Omaha daily bee., 1897-05-02
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STOCKS AND BONDS
Gold Shipments StiIl Puzzle Trndcrs
and CuuSe Slugnutinu.

NEW YORK, May 1.-The close of the week $
trading marked by n condition of apathy
| and almost stagnation which has character
| lied the market all through the week This
was accentuated by the fact that today a
holiday the London exchange and by the
definite announcement from Boston that the
| shipment of gold to Europe on Tuesday next
by house there would be increased to 81 ,0C0. :
600. The market left freely in the hands
of professional traders and was without fea-
ture of general interest. The dullness was ac-
companied by the heaviness of inertia and
prices sagged even on the limited offerings of
| shares. few individual properties We're sub
jected TO special unfayOrable influences and
the general market showed itself sensitive to
the sympathetic effect Of these, though the
fluctuations were in narrow compass. The av.
erage decline for the day was something over
V per cent. The grangers were rather heavier
in the case of Northwestern extending to Y
per cent. The coalers pretty well held
outside of New Jersey Central and Reading
the former losing q per cent net after a for
NAL rise. Tobacco fell only 3s per cent in the
face of the announcement of the withdrawal
from the directory of large interest. The
largest losses were in the specialties, a point
each for Tennessee Coal and Iron and Brooklyn
Union Gas the former reports of prospective
labor troubles Western Union declined a further
x per cent to 76B and Sugar lost Ss per cent.
The onla gains in the list wera in Leather pre-
ferred on covering and Pullman, Lackawanna
and Consolidated Gas each Y per cent.
The market closed unsettled and irregular.
The dealers in stocks and bonds have been
occupied all week almost exclusively with the
gold export movement which has set in. and
nave hilAllehltd considerable uneAslneSS at the
proportions assumed by the shipments. There
has been some undertone of strength in the
market, finding expression in the small offer
ings securities at the low level
but prices have been on descending
scale. almost without exception The gold
movement has proved puzzle 10 tae best author
tiles and the Inability to account for It satisfac-
orily has been as much the of stagna-
ton In stoc! dealing any positive apprehen-
sions OF It's effects. Last Saturday the opinion
was quite general that no exports of gold would
be made until the then prevailing rate OF ex-
change, which was s4.sSh for short sterling,
should rise above that figure. This opinion was
short sterling had ruled at sisSla. and had
touched SASSY, without any engagements beiPg
made for shipment. The exchange houses agreed
among themselves that there would not be sufii-
Client profit shipping gold to make II worth their
while until demand sterling should reach 81 sS&.
Yet today, with demand sterling only just steady
at S.sIM, llac below the profitable point
agreed upon by the exchange houses, a shipment
Of Si,0Oo,Go additional gold rs announced from
Boston. To be made by next Tuesday steamer
This retrospection Is necessary TO properly est-
mate the disputes that have arisen to whether
the gold Is going abroad commodity at a
premium or whether II is legitimate exchange
day Of S9I7.Co0 In gold bars Is stated 10 be in
expectation OF order the hrm receiving a
commission for making the purchase and the
recipients to pay the expense OF shipping. This
obviously not regular exchange operation
tho commission and expense OF shipment being
which made H. being party TO the exchange
agreement not to ship gave excuse for
the operation that II was not a regular exchange
operation, Yet the next house TO ship carefully
emphasized statement TO a representative OF
the Associated press that 1t was done in the