Birmingham state herald., 1897-06-06

in stocks this week. The near approach to conp.etlon of the legislation Is responsible Tor d more encouraged tone The chances, or course are in favor of more seasonable weather i'll the south, but unless 1t comes and quickly bringing with 1t better crop re- pErts we should have some advance
 kIOkOAN & co.
 W D @
 New York. June 5.-There was no mistak- ing .ne s.ions DL-l cnslI acter Of dooay's market Tor stocks and bonus nor was there any room Tor aouoI that the motive for buying was greatly increased confidence ON CT tne general outlook or puslness for the country. The bear element was not u As.Ceof la the market at any tune uur1ng tie utiy txcept aS eager buyers to cover snort contraeLS before prices should rise be- yonu uneIr reach. There was some profit taking AI intervals by the more conserya- tlVe minded traders, but apparently tneir O4A-J pu4pCse1 ln seIlng one s.ock was 10 put tnsp roceeds into another. Such re- allzing sales as were made were well ab- sorbeu ana in consequence the upward course of prices went merrily on from open 1l-s to close Of the uay's short session. The aea.lngs We're remarkably well distributed. GeSaf showing the largest number of sAAfeS or any one stock sold, with 16,5UU
 snares. Chicago Gas and Burlington Iolowed close With over 15UUU shares eacn anu St Paul was not far behind. Of socks that were dealt in to the extent of from l,5U0 to 7,U00 shares there was abour :; neaty and large number of the usually inactive shares showed a smaller number oI sa-es, maae up in part of odd lots bought by commission houses on outside orders dC OtIess assisted by the aggressive strength shown by some of the most active stocks notably Sugar, the grangers and New Jersey Central Reports from Wash lngton that treaty with. Spain was being cons dered looking, towards the naturaliza- ten of Spanish subjects as citizens of the 1d JlateS had their effect in helping I. ces as indicating a purpose to eliminate causes Of friction between the two coun- tres. Missouri Pacific and Western Union x ! tne nst or appreciating values. With the favortes of the bears thus all shifted to the bull side of the market. there was practically no opposition left to the. ad- Vanclng tendency of the market. s :, -e 'fesK mas been most remarkable for the manifestation of increased confidence ln .iS 1aying and holding Of securities, es- pecially railroad stocks and bonds. The Improved tone of the speculation has been ;n aS se remarkable for the absence of specific for the confidence shown. There can be no doubt that a great part of the buying of stocks during the week has been predieated upon conviction that the outlook for gen eral business Is greatly improved and that the country has turned the corner from de- preSsion towards improvement. The cheer- ful confidence shown by the secretary of the treasury in his public ute rapces has Much aceonmf is smpIesom tasS f n Wa street that the value of business is equal to that in the most prosperous years although Reports from all parts of the country show that retail distribution of products is unusually large and increasing" and a ''comparison of prices this week in the lead ing branches of manufacture shows a markable similarity to the course of tha osf m vne earer montns @ or s when and prices ever known in this or any other country was close at hand" rii q
 This feeling has secured a hold on the more sanguine element in Wall street dur ing the week and Is largely responsible for the bull market. It is fed to a gerater or hxrx effect of gold exports is no longer dreaded. 1t is seen that the depletion of the surplus gold re, reserve .r in the treasury y is not meas decrease in the treasury reserve since gold export movement began is, in fact. consid- erably less than two-thirds of the gold ex- country's crops are to be plentiful and of good quality is accepted as giving the best and expanded business. The crop prospects have had an especially beneficial effect on the granger group. of railways. ' The re- ports of earnings from these railroads for the week have also added to their strength, notably so In Northwestern and Burllng ton. large portion of the weeks srec- ulation so far as the railroad list was con cerned has centered in this group. The inn proved earnings of southern and south vest ern roads continue to reflect the expansion of business in these quarters also. In the money market there has been an increase of activity in the mercantile paper 1epart ment, indicating an increased use. of cred dts in trade. There has been also large withdrawals of the money deposited in New York banks for outside banks in different exchange not so low as to respond to a wakening activity in trade. Traders have shown themselves somewhat timid and distrustful of the improvement as was natural after the long period of depression {. and recurring reaction They have been constantly watehful to take profits on. a short turn and there have been fIatts dur Ing the week fur this purpose especially and, Cleveland, Cincinnati, Chicago and St. Louis. due to a reduction of dividend In the former and runlOrS 0f reduction hi fast- ter.l But these offering to realize nave out notable reaction and each day of such developmeuts has, added to the confidence of the trading on the bull side. Pnrohases for foreign account have been large. and reorganized companies being especially prominent in this movement The .grangers shares easily led the railway list both In point of activity and strength: ,., SAP shares including the following: .. Chica-i go Gas 15SO0. Louisville and Nashville $500, Reading 6,4OO Western Union $500 -fs'e losn Der oc cent G closing S ofered at per cent
 Prime mercantile paper. sh@4 per cent
 Sterling exchange easier with actual busi- ness in bankers bills at AS6Mm4.@ for. de- msnd and at s4s@tSs s ssas for sixty ssn aays .s
 Commercial bills, $4.85. t-s tf F. Silver certificates. sOA@so,kc. ss 1, . Bar silver. 60c.
 Mexican dollars. 47Ac. @N'i ].
 Government bonds strong. M i7'1 --,,
 State bonds dull. -,..tt.
 Railroad bonds strong.
 C1oslng Stocks. f \. Atchison =. 4,s. ...s............ IN Alton, Terre Haute. ............. SO American Express ....-..... ...'.......... III