New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-11
CLOSING PRICES OF BOSTON STOCKS.
Thursiay September 10-p. n

Weakness In the London market caused
lower opening in the stock market here, and the
advance by the Bark OF England in It's discount
rate a poor Government crop report and an
other bank failure In New-Orleans caused I'M
certainty and weakness throughout the day
The Government report on cotton gave the
average condition September l at 64.2 per cent,
against 7OS per cent at the same time last
wear and Sol per cent last month. the falling
off in condition being due in great Part to ex-
cessive heat and dry weather The cotton mar
ket showed an advance Of 1917 points to-day
on the Government report. and the reports re-
ceived on the Exchange were. In the main. un-
satisfactory, which. with the Government re-
port, led to considerable heavy buying by Wall
Street houses The activity was somewhat
checked by the announcement of another oank
failure in New Orleans According to 1.-The
Financial Chronicles" cotton supplement, pub
lished to-day the cotton crop of the United
States for the year ended September is
1.1G2 Alb bales. against 8 S92 766 in 1885 and
521 oil I'm 1894 Louisville and Nashville wa3
affected by the Government report on cotton.
losing ~ per cent and weakness In Sugar
Refining led to considerable selling by traders
The shares Of the corn-carrying roads were
weak despite more favorable reports regarding
the increase in rates. ana In the case OF 81
Paul an excellent showing Of earnings for the
first week in September and the declaration Of
the regular dividends on the common and pre-
ferred stocks failed to sustain its price. net
loss of | per cent being made. Some disappolnt-
ment may have been felt because the reports
that an extra dividend or an increase in the
regular dividend on the common stock wouli
be declared proved groundless. Throughout the
active list net losses ran from to per GEM,
the chief sufferers being American Tobacco
2is per cent; Sugar Refining. ~ per cent; Jer-
cent. Lake Erie and Western preferred, "a per
cent: Louisville and Nashville. 1ia per cent;
Manhattan. ia per cent; tennessee Coal, I12
Der cent. and Rock Island ~ per cent. Trans
actions were small. and there was no pressure
The Bank of England. for the first time since
February 1894 changed its minimum rate OF
discount to-day. advancing 1t TO 2l2 per cent,
and it also advanced its selling price for Ameri-
can gold eagles. Both or these developnents are
results in part Of the gold importing movement
10 this country and though they reduce the GOLD
importing point in sterling exchange IL Is nov
likely that they Will prove potent enough to STOP
gold exports from Europe here. Another drop III
exchange rates is looked for. and the condition
Of our export trade and its prospects Tor the near
future are such that gold will doubtless come
his way for a considerable time. The advance
I'm the discount rate by the Bank of England
and Of its selling price for gold are refec'ohs Oh
the legitimate character OF the gold importing
movement Yesterdays receipts Of gold from
abroad amounted 10 81 2j2OOO. and S4,SOo,OOo
WAS turned over to the Sub-Treasury today III
exchange for legal tenders, increasing tne GOV n
ernment's net gold balance to over Sll2oOo'oVo
To-day's Washington Treasury statement showed
a net gold reserve of S1O7 ,294 033 but the de-
posts of Yesterday and to-day were not IN
Guided Currency continues to move 10 the in
terror In large amounts for crop movement pur-
poses but the banks are not losing IN cash 10
any extent as the imports of gold are ofsettlng
the drain TO the interior and the weekly statement
OF the banks Is not expected to show any SUD
stantal change from last weeks eXhipt me
weekly statement Of the Bank OF England pup-
lished to-day showed loss in bullion OF Ito
256 due to the Withdrawals for shipment mere
and n the Continent To date S1SS6l 90 god
has arrived here from Europe. and with that on
hoard ship and that engaged the total move
mont so far amounts to S25.62O,0n. Late cable
reports from London this afternoon stated that
bankers and discount houses had raised deposit
rates to | per cent and that the advance IN the
bank rate had caused various wild rumors re-
parding gold Withdrawals. II would SEEM now
ever that the advance in the bank rate was que
merely 10 the condition OF the exchange market
and TO large shipments Of gold to Egypt ana 'he
Continent and 10 the expectation OF con'inu-
ance of exports 10 this country. ,
Closing prices for a number or ac've sto s
with the final figures or yesterday
f,1tA