New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-01
Friday. April S0-p. m

FRIDAY, April oV-p m
The stock market was again excessively dull
to-day. and considerably depressed as a result
of traders selling. induced by the heavy engage
ments Of gold made for export by to-morrow's
steamers The situation which permits exports.
whether In response to legitimate trade demands
or foreign borrowing in this market. appears to
be pretty generally understood among investors
and consequently liquidation in the stock market
Is not expected Prices declined to-day as long
as bear traders sold, but losses were not accom-.
panied by any outside selling the total Of all
transactions amounting to only 9SO92 shares.
The ease In sterling rates at the close Of the day,
due to the heavy offering of bills against gold
exports tomorrow amounting to S4,OOO,OOO, left
last prices at slight rallies but the majority OF
stocks closed at net losses, the anthracite shares,
American Tobacco Tennessee Coal and the
Northern Pacific stocks being the principal suf-
ferers. Prevailing rates in the sterling exchange
market are not far from the point at which gold
can be shipped at profit and although the ex-
port trade has kept the balance OF trade largely
in this country's favor for many months past
the recent increase in merchandise imports Is
probably beginning to offset the export move
ment, as reflected in the condition OF the Foreign
exchange market. Rates are not being artihciai-
ly maintained This market at present Is prac-
tCally bare or COnlnercldl DllIS IL 10
If much of the sterling recently accumulated mere
in the shape of collateral for loans Is left
The increase in merchandise imports is re-
fected In the addition made to the Treasury
cash holdings in the last two months in the
form of customs duties. Just before the meet
ing of the present special session of Congress
the net cash holdings in the Treasury, including
the gold reserve, amounted to $212, S37.2oo'
wh II statement,
at S229. 500, 61S, an increase Of S17OoS,36o OF
which IS 9S3 OO4 was in gold and the rest chiefly
in legal tenders Since January | the imports
of merchandise at this port have shown an In
crease in value Of 81 43l 525 as compared with
the same time last year, and for the last week
the increase has amounted to upward or W per
cent while exports from this port for the week
have shown a decrease. At other points, as
Boston and Philadelphia, the imports Of wool.
sugar and tobacco have been very heavy, ana
as long as the Tariff bill remains unpassed they
are likely to continue at the present large rate
of increase The main influence In the gold eX-
port movement has SO far been the urgent lot
eign demand for the metal, but the RAPID move
r1ent Of imports into this country Is bound 10.
have an appreciable effect upon the exchange
market Since Monday the receipts OF customs
dn1,ns at This mort have amounted TO SO OJG,699.
without tie premium prevailing on gold abroad
the current rate az which COLO IS now Deing eX.
ported does not figure out proht, out IL - not
i'm nroho bic that exports VIII be maze DeloTe
long at n rate which will permit a pront, eN-
elusive OF the foreign commission ana In oDedi-
ence to n legitimate trade demand Tor the fnetai.
This will not be adverse factor or indicate
adverse conditions here. for exports or god IN
answer to legitimate trade conditions show noth-
ing but healthy international trace reIalio t1
The current rates Of exchange with the premium
prevailing abroad gold make god exports
POSSIBLE. and the heavy engagements MADE Tor
tomorrow bear out the view recently taken III
this column that the movement VIII DE oi con-
eidarahle proportions. IL the local money mar
lei SHOULD make a sudden advance, exports
would be restricted. and II exchange bankers
,,,nnts tho situation would be changed but there
arrears no reason to expect the development or
either one Of these conditions
prices for last sales of the principal active
s,ocks to-day compared with the final figures OF
Yesterday were as follows