New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-19
THE FINANCIAL MARKETS.
STOCKS Dull AND LOWER.
CONDITION OF TIE FEDERAL TREASURY
FOREIGN EXCHANGE SITUATION

Sunday, April Tsp. m.
The most important fnencial development OF
ERE week was not reflected in the stock market
md IN fact there was no factor which had any
annreciable influence upon a dull and featureess
security trading. or financial developments the
New-Yorl< Central and Hudson River Railroad
,eflndlng announcement YES OF chief interest,
despite the fact that It's Importance was not re-
eected In an advance in security values. Ex-
nlanation Of this is hardly necessary in view of
The recent upward movement Of the stock. which
clearly indicated the refunding operations an
n,unced on Wednesday, the Usual appreciation
of price In expectation OF a coming development
marking the course of New-York Central stock
ever since II was announced that the Lake Shore
co,orany had decided TO refund its outstanding
Funded debt New-York Central has virtually
enioyed a ten-point advance on its refunding ne
eotiations and 1t is not unlikely that it will sell
considerably higher than at present during the
current year. Security values In general will
,nost likely reach q higher level when the out
,cok IN the Industrial situation becomes more
nromising. and operators who are counting upon
a long continuance of present dull times in the
market and of a proongaton OF existing UNI
certainties in the business situation. are liable
10 come out on the wrong side OF the ledger II
they trade 10 great lengths on the short side or
pecially encouraging but the tendency OF buSi-
ness In general is favorable 10 an ultimate i'm
Movement in the industrial situation The ex-
client prices realized at the recent auction sale
M cotton goods a good test or the oisposl-
ton among merchants to buy on the expectation
OF expanding business. and should serve 10 hep
drive ~ ay existing pesilHlisih dEiCAS "a''
Street traders. .
current trading in securities remained wholly
professional las: week, with prices slightly lower
eft the close than O week ago. In the financial
t1,e~a .Na "a n
eral conditions. the money and foreign exchange
markets remaining quiet without material Varla-
ton in quoted rates although demand s'erhne
was slightly higher. The demand FOR accommo-
dalton among mercantile borrowers was light
and on the Stock Exchanse cal! loans We're not
heavy or made at figures above the l12u l'4 rate
which has prevailed for a number of weeks. Ade-
quate reason FOR the absence during March OF
gold exports furnished In the statement Tor
that month Of foreign commerce. which showed
al excess of merchandise exports over imports IN
x.alue of inward of $4,000 900, and this despite
the fact that imports in March were the heaVlest
for any March in the history OF the country, ana
the heaviest for any month since April 1875 Inc
amount OF sterling held here on account or the
recent purchases on speculation has been con-
sderably reduced. however, and current supples
appear 20 he held on the expectation or hlGher
rates in the near future, that II is not unllkey
that rates may advance to the gold export point
some time this spring. At the end OF May there
may be moderate gold exports on merchandlse
account and possibly before that time, but JUS
al present il seems that the excess of exports OF
merchandise has fully covered mercantile
credits. also credits which may have been de-
veoped abroad on sales Oh sesuri ne .t M
this market ana credits created by the
demand from American travellers IN Eu-
rope The advance in the price OF gold IN Lon
don may be successful IN switching the Japanese
demand for gold from that centre to NeW-fo rk,
while the falling Continental exchanges are rae
tors which have TO be taken into serious cohslu-
Grafton in discussing the exchange SITUATION Inc
Withdrawals of gold from the Bank or England
Or rhe account Of Japan and the Continent nave
been very heavy in the last few weeks ana IL IS
not surprising that efforts are being made 10 TURN
the tide In some other direction. a movement or
gold from here at this period would not be an un-
favorable development; in fact 1t would teho 10
make healthier money market at TINS centre,
and it would create no uneasiness. as 1t would
not be due to any adverse conditions mere MoIe-
over il would not affect 70 any serious extent the
supply OF available gold held by the banks anu
the Treasury, as the Treasury holds upward OF
$4,000 600 net gold, and the banks or TINS CITY
above $S6.0O0.OOO. The gold coin IN clrcuiall0l
in the United States on April 1 was Sol',l2o''o''
against S4439l2.256 at the same time year ago
The outlook however. regards gold exports,
cannot be stated with any certainty, and II eX-
ports do occur, they will not be large unless I'M
expected changes should occur IN the local ana
foreign financial situations
The Stock Exchange Governing committee Is
70 be congratulated upon its efforts in behalf or
honest business in Wall Street, and if 1t keeps
up the good work with the same degree of energy
shown at present IL should soon be Impossible
for bucket-shops 10 transact their business 1T
this CITY The charges or fraud preferred
against a member Of the Exchange for alleged
connection with the defunct Dean COMPANY WILL
II is understood. be followed by similar charges
against other members. who are reputed 10
have handled considerable business Tor certain
boe7Is banking houses. Often in the past spas
rnodic attacks have been made upon the bucket
sboD business in the Street without any I'M.
nortant results save temporary cessation OF
activity among the alleged bankers ana brokers'
whO after the wave OF virtue passed Dy re-
reyed operations with twofod energy ana Vlg0r.
Some people who have not followed carelulI!
The efforts of the Stock Exchange In the current
crusade are disposed to mink that the presenI
agitation will soon die out and that the bucket
sbnps Will again be permitted to ENJOY seasoII
~ con,narative rest from 'precauuoh, put
such a view is not warranted by the results az
complighed so far, or by the feeling among ,le
Stock Exchange authorities, VINO are oete ns
mined they say, to wipe ont the eNll Ioi s 1ou
and all OF course. ii will require unceHS., ~,
labor and vigilant attention on the part OF t!e
stock Exchange. but the authorizes are po os1
le,s equal TO the task. and VIII un1oupteu'A3
carry out their good intentions 10 We.-hieii 20
success II the Stock Exchange wishes 10 l.
cover tho business diverted from IL py posu
hrokers ~ cannot afford 10 sleep or 70 give i ~
critics opDortunity TO pass judgment u" w.
lack Of animation. ,c ..,,.o stocl,s and
bonds in the week are given in the i"iio"'"e
tables: -----------