The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-05-04
VALUES HELD FIRMER
The Value Of Trading Also Increased,
But is still Small.
THE GOLD SCARE PARTLY ABA1ED
The Movement or the yellow Mctny
Not the Result OF a Natural So,,,a.
n'ent Of Trade Balances, but or q
Special Dcmnnd for Gold, Inyol.
wing tho Payment Of a Premium.

New York, May 3.-There was a
greatly improved tone to the dealings
IN STOCKS to-day and values held appre-
oian nrlner. The volume Of trading
aiso increased somewhat, but it is still
extraordinarily small This reflects the
increased confidence, Of the stock mar
ket concerning the shipments Of, gold
~ EUROPE. Fears on this score have
palliy aoated. The fact that now en-
sugements for export were made to-day.
with actual business being done in de-
nand sterling for $4.S7A to the pound
confirms the belief that the gold move
mert IS not the result OF q natural set
tlement OF trade balances but of vi
special demand for gold invoIvina tha
payment Of premium for it. The
Closest estimate that can be made shows
tne profit on gold shipments to cease
When demand sterling falls to Ass. The
t ti, ira q premium must be paid for
the present gold shipments is com int- r.
cause the opera ton to be regarded "a a
business operation, profltablc to tho
country, and as q healthy Indication
OIL the abundant supply of gold In the
country, marking it as the best source
supply Tor special demand, such
az that Of Austria at present viii,
RUSSIA and Japan also strongly at
tractlng gold. all Of this demand bein,r
LOT currency conversion purposes. AZ
tuouGh the United States Treasury has
supplied nearly all OF the stock Of rold
1or the present movement. the move
iient or gold into the Treasury CON
slnues at apparently the same rate as
Ior some time past. The current Gov
ernlllent receipts. also, are in excess of
-ApeHtiltures because of the heavy i'm
portations Of dutiable merchandise n
antclpate the new tariff bill. While
these lmportntions serve to make the
seNchanse situation more adverse. their
penelit TO the United States Treasury
and the consequent safeguard TO The
currency is viewed az
paTt at least. The fact that the price Of
Solu pafs and American eagles was re-
uuced IN London and that the Paris
rates Tor sterling exchange rose slight
~ nave also given rise to a belief that
ensy may be only Il small shipment Of
sold or none at all by next SATURDAYS
steamer. The brighter aspect of ar
lars on the London Exchange was
aiso favorable factor in to-day's mar
ket. Gains ranging from to II; nar
cent. occurred in Northern pacific 20
ierfcd, Louisville and Nashville. Nov
Jersey central, Sugar Tobacco. Con-
ssolidated Gas ana Brooklyn Union CAS-
me gam III the Changers averagtd 8;
per cent. ana fractional gains were
seheraI all through the list, the rail
ways closing At near TOP prices Tho
pears attacked special stocks in an ef
LOTT 20 stem the Improvement ana work
60 the lines successfully in the Gould
The total sales Of stock a,nountad "a
!oo,bls shares. including American Sugar
Eeftnery, 2i,200; Chicago Gas Trust Re
celpts. $4,000; St. Paul. $500: Manhat
Tan consolidated, 5000; Tennessee, Chr
Union. 10000.
Ihtks>ond market displayed increased
actlVlty ana there was material broad
enlhg to the dealings a number or the
usually Inactive shares participated in
me speculation. The changes lacked
~, 4 Il.
was apparent. The aggregate OF tho
sales was $1.050,0OO