore midday Later. however, there was col
lapse in exchange. which carried rates below the
gold importing point The result was partial
recovery in stock prices in spite Of the bears.
The failure of Hilton, Hughes d Co excited no
special comment
1t begins to look as if steady flow Of gold
from Europe to America had set in. What pro-
portions the gold movement will assume cannot
yet be told but one estimate is that S2J,OO,oO
will he brought from the other side. Inasmuch
as there is now on the ocean bound for New
York nearly $4OOOOO0 this estimate does not
appear out Of the way. Present indications are
that the supply If bills of exchange Of various
kinds will be ample to keep exchange rates at
CT below the gold importing point for sixty days
anyway. and probably for much longer period.
1t is astonishing how completely the state OF in
ternational financial affairs has changed since
the formation Of the foreign exchange syndicate.
Indeed it may be said to have changed with the
formation Of the syndicate SO great change
might not have been wrought except for the
fact that the interest of European banking
houses in the syndicate is quite as large as that
t. the foreign houses in stopping the expcrta-
ton Of gold from America, and there IS now an
advantage to them in promoting shipments Of
gold TO America Most of the gold which comes
from abroad will ultimately 60 into the United
States Treasury. 1t is worthy Of note that
specie dealers are offering American gold coin
guaranteed TO be imported for commission OF
cne-quarter Of ! per cent As none or the gold
purchased in Europe has yet reached these
shores the transactions OF the specie dealers
must be in gold Ito arrive Any commission
or premium on gold contributes to the facilities
for importing il. Some surprise has been eX-
pressed at the failure OF the banks 10 take out
Clearing House loan certificates. The eXplana-
tion is found in the opposition OF certain leduihs
hanks TO certificates as interfering with the IN
fux Of gold good feature Of the situation Is
the increase in the exports of grain. Engage
ments of sea room have been particularly he1IS
within the last few days The reduction in rail-
road rates in the West and Southwest has large
" increased the grain tonnage OF the roads, IL
should not be overlooked that more thdh iV'o,-
OOO bushels Of flaXseed nave beeh taken lOi ~
mort 10 Europe. The European buyers are SEEK
ing TO stock up while prices are down lhey
have been able to do so without advancing quo
tatiOns. ,-,
Telegraph stock in the stock market mas
brought out figures relating To the company
which rnay or may not be significant Inc net
ra,,anun of the company for the September
nuarter last year was 81 $4,000. The surplus
over The dividends for the quarter was Stlt-
900, which is the amount tne .oinIai,. az t,irI
in the current quarter without running pehlho
a. dividend 4 loss Of 2i1 per cent In net reve-
me would wipe out the surplus above the divl-
dend The income account Of the company Tor
tventv-nine wears shows an available income
~ IND numbers of Sl:S OOO 600 There has in
the same time been paid for interest, DIVIDENDS
and sinking funds nearly SlOoOOoWV About
e. rO0 o0O stood as surplus June 30, ls9J About
600 oan oo0 has been capitalized. The total addi-
lions 10 capital in twenty-nine years has been
over S,;S 100000 Par of the companys eXteh,
sions have been paid for out OF earnings ana
part out Of capital
Noteworthy declines in the prices OF active
stocks comparing to-day's closing with that OF
Yesterday were: Baltimore and ono - BuruhE-
ron and Quincy Is: Illinois Steel. .. New York
Central 3: Rock Island, y: Pacific Mail, u
Reading. y; Leather preferred, o; Western
Union. a. The total sales of stocks were lol'-
1872 shares. , .,.
closing prices for a number of active stocks
compared with the final figures of yesterday
we're as follows: