New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-20

Wednesday. August 19-p. m


Tho s+ock market to-day was listless and prices
eageed until the middle Of the afternoon. when
tho announcement was made that S2OOO00O in
cold had been engaged In London for importation
,o New-York by a steamship which will sail from
tho other side on Saturday. Then there was an
immediate revival OF interest in speculation, and
q rand Improvement in values. The understand
ing was that the importation is in connection
with the operations of the foreign exchange syn
dictate The syndicate has q surplus or sterling
bills. The information Of the gold importation
was preceded by decentralization in the exchange
market The posted rates for sterling were
dropped one cent and the actual rates were low
cred correspondingly. The actual rate FOR de-
mand sterling at the close was 81 80
1t is undeniaby in the power Of the foreign ex-
change syndicate and its allies the banks and
other financial institutions, to bring about large
gold imports and there can be no doubt OF the
beneficial effect they would have on the stock
market There has been great deal OF figuring
on the subject One calculation. based on sup
posed importation of gold bars. affords an idea as
to what might be done. Assuming that 100000
in gold bars were bought in London at rs. lOfsd
per ounce the gold would produce in New-York
about S4S6 100 Freight and insurance charges
would reduce the net value TO about S4oo,OOO
As the transaction in exchange would have TO be
all made on this side. 1t would be necessary to de-
duct nine days interest at the London rate on
100000 and nine days interest at the New-fork
rate. Without going into the details II may De
said that, with interest In London a; per cent
and with interest In New-York at u per cent the
deduction would be equal to one cent on eX-
change and would bring the importing point down
to 81 81 for demand exchange 1t has been the
practice of the banks OF Germany and France 10
advance TO the consgnor Of gold from America
the full amount Of consignment without inter
est on a ''cabled" consular certificate that the
gold had been placed on board an outgoing ship
and insured If the foreign exchange syndicate
to adopt similar policy. gold could be I'M
ported certainly WITHOUT loss WIN ues man coin
we'll bars, could be imported on this OASIS
The exchange rate under which soveregns could
be imported would be about 81 S3l2 although, II
the soveregns were full weight the difference be-
tween them and bars would not be great.
There is no denying that the foreign exchange
syndicate has proved much more potent rae
tor in the general financial situation than was
counted on. AS It has the cooperation or the
vast money interests OF New-York 1t has mat
tiers pretty much in its own hands In us regu-
lation. of the exchange market 1t has thus far
encountered difficulty whatever. on the con-
trary, circumstances have been entirely IN us
favor From the first it WAS compelled to draw
to very limited extent only on its credits
abroad and IT has acquired enough commercial
bills to cover its short exchange The sur
prisng smallness Of the demand from merchants
and other remitters for bills is explainable on
the theory that they accumulated bills before
the formation of the syndicate in anticipation or
high rates. They borrowed on the bills until
obligations in Europe. 1t Is known that many
bills pledged for loans have been turned over
10 the syndicate
Noteworthy advances in the prices Of active
stocks comparing the closing prices with those
Of Yesterday were American Tobacco "a; Del
aware and Hudson. IA Burlington and Quincy,
u: Omaha preferred. l. Sugar Refining, =;
Western Union, 70. the total sales of stocks
were 260234 shares.
Closing prices for a number OF active stocks
compared with the final figures OF Tuesday were
az