New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-18
Saturday, April 17-p. m.

Saturday. April Up. m
The position Of the foreign exchange market
as set forth in The Tribune this morning has
caused a renewed discussion in financial circles
regarding the possibility of gold exports, and, al
though II is impossible to reach any conclusion
as to the beginning Of an outward movement or
its extent, there is considerable unanimity Of
opinion that, contrary to the expectation Of a
few days ago, there will be moderate shipments
of gold some time this spring Conditions ex-
listing abroad will be responsible for exports Of
the precious metal, if they occur, rather than
any change in the situation here. the demand
for gold in London being so heavy that efforts
are making to switch the demand to this centre.
The advance in the price of gold By the Bank OF
England has been made as protective measure
the result of which may lead to shipments OF
gold from here for the account Of japan and
Russia Japan needs gold for the change In It's
currency from silver to gold basis, and IL
will make no difference to that country whether
the gold Is obtained here or in London. the only
consideration being the cost The advance IN
the price of gold bars In London mas lowered
the gold-expOrtng point at this centre. large
part of current merchandise exports ID contrdcs
grain the exchange for which was marketed
some time ago, and the chief supply or Diiis
now coming forward is in the shape or spot anu
future delivery bills grain and provisions, the
bills for future delivery not being available Tor
sale for two months ahead A good part OF the
incoming merchandise is raw material ana re-
quires cash payments. as In the case Oh raw raw
sugar so that the supply Of spot bills Is pretty
well absorbed, to meet the current demand. Az
outward movement of gold at this period wouo
not be unWelcome in financial circles. Inc view"
York banks could spare considerable ainouh.
out Of their $S6. OO0,OOO holdings whhe a,y
call upon the Treasury would not cause rnaterlai
REDUCTION in the favorable gold balance now pre-
vailing gold export movement at tniS uHHe
would not be a reflection of the Withdrawn OF
foreign capital or panicky financial conditions
&c IN the wears of the last ADMINISTRATOR
The stock market to-day was dull and weak
under hear pressure and trading liquidation
Higher prices in the wheat market again 1ouho
hear opinion in favor of European war, ana
various other things were shaped INTO reasons
for selling stocks. Trading was whoiIy piotes
sional and outside Of the transactions IN chicago
Gas Burlington, st. Paul American IoDacco
and Sugar Refining there was very little dolhs,
and the losses in American Tobacco ana chicago
Gas were the only important ones mace, else
whore final net losses being small fractions. Inc
weekly statement OF the Associated Banks re.
elected an Improvement in the loar market. ana
a further accumulation Of money at this centre,
cash holdings increasing Slo32,JOO, ana surplus
reserve 1886 $50 Loans increased Sl,4'oooO
and Aeposits increased $2942, 600. surplus re-
serve now stands at SAC 966 800, against SIS 49,
35o this week a year ago. and $19G64,9l5 In the
same week in 1895 The banks gained THIS week
In onerations with the Sub-Treasury Sl,oo' o@e'
The advance in wheat to-day or over Two points.
making the advance for the week O"4c.. appears
to be considered by Stock Exchahse TaueIs as
wholly due to the possibilities of European
war: but there are other factors In the SITUATION
which may we'll account for the ADVANCE sucn
as the reduced supplies at various centres ana
the heavy falling off in receipts from lndla' AUS
tralia and Argentina. .,.
stocks to-day. compared with the hhai hs VI
ThpredaV follows: