Birmingham state herald., 1897-05-04
In Wal Stree,


 New York May 3.-There was greatly improved tone to the dealings in stocks to- day and values held appreciably firmer. The volume of trading also increased somewhat, but 1t is still extraordinarily small. This reflects the increased confidence of the t stock T market con4eserning the , shipments d of [ partly abated. The fact that new engage msnts for export were made today. with sterling for $45A to the pound, confirms the belief that the gold movement is not the result of natural settlement of trade bal ances, but of a special demand for gold in- yolving the payment of a premium for it. The closest estimate that can be made shows the profits on gold shipments cease fact that premium must be paid for the present gold shipments is coming to cause operation profitable to the country and as a healthy indication of the abundant supply, for special demand, such as that of Aus tria at present, with Russia and Japan also strongly attracting gold, all of this demand being for currency conversion purposes. All though the United States treasury has sup piled nearly all of the stock of gold for the present movement. the movement of gold in the treasury continues at apparently the same rate as for some time past. The cur rent government receipts also are in excess of expenditure because of the heavy impor- tationS of dutiable merchandise to antici- pate the new tariff bill While these inn portationS serve to make the treasury eX- change situation more adverse, their bene- fit to the United States treasury and the consequent safeguard to the currency IS viewed as compensation, in part at least. The fact that the price of gold bars and American eagles was reduced in London, and that the Paris rates for sterling eX- change rose slightly have also given rise to a belief that there may be only small ship ment of gold or none at all by next Satur- days steamer. The brighter aspect of af- fairs in London exchange was also faVor- able factor in today's market. Gains rang ing from 1 to 1% occurred in Northern Pa cofic preferred, Louisville and Nashville, New Jersey Central, Sugar, Tobacco, Con- soldated Gas and Brooklyn Union Gas; The gain in the Changers averaged 4, and fractional gains were peneral all through top prices The bears attacked special stocks in an effort to stem the improvement and worked the lines successfully in the Gould stocks. The total sales of stocks can Sugar, A,200; Chicago Gas Trust Re ceipts 13,0O0; Manhattan Consolidated, 5,o0o; St Paul, 5,400: Tennessee Coal and Iron B. 400; Western Union, 5,900
 The bond market displayed increased ac- tivty and there was a material broadening active shares participated in the specula- ton. The changes lacked consequence but a decidedly firm tone was apparent The aggregate of the sales was S1.O50000. GOV ernments were pressed for sale and showed concessions of slight fraction Tn the more active issues The sales were $53,000.
 Money on call, easy. at 1lsNI2 per cent; last loan, per cent closed offered at 11212 per cent; prime mercantile paper, 33Q4 per cent - business in bankers bills at $iS7A9s4S7is for demand and at S4.S5Ib60s4.S6ta for sixty days. Posted rates $4.S71adS4SS1R commercial bills, S4.S5lh; silver certificates, 61A; bar silver, 6l.
 Government bonds, weak.
 State bonds, dull.
 oil