The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-04
STOCKS AND BONDS.

New York May 3.-There was great
ly improved tone to the dealings in stocks
to-day and values held appreciably frmer.
The volume of trading also increased
somewhat, but it is still extraordinary
small. This reflects the increased conf
dence of the stock market concerning
the shipments of gold to Europe. Fears
on this score have partly abated. The
fact that new engagements for export
were made to-day, with actual business
being done in demand sterling for S4.S7A
to the pound, confirms the belief that the
gold movement is not the result of a
natural settlement of trade balances, but
of special demand for gold involving the
payment of a premium for it.. The clos
est estimate that can be made, shows
the profit on gold shipment to cease when
demand sterling falls TO S4.SS The
fact that Il premium must be paid for
the present gold shipments is coming to
cause the operation to be regarded as
a business operation profitable 10 the
country and rs a healthy indication of
the abundant supply of gold in the coun-
try, marking it as the best source of sup
ply for a special demand, such us that of
Austria at present, with Ru-sia ana
Japan also strongly attracting gold; all
of this demand being for currency con-
version purposes. Although the United
States Treasury has supplied nearly all of
the stocks of gold for the present move
ment, the movement of gold into the
treasury continues at apparently the
same rate as for some time past. The
current government receipts also are in
excess of expenditures because of the
heavy importations Of dutiable mer-
chandise to anticipate the new tariff bill.
While these importatlons serve to make
the exchange situation more adverse,
their benefit TO the United States treas
ury and the consequent safeguard to the
currency is viewed as a compensation, in
part at least. The fact that the price of
gold bars and American eagles was re-
duced in London and that the Paris rates
for sterling exchange rose slightly have
also given rise to a belief that there may
be only a-small shipment of gold or none
at all by next Saturdays steamer. The
brighter aspect Of affairs ON the London
exchange was also IA favorable factor in
to-day's market. Gains ranging from ]
to IA occurred i'll Northern Pacific pre-
ferred, Louisville and Nashville, New
Jersey Central, Sugar, Tobacco, Consol-
.idated Gas, and Brooklyn Union Gas
She gain in the Changers averaged q
and fractional gains We're general all
through the list, the railways closing at
near top prices. The bears attacked
special stocks in an effort to stem the i'm
provement and worked the lines success
fully in the Gould stocks.
Total sales of stocks amounted to 1906,
.61S shares, including American Sugar
refinery "a, 200; Chicago Gas 1900; st.
Paul 6,40O; Mania ttan Consolidated s.
900; Tennessee G.. 4 /. 5,4OO; w. u. II.
Co, 10000.
The bond market displayed increased
activity and there YVES material broad
,ening in the dealings. A number of the
usually inactive shares participated in
the speculation. The changes lacked
consequence, but decidedly firm tone
was apparent. The aggregate of the sale
WAS 81 100000.
Governments We're pressed for sale and
showed concessions of slight fraction
in the more active issues. The sales were
KES.O 900.