New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-19
CLOSING PRICES OF BOSTON STOCKS.
Tuesday. August 1S-p. m.


The inherent strength of the stock market
we'll demonstrated to-day. After a strong
opening there were general sales to take ac-
cumulated profits. under which prices receded
somewhat. The sales of long stocks were not, as
might have been expected, accompanied by
sales of short stocks. 1t seemed to be believed
that the chances for an Improvement were much
better than the chances for any material de-
cline. and so it proved before the day was over.
In the late trading purchases of stocks were
resumed. and there was a. recovery in prices
throughout the list. with the result that where
ever the final figures showed losses, as COM
pared with those Of the day before. they were
trfing while in not q few instances there were
actual gains The pamphlet report Of the Chi
cago and Northwestern Railway was issued
and gave the details of the highly successful
operation of the road for the fiscal year ended
May 81. The incident Of the day of greatest
Importance was a drop OF one cent in sterling
exchange. which was calculated to excite anew
expectations Of gold imports In the not distant
future. There is a supply of bills far in excess
Of the requirements of RENTERS. ana it is likely
to be so greatly increased soon az TO make ex-
change almost a drug. Silver bullion Certi6-
Gates. by a fall to 66-the lowest price of the
year-refected very plainly the conviction that
the defeat Of Bryan had already been accom-
plished beyond peradventUre. The failure to
dispose Of the New York City 3i2 per cent bonds
was not looked upon as serious matter. WIN
the prevailing high rates the disposition Is 10
loan money out. rather than to lock IT up IN
low nterestbearing bonds
The state of money is perhaps Of more inter
est than anything else at the moment. Money
is growing tighter instead Of easier and ac-
commodatOn Of any kind is harder TO obtain
than at any time since the stringency set IN.
The calls upon the New-York banks from banks
in other cities for funds have been especially
heavy since the opening Of the present week.
There appears to be great need for money
in Boston ard a still greater need In Phila-
depha The Philadelphia banks have for some
time been very slow In responding TO requests
for repayment OF advances by the New-York
banks. Generally speaking. it would appear
that the nearby Out-of-town institutions rely
on the NeW-YOrk banks to keep them going IL
is curious 10 note that some Of the interior
banks have asked Their New-York correspond
ents to loan their balances on the Stock EX-
change and credit them with the proceeds. The
average interest paid by the New-York banks
these balances is per cent. IL would he
rather remarkable banking to pay interest regu-
larry on balances and then not have the use
Of them VIII N there a profit in them There
has recently been quite an extensive smiths
of the accounts kept in Newly ork Dy OUTSIDE
banks If these banks could not secure accom-
mediation from Metropolitan banks where they
had been keeping their accounts. they wOuid
take their accounts to other banks, which
would grant credits to them or supply them
with actual currency The inability of mercan-
tile concerns to sell their paper has compelled
them TO fall back wholly on their banks 1or re-
lief The consequence is seen In a lowering OF
the reserves of banks in many instances below
the legal limit While no real necessity Tor
the issue OF Clearing House loan certificates mas
arisen. such step IS urged in some quarters
for the benefit that borrowers would derive from
it. The agitation Of the matter has not been
indorsed by the banks. Their idea IS that loan
certificates should be utilized only under eX-
ceptional circumstances as. for instance IN a
panic when public policy dictates recourse 10
unusual means. The high rates for money have
resulted in the making Of many sterling loans
The foreign lenders are extremely eNactlns AS
to collateral and terms. Longtime sterling loans
have been made within few days when cost
the borrowers per cent THESE sterling loans
account in a large measure for the ease or
sterling exchange There is not European
centre where there Is az profitable employment
for money as in New-York, and It is for this
reason that foreign lenders are Offering their
funds here. o
While the certificates Of the Standard Oil
Trust are not dealt In on the Stock Exchange.
there Is nevertheless at times good specula-
ton in them After touching 2Gs three months
week they were quoted at 49, To-day the
quotation for them was 22O. The liqudating
trustees have declared a quarterly dividend OF
3 per cent on the certificates, payable Septem-
her 10 This dividend will make 2G per cent
paid on the certificates thus far in the year
three regular quarterly dividends or &" per cent
each, two extra dividends of . per cent each
and one of per cent. 1t is said that the
amount Of certificates now outstanding Is in
round numbers S3j.0O0OD, so that the dis
bursements in dividends to September ID Will
he 50 100 900 1t is the expectation that with
the last regular quarterly dividend Of the year,
which will be payable December 10. there VIII
be declared an extra dividend Of per cent |
making &c per cent for the entire year
Changes Of consequence in the prices Of active |
stocks comparing the closing figures with those
of YESTERDAY were. Advances-Lake Erie and |
Western common. ~ Lake Erie and Western |
preferred "; Lake Shore, 3; Metropolitan Trac-
lion 2M Rubber preferred, ~. Declines
Suoar ~: Louisville and Nashville. Ia: |
Leather preferred |. The total sales Of stocks |
were 1872 129 shares.
Closing prices for number OF active stocks |
compared with the final hgures or Monday were
f.Alln