Birmingham state herald., 1897-05-27
In w all Street.

New York, May 26.-The stock ms rket was notably strong and active m the. early hours of trading today. The animation or tradeing somewhat subsided after the i.tcn hour on account of the announcement of additional shipment of Sj0o,000 Tn gold spots developed in the list which served to check the rising tenden y. Prices of most stocks were, nevertheless quite firmly he'd until the close and substantially net gains were the rule as the result of the days trading There was quite a large number of shares sold here for London account, but they represented nothing but arDitrage op- erations by professional traders, the higher level of prices here offering a sdlicient maj gin of profit to invite the operation. There was marked broadening tendency to spec ulation, many usually inactive shares (Om- ing into demand and gaining in price. The manifested itself yesterday was again a feature today and many commission house 4rders to were m m aeT ,a than yesterday. The fact that the senate is actually embarked on the consideration of the tariff bill and the measures taken to expedite action on that bill will cause the operators to take more cheerful view of things on the stock market. Wall street expects Q trade revival. The traders in stocks act upon the belief that progress to- ward the enactment of the new tariff law justifies them in discontinuing the good ef feet expected to accrue to business in gen. eral from definite settlement of the future conditions it will have to do with. Im- proved railway earnings. especially from the south and southwest, are an encourag- ing factor For the third week in May the Southern railway shows an increase in gross earnings of $1S,340: Louisville and Nash vile of $l6 670; and St. Louis Southwest and Kansas City, Pittsburg and Gulf also very substantial gains. On the other hand Wa bash and Chesapeake and Ohio showed losses. The St. Paul statement for April was also a disappointing factor. The de crease shown in gross earnings was $162 S21, and in net earnings $35. .750 This had quit a marked effect in the afternoon and checked the rise in values. Net gains were general ly fraction les than the extreme but were the rule throughout the day. The to- tai sales of stocks for the day amounted to 1S4 651 shares, including American Sugar, 197O0; Burlington and Quincy, 20.500; Chica- go Gas. 16,600 St. Paul, IS, 400; Western Un- ion II 300: New Jersey Central, 1S,000
 The bond market developed aggressive strength on transactions which were attrb- uted in part to a revival of outside interest. The gilt edged liens were in fair request at advanced prices. but in the middle grade and speculative isues the gains were more pronounced The aggregate sales were $. 1882, 900.
 Money on call easy at 1A@1k per cent {; last loan 11a closing offered at 1h411a.
 Prime mercantile paper, Sl&M4 per cent.
 Sterling exchange weak with actual bus- ness in bankers bills at &.67sd$4.S7 for de- mand and at S4 S5A d$4.S6 for sixty days
 Posted rates, S4.S61am4H and $4SSq4SSk
 Commercial bills $4S5i5.
 Silver, certificates, 601sQ605sc.
 Rar silver, 60c.
 Mexican dollars, 47Ac. 5R IT.
 Government bonds, firm. U iis 1T
 State bonds dull.
 Railroad bonds, strong. l