New-York tribune., 1896-08-26
CLOSING PRICES or BOSTON STOCKS
Boston. August -. 1896.
Tuesday, Aug. 2J-p. m

Tuesday, Aug. 2J-p. m.
Stagnation was the chief feature of the stock
market to-day As is usual in periods of du-
ness prices dropped. The losses were unin-
portant One of the largest declines IN the act
i've list was in United States Leather preferred,
which receded q per cent on the failure or the
directors of the company to declare dividend.
Sterling exchange continued weak, and an
nouncement was made Of the engagement OF
$500 900 in gold for shipment from the other
side. with other consignments to follow. The
loan committee Of the Clearing House met but
no applications were made to it for loan certif-
Gates.
There Is undeniably great deal of oppOsi-
ton on the part Of some Of the banks to the is
suance of loan certificates. and 1t Is not un-
natural The point is that without certhcateS
rates for money would rule high right along
and the banks and other lenders would proht ac-
cordingly The chief general advantage now
ever, from the non-issuance Of certificates
would be in the facilitdtion of gold inporta-
tions by high money. SO long as money rates
are materially higher here than on the other
side foreign money will be offered in this mar
ket These foreign loans. of course, make eX-
change which can be used in bringing goid
hither. AS has been pointed out IT is clearly
the purpose of the foreign exchange syndicate
and the banks and financial institutions aned
with 1t to promote gold shipments 10 New
York from London whatever other European
centres offer the best terms for the acquisition
of gold For the most part, the banks not con-
nected with the syndicate, as might he sup
posed, are the ones that favor loan certihcates.
Under any circumstances there viii be large I'M
portations OF gold. for the exchange syndicate
can bring them about by the maI!ipulation or
the exchange market There VIII also De d
large issue Of loar certificates in all probability.
The need for certificates becomes plain When
It Is stated that the transfers Of currency 70
the West and South will this week amount to
S5OOO000 if not more. In the existing state
of things every million that goes out of New
York means equal contraction in loans, with
the consequent hardship on borrowers OF
money The drafts upon NeW-YOrk for funds
to move the crops have scarcely more than be-
gun Winter wheat has been marketed TO
consderab BILE extent. but the forwarding of cot
ton Ia only lust ready to begin, and this state
ment applies likewise to wheat
Practically official information is that there will
be no increase in the prices of anthracite coal on
September l. and that the production for Septem-
Der will be the same as for August--3.'OOOOo
tons The anthracite trade is very dull. One rea
son for the dulness is the business depression
and another is the high prices of coal as CON-
pared with those Of year ago At this season IN
1880 consumers were buying and storing coal on
account of the low prices prevailing. Now con-
sumers are waiIns in hopes of a reduction In
prices There is much prospect OF lower
prices on the contrary, there will doubtless be an
advance as soon as the condition OF the trade war
rants 1t. The coal companies take the view that
the large business that is usually experienced at
this season OF the year Is merely delayed. and they
expect that when it comes. later in the fall their
ca pacitv will be fully taxed to meet the demand.
The recent increase in anthracite freight rates by
the Delaware. Lackawanna and Western Rail
road Is declared to be an unmportant matter. IL
simply applies to shippers who pay the railroad a
direct freight instead OF handling their coal on
the 60 and 40 per cent tidewater basis. The pro-
portion Of the tonnage carried Is small Once
in a while IL becomes necessary to adjust these
rates to their proper relation to the tdewater
basis. The low rates Dv water from Buhao 10
Chicago have enabled tn coal freight rates 10
Buffalo to be advanced more than to Chicago
Noteworthy declines in the active list. compar-
Ing to-day's closing with that Of yesterday, were:
Consolidated Gas q Rock Island Il; Louisville
and New-Abany preferred. q Missouri Pacific.
IA: Susquehanha and Western preferred. "a;
total sales of stocks were Y3 40 shares.
Closing prices for a number Of active stocks
with the final figures Of yesterday were
as follows: