New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-20

for some time before had a days sales reached
200 900 shares.
FOREIGN EXCHANGE RATES GO UP.
There was remarkable situation in the foreign
exchange market yesterday So great prospec-
tive demand for bills created by the opening Of
hostilities between the Greeks and the Turks tina.
sellers would not name actual rates. They adj
vanced posted rates for sterling exchange one-haif
cent 10 4s9 for demand and 4S7l2 for siXty-day
bills. When ii came to making sales they
nounced that they would not specify prices, but
would receive offers. For demand or sight bills
bids of ASA accepted. and that made the
actual price. Sixty-day bills sold at 1863.
These rates one-half cent above the closing
actual rates on Saturday. The jump In exchange
brought II up to the gold exporting point. Gold
exports based demand exchange. and 1t is
figured that gold can be shipped to the other side,
at least without loss, when demand exchange is
4.Ssl4 If exchange goes any higher there Will al
most surely be engagements of gold for shipment
10 Europe.
The trading on the New-York Cotton Exchange
not of unusual character. The net result Of
the days operations was decline Of ten points.
one-tenth of a cen: a pound. for cotton.
WHAT PEOPLE THINK ABOUT IT.
Following opinions gathered in the
financial community regarding the situation:
A. r. Hepburn. president of the Third National
Bank-Thc one effect of the will be TO unset
of race and religion, and 1t would be n most fortu-
nate solution Of the whole difficulty II Mahometan
rule were driven across the Hellespont and confined
10 Asia. There is possibility. If not probability,
that the great Powers may be drawn into the strug
gle and general European ensue. That posi-
bility will hang business in Europe until IT is
removed and 10 n greater or less extent will affect
business in this country. A general war would
change vast number of men who are now pro-
ducers into consumers and destroyers. and would
undoubtedly create a large demand for our prod
ucts with the result of temporarily benefting us.
But between two inconsequential nations Ike
Greece and Turkey can. in my Judgment have no
other than a bad effect business here. The
pending tariff legislation OF course. holds business
In leash and will do so until action is finally taken
and people have time 10 anayZe and understand
the results OF the new tariff schedules. regard
this Greco Turkish added embarrass-
ment to the situation. Tho world has become so
closely connected by of rapid communica-
ton that disturbance anywhere I'm business cir
Giles produces immediate effect everywhere.
Henry w. Cannon. president of the Chase Ma
tional Bank-l do not believe the controversy be-
tween Greece and Turkey will have any contin-
u!ng effect upon our prices or business From
such information / obtain | believe the
Powers will eventually settle existing differences
between these two countries and prevent pro-
longed or serious Should the between
them reach any considerable proportions the prices
OF our food products would undoubtedly advance.
From my point OF view, ! see reason why our
products securities should be depressed because
of trouble In the East. Referring TO gold ship
ments, from present indications gold is likely 10
be shipped regardless of the situation. but
We have abundance OF the yellow metal its
shipment would be "A )st economical method for
settling any balances between this country and
Europe.
Jacob H. SchIn. Of Kuhn. Loeb & Co. who has
Just returned from Europe-unless the Balkan
states-lhat Il. Bulgaria ana SeTyia-are drawn
in, | think the war will be entirely localized and
the effect will not be perceptibe beyond.
perhaps. "A little temporary uncertainty about
prices | do not believe the great Powers Will take
part I'm the struggle. To-day's prices were of
course governed entirely by the New-York mar
ket as the European exchanges not open
to-day SO far as this country is concerned. II 10
scraping along the bottom in relation TO values.
As soon the tarin IL disposed OF there VIII be
a revival OF business and money will pour into this
country from abroad for Investment
James Selgman OF j. d. W. Seligman-The Euro
pean war news is not calculated 10 be favorable
10 the American market. No ore can tell at pres
ent how great the influence may be. The effect
vii, be largely sentimental whatever IL is; coupled
with The fear Of possible complications involving
some OF the hrst-cass Powers; As there Is no
London market to-day, shall be without guild
arce on foreign securities until