The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-04
GOLD MOVEMENT IS NEARLY OVER

NEW YORK, May 3.-There was greatly
improved tone to the dealings in stocks today,
and values held appreciably frmer. The value
Of trading also increased somewhat, but 1t Is
still extraordinarily small. This reflects the
increased confidence of the stock market con-
corning the shipments of gold to Europe.
Fears on this score have partly abated. The
fact that new engagements for export were
made today with actual business being done
in demand sterling for $4.87A to the pound,
confirms the belief that the gold movement
Is not the result Of a natural settlement for
the balances, but special demand for gold
involving the payment of premium for It.
The closest estimate that can be made shows
the profit Of gold shipments to cease when de-
mand sterling falls to $488. The fact that q
premium must be paid for the present gold
shipments is coming to cause the operation
to be regarded as a business operation profta-
BILE to the country, and as healthy indication
of the abundant supply Of gold in the country
marking it as the best source of supply for
a special demand, such as that Of Austria at
present. with Russia and Japan also strongly
attracting gold, all of this demand being for
currency conversion purposes. Although the
United States treasury has supplied nearly all
Of the stock of gold for the present movement,
tinues 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 merchandise to antici-
pate the new tariff bill. While these importa-
tons serve tc make the exchange situation
more adverse, their benefit to the United
States treasury and consequent safeguard
to the currency is viewed as q 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 ster-
ling exchange rose slightly have also given
rise to belief that there may be only small
shipments of gold or none at all by next Sat
urday's steamer 1t remains to be seen whether
this hope is justified.
The brighter aspect of affairs on the London
exchange was also a favorable factor in to-
days market. Gains ranging from 1 to tx
occurred in Northern Pacific pfd, L. & N,
N. ]. Central, Sugar, Tobacco, Consolidated
Gas and Brooklyn Union Gas. The gain in
the grangers averaged y, and fractional gains
were general all through the list, the rail-
ways closing at near top prices. The bears at
tackled special stocks in an effort to stem the
improvement. Missouri Pacific lost a point,
Manhattan * and w. U. Y, the latter recov-
SAAA6 oAu SAoS1A6 Will 6diu VI "A. M0lTOpOl1-
tan Traction fell "a and rallied q, Tennessee
Coal suffered a net decline of 11a on talk of
labor troubles impending. The closing was
firm and with the exceptions noted, net gains
were genera
The bond market displayed increased activ-
ity and there wa a material broadening Of
the dealings. number of the usually inact-
i've lines participated in the speculation. The
changes lacked consequence, but decidedly
firm tone was apparent. The aggregate of the
sale was 81 900, 900. Governments were pressed
for sale and showed concessions Of a slight
fraction in the more active issues.
The total sales of stocks today were 1861
618 shares, including: Sugar, 24,200; Burling-
ton, 400; Chicago Gas, 1900; l.. & NJ, 400;
Manhattan, 5000; St. Paul, 5000; Tennessee
Coal & Iron, 5,400; Western Union, 10000.
The following were closing quotations of the
leading railway and industrial stocks, fur
nished by c. H. F. Smith & Co.. members
New York stock exchange and Chicago board
Of trade: