New-York tribune., 1896-07-22
CLOSING PRICES OF CHICAGO STOCKS.



Early trading in stocks to-day was at higher
level and sentiment was appreciably improved
The action Of the banks Of this city in deciding
to restore the gold reserve had an instantaneous
effect upon the market yesterday. and the i'm
Irovement continued this morning. opening
prices showing net advances of hG21s per cent.
Subsequently there reaction carrying
prices little below the opening but this was
followed by rally and though the bears again
attempted to lower prices. the market closed at
small net advances in the majority OF active
shares. The heavy gold Withdrawals yester-
day were not made for trade obligations, but
TO fill orders from Germany induced by the de-
mand from Russia The advance In the ex-
change market, due in great part to the uneasi-
over the political situation has made II
possible for the Imperial Bank Of Germany TO
get gold in this market without much expense.
and people who are worrying over the gold
Withdrawals should bear this fact in mind.
There calls for gold because of liquida-
ton by foreigners of their security holdings in
this market. for the simple reason that no ma
terial liquidation has taken place. and the con-
diton of international trade does not call for
any exports Of the metal Moreover the gold
reserve is nowhere near dangerous point and
1t will not reach one at present for the banks
cities will maintain il at about S1O0.OOO.OOO by
exchanging some OF their own gold holdings for
legal tenders. These bankers are the ones whom
the POpulistic free-silyer Cranks call conspira-
tors gold cornerers and enemies Of the people.
The bank presidents Of New-York and through
out the Republic are patriotic. intelligent. honest
and loyal supporters of the country and Its peo-
pie In times OF distress and uncertainty as well
as in times OF peace and ease. and had IL not
been for their united action in the dare days
Of the 1893 panic financial chaos would have
encompassed more than man and more
than one community which now in ignorance
and stupidity assaulting the integrity and
good faith of the so-callcd gold bugs OF the
East The bankers have decided 10 turn IN gold
to the Treasury in order to allay alarm and TO
restore confidence In business circles. The con-
dition Of the gold reserve is not at all alarming
but anxiety and fear have developed on ac-
count Of the withdraw and tc the end this un-
easiness the bankers have acted. The details
of the bankers action to-day in subscribing
gold for the Treasury are given in the regular
news columns.
London prices came higher this morning and
arbtrage houses were again buyers of stocks.
taking about 10000 shares. There some
good local buying OF securities but covering by
the shorts made up the chief transactions. Ger
tain bears fought the advance and prevented
an uninterrupted upward movement. their tao
tics appearing TO be opposed to the efforts being
made in the banking community 10 restore con-
,idence among security-holders. Some bears,
however. are without conscience; but the major
ity of men in the street are brave and patriotic
security market from the panicky symptoms re-
Gently developed. and to bring back confidence
and hope TO all circles Of trade and business.
The bears said to-day that turning In gold by
the banks would prove only OF temporary bene-
A. and on this theory they succeeded, In the late
trading, in depressing prices, and the gains made
around noon in great part lost declines OF
I3 per cent from the best prices OF the day being
made The conspicuous weak features among
The active shares were Sugar Refining Chicago
Gas some of the Changers. Jersey Central and
Manhattan. The noteworthy strong features
we're Lake Shore, Canada Southern, Consolidated
;as and Wabash preferred. Final changes
,howed net fractional gains in the majority OF
shares but the market closed unsettled fever
sh and weak as compared with the opening |
Total sales were 3J2,326 shares against 3Ss9S'
.osterdov. the heaviest dealings being in Sugar
refining American Tobacco. Chicago Gas. the |
;rangers and Louisville and Nashville.
Closing prices to-day OF number or active |
tocks compare with Yesterday as fOlloWs: