The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-05-11
Uncertainty Concerning Gold Ex-
ports CuftaiIs Speculation.
MORE SHIPMENTS
ARE LOOKED FOR
CHANGERS BOoMED BY FAVOR
ABLE CROP REPORTS.
Gold Situation Continues to Mystify
the Traders-Wheat Scored an
Advance, but Subsequently Re
acted-Mining Stocks and Live
Stock Markets.

New York. May 10-The market for
stocks today showed signs of decided
strength throughout, though the deal
ings continued dull and prices adj
yanced very cautiously, in spite of i'm
proved prices for Americans in Lon
don. This was supplemented by some
small buying for London account in
this market later in the day. The ex-
oellent crop reports from the northwest
and the improved earnings, both those
reported and these rumored for the inn
mediate future. gave an impetus to the
buying of railroad properties in that
region. The grangers and Northern
Pacific received the most noticeable ben
eft from this. The exchange situation
and the resulting or accompanying gold
movement continue to myStify dealers
in stocks, and are an element in cur
failing speculation. Furthe~ shipments
of gold are confidently predicted this
week, with demand sterling exchange
ranging from 4.S714 G4.S71a. AS an evil
dence that the gold shipments are GER
tainly the result of obliteration of the
tremendous trade balance in our ia
vor heretofore established during the
fiscal year, the large figure of last
weeks imports at New York, exceeding
$4,000, 900, are pointed to as conclusive
by those who seek to deprecate the
idea that any special demand for gold
abroad is responsible for the outgo.
But exports of gold at prevailing
rates of exchange leave unexplained the
fact that on the Saturday previous to
the first gold shipment demand sterl-
ing ruled about 4.S8 to 4.SSA after
ing the previous week and 4.S7@4.S7%
the preceding day without including
shipments of gold. In fact. the ex-
change hoIses had determined that
there was no adequate profit for the
s., 000,0 900 gold shipment under a rate of
4.SS34 for demand sterling.
The fact remains that further ship
ments are looked for and that fact has
sentimental restraint on the buying
of stoc%s. The market closed quiet but
firm.
Trading in bonds was attended with
considerable animation, but prices of
the leading issues ranged narrowly.
Some changes were noted the other
way in the active low grade mort
cages. The aggregate sales were ST.
S12, 900.
Governments were active, with the
demand for the new As. coupon. adj
vancing the price to 123 on transact
tons with 1925 bid on the last call.
The total sales were $4,000.
Money on call, easy at 1Aq11s per
cent last loan 111 per cent, closed 1AG
III per cent Prime mercantile paper
1904 DER cent. Sterling exchange, firm
with actual business in bankers bills
at 1914 64.S7z for demand and at
4. S61z @4S611 for so days.
Posted rates. 4.s7@4S71z and 4.SS@
4.S9 Commercial bills. 1851. Silver
certificates. 6OA 06Oss. Bar silver, 6014.
Mexican dollars. 47A
Government bonds, firm; state bonds,
dull: railroad bonds, firm.
The total sales of stocks today were
142, Psi shares. including: American
Tobacco, $500; American Sugar 1920;
Burlington & Quincy. 10,40O; Chicago
Gas, $500: Northern Pacific preferred,
g. 400; Omaha $500: Reading. 10000: St.
Paul. 14.10O; Tennessee Coal & Iron.
4 900: Union Pacific, $500; Western
Union, IL 900.