The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-05-02
MONEY AND INVESTMENTS,
Apathy Prevailed 10 the Stock Mar
ket Yesterday.
UNEASlNESS OVER GOLD SHIPMENTS.
Gold Export Movement Occupied the
Exclusively During the Week.

New York. May 1.-The close OF the
weeks trading WAS marked by the same
condition of opathy and almost sta gndtton
which has chaiarstcrzed the market all
through the week. This WAS accumulated
by the fact that today was a holiday on
the London exchange and by the definite
announcement from Boston that the ship
ment of gold to Europe Tuesday next by
"a house there would be Increased 10 $780,
wv.
The market was lert freely in the hands
of professional traders and was without
feature OF genera si'sSt. The prevalent
uedflngs We're accompanied by the heA>l-
ness OF Inertia, ana prices sslsged even
Oh The iimlud oneiphSs oi shuiNs. lev
indiNiduai properties wero SUBJECT to sre-
cial untayUrable Influences and the gem
vrai market showed itself sensitive 10 IN.
sympa effect OF these, though tins
huctudIions were within narrow comoass'
Inc average deCAns Tor me day Was
something over 3-S per cent
Inc changers were rather heavier than
the general list, the decline In IAat Erogp
IN the case OF Northwest extending u
y Tho Coalers were pretty Wen reid
outside of New Jersey Central and HEAD
ing. the former losing SIS IN the face OF
the ANNOUNCEMENT OF the w.,hdrtwIi from
The directory OF q prominent nteresi. mo
largest losses were in the spec.nlueS,
point each for Tennessee Coal ana Iron
and Srooklyn Gas the former on reports
oil prospective IIDpr troubles. tHitln
Union declined further IS 10 70 ~. and
Sugar los. Us. The only gains in the list
were IN Leather preferred, on covering;
Pullman. lslckawanna and CONSOLIDATED
Gas, each of which rose - per cent Inc
market closed unsettled ana Irregular,
The dealtrS N stocks and bpnds have
been occupied all week almost exclusively
WIN The gold export movement when
has set IN, and have manifested consider
able uncasiuess at the proportions as
Sumel by the shipments. ,rhere mas been
~ FL.
finding expression IN the small offerings
of securities at the low level. But prices
have been on descending scale almosl
without exception The gold movement
has proved a puzzle TO the hest authority
and the inability 10 account for II sat
isactorily has been as much the cause
positive approximations of its effects.
Last saturday The opinion was quite
general that no exports ofgold would be
made un,ll the then prevailing rate of en-
ling, should rise above that figure. This
opinion was based on the fact than On
the previous Monday short sterling ha,
ruled at &.SSla and had touched i.Ssi
without any eng goments being made for
shipment The exchange houses agreed
among themselves that there would not
be sufficient profit shipping gold 10 make
1t worth the.r while until demand stei-
ling should reach 1854 Yet, today, with
demand sterling only jlFst steasiy sci ASIA.
or IL below the profitable point agreed
upon by the exchange houses, Il shipment
OF sl,0G1,000 additional gold Is announced
from Boston 10 be made by next Tacs-
days steamer.
This retrospection IS necessary TO prop
crly estimate the disputes thsit have arisen
cs 10 whether the gold is going abroad
"a commodity at a premium or whether
II ~ 4 legitimate exchange operation, Yet
the next house 10 ship carefully empha-
sized n statement to a representative of
the Associated Press that II WAS done In
the regular order OF business to lioulate
n Indebtedness nd q "a ~
cr than exchange. How much % this
contradiction was apology ana recrimn-
alton for the breaking of the exchange
agreement can Only be estimated. The
motives for the agreement were said 20 le
TO keep up the price OF exchange until
certain stocks IN supply We're disposed OF
and on the other hand 90 avoid the ad'
verse effect of gold exports on some neavN
railroad bonding operations That are IN
process OF completion.
The doubt as 10 gold shipment being III
response TO the exhaustion of our credit
balance abroad grows ont of the extra
ordinarily heavy excess OF our merchan-
disc EXPORTS over imports for the nine
months of the fiscal year, an excess aT-
erega ting s323, 000 900. Those who argue
that the balance OF credit has turneh
against us assert that this excess OF OK
ports must be largely discounted on ac-
count of undcrValuations OF imports 70
evade customs duties. They point 10 rne
heavy importations of the hast TWO months
in anticipa ton and the heavy obligations
incurred for sill heavier importltlons 10
come before The new uAru goes into rIitct'
the large valume OF our securities that
/ have no he paid for, the chargos We must
pay TO foreigners for our ocean carrying
| trade, the credcis carried abroad Nv
American travellers 10 be eNpenGci me-,
| the withdrawal of foreign capital which
| was placed In loans IN The New YORK
| money market and payment OF dlNldendi
| ana interest on American securities san
| held by foreigners. All these are sad 10
| amply account for the opening out OF
| trade balance In our favor ana a leEit-
| innate exchange demand for gold snip
ON Tho other hand, It is claimed with
| authority that with sterling exchange on
| the basis OF 4.S1i4 Tor demand, mere Is no
| front IN gold shipments, which must De
| due 10 The payment OF something equlVh-
| lent TO a premium growing ont 1t a nc
| mani for special cAuscs. Ausirll mas
| sold n number of treasury bills in i-ondon'
| which are payable in gold. thus 'ncroas-
| ing her CLAIMS on London In mhch mo
same way our government did TO replcn;;
| ,sh the ireasury gold reserve, Japan anu
| Russia are also earnest seekers for gold
| ffr currency purposes. Paris exchange
| on Londor is at a point 10 require iQld
shipments from london, omih NJ 10 oor nsayS T.,
| sales in London OF securities ueHN"teh ~
| Paris That this reflected demand Tor
| gold il an element In the explanation OF
| orr gold shipments is reasonable 10 sup-
ioAtt al, events, rhe fact that s6;fhOU
gold has been ahipped 70 Europe during
| the week and that Sl,po.oo more = a., IL
|
| rouraqnI Transactions in stocks ana mas
unsettled The mirds of capital 70 an e%,
| renl that HIS brought the stock marks,
INTO coHuition Of stag9s,,Sn' ana n.a nis
| III, ,ha ,olues The blckwardness OF
business generally ana ne eo ont sen al" Of
| ,fis money held arc further influenced 70
tdepress the market ,Wirh large s ,,
| rus OF gold in .ho, unlted sta.fs tID
| veor ana mn unusually large stock Of me
| ,t,a
ue'" rI IL he current receipts of the gov
srnment in excess Of expsndiiqrs,s on eo9 aS
| denoe Is expressed that The III enec,s or
The outward gold movement WI ho' ~
| severe or long continued. oven II the ex-
| ports reach considerably larger proper
| rons and are continued for quite N,ne
In tbe stock market the siagnation ms
rcstrictei the changes In tho 1lanI,rrr1
| ares 10 narrow Units either way Ine
enaiers are down from a fraction 20 -
the latter in New jersey Central, I@ ~
| shore mas lost e'e and Western Union ~
The hold market was devoid OF feature
| surng The weelS and prices Of me iead'hR
| tssnes show hut little net changes.
| ,rhe to.a, sales NJ stocks todsY ,"rte