New-York tribune., 1896-08-28
CLOSING PRICES OF BOSTON STOCKS.
Boston August 81 1896
Thursday. August 27-p. m.

While the amount of business transacted to-day
was small the general tone Of the stock market
was strong. The effect of Mckinley's letter was
plainly felt. 1t contributed materially to the res
toration OF confidence in the financial situation.
There was a sgh. furry in call money in which
the rate carried up 20 10 per cent but the ma
jorty of loans were made at and per cent.
simultaneously there was a further decline in
sterling exchange The suspension OF John
Bloodgood & CO. without effect 1t was
looked for after the charges that the late
Mr. Blosdgood the head of the firm. had
dissipated the better part Of the Lottimer
tate Of which he was administrators. The Arm
was formerly important one. but its opera
tions had been limited for a year two. 1t
stopped with contracts outstanding on the
Stock Exchange.
The heavy importations OF gold were. Of course.
considered as greatly strengthening the position
Of securities. The amount Of gold now aloat
bound for this country from Europe. and engaged
for Immediate shipment from the other side. is
S9,JJ0,OOO. Thus it appears that already the iE-
coming movement Of gold has assumed as large
proportions the outgoing movement had when
it abruptly terminated by the formation OF
the foreign exchange syndicate. The estimate
that the importations of gold in sixty days will
aggregate $25O00000 begins TO look small At
the present rate that figure will have been
reached by the end Of September. IL not before
The current quotations for sterling exchange
show good profit in importing gold: therefore,
the flow of gold in this direction may be consd
cred natural although ii is doubtless true that it
has been facilitated by the exchange syndicate
and the banks with which the syndicate has close
relations. The lowering Of the price Of American
eagles by the Bank of England is proof that the
bank recognizes the futty of trying TO sop the
How OF gold to America. 1t simply offers an in
ducement to shippers to take American coin in
stead or bars. There IS double advantage in
making shipments Of coin. Not only is the cost
less than for bars but the coin is paid for by
weight. whereas 1t will pass here at its face value
II not abraded in excess of one-half of per cent
Abrasion or bars and Of soveregns or other for
eign coins In transit represents much loss.
Ihere IS a hope on the pat of banks that have
Dcen opposed to the issuance of Clearing House
loan certificates that their use may be avoided
entirely They take the ground that certif-
Gates should be utilized only I'm an extreme
emergency. and say tha. the arrivals of gold
from abroad in few DAYS will serve the same
purpose as certificates would which is. doubt
less, true. Gold importations are helped not a
little by the fact that contracts for demand
sterling at existing rates can be made ten days
ahead Of tire, SO that gold be ordered
from Europe. and the exchange against Il does
not have To be provided until the gold is landed.
In this way there is saving in the important
Item Of interest. and the transaction is practi-
cally financed on the other side
The advance of - cents Il ton in the tide
water prices Of anthracite coal was great sur
prise. 1t was supposed. in the depressed con-
clifton Of business, that the advance would be
delayed for at least a month. The new prices
are 81 30 for stove. s. % for egg and chestnut
and 81 for CRATE, gross. free board Two
days ago the chief officers Of some Of the coal
companies did not know that prices To he
put up. Ostensby the anthracite coal com
binatiOn is dead but the Executive Committee
appointed last February. it is reported still
fixes prices and production. Prices 81 -
a ton better than they were year ago and.
despite the dulness i'm the trade. the net
turns to tho companies are better than in years.
Noteworthy advances in the prices Of active
stocks. comparing to-day's closing with that cf
yesterday. We're: American Sugar Refining. p;
American Spirits ss Rock Island. y; Burling
ton and Quincy. 4 St Paul. 4 . Louisville and
New-Albany, 1as; Ncw-York Central Il Pacific
Mail. a Reading. Il: Tennessee Coal and Iron.
q, and Western Union. as. The total sales Of
Stocks 9 30 shares
Closing prices for n number of active stocks
with the final figures Of yesterday
were as follows: