The times., 1899-06-07
GOLD SHIPMENTS SET
TRADERS TO GUESSING
Futile Efforts to Discover Mo-
tiyes for Them.
The Market DiscOuragingly Dull
and Prices Irregular.
nuence and Induces Some Actiy-
ity and n Firmer Tone.

New York, June Ga third shipment of
gold of 100000 was announced today bring
ing the total on this movement up to
81, 500 000. As in the case of the two other
shipments the transaction was undertaken
in the face OF conditions in the foreign
exchange market, which would seem to
preclude the possibility of profit to the
exporters. Still il may be safely assumed
that the shippers of the metal are assured
against-loss and there are other forms of
profits than those expressed in simple fig
ures. While the shipments Of the metal
were ignored as a speculative influence
conjecture was active as to the circum-
stances of the shipment and as to the
destination of the gold. Ever since the
export movement set in Wall Street has
been busy imputing motives and ascribing
extra natural reasons for the action Of
the exporting concern, all of which there
are good reasons for supposing are wide
OF the mark. The exporters of the metal
were still reticent as to the shipment, but
from trustworthy sources ii was learned
today that the destination of the gold is,
beyond much doubt, Russia That coun-
try is the highest bidder for gold, while
It is in the least demand here and in Eng
land. The shipments are probably being
handled through Berlin, but the metal
will be delivered in Russia. In these cir
cumstances it is quite probable that there
Will be additional transfers of gold from
the oyerfilled vaults of New York to the
less well-supplied Golfers OF the European
capitals. Inasmuch as the transaction
makes far more evenly balanced interna-
tional money market conditions the cur
rent indifference regarding the business
is altogether reasonable.
Today's stock market was exceedingly
dull, and in the early dealings ii was very
irregular With the course OF the day,
however 1t became firmer and more active.
The strength of Sugar Refining was an ef-
fective influence, and the steadiness of the
other stocks upon which dividends are ex-
pected contributed TO the same end. The
gold shipment and some excellent trafhc
returns for the fourth week of May COM
prised about all the news Of the day.
Wheat declined rather sharply which fos-
tered more hopeful views in regard TO
the agricultural outlook, and this circum-
Etance was followed by more liberal pur-
chases of the granger shares. Rather
singularly the important news in regard TO
the prospects for the framing Of another
franchise taxing law 10 supersede the So
called Ford measure was overlooked. The
local traction shares were not particularly
active while Consolidated Gas was weak.
In the latter instance, however, the weak
ness may be referred to the constant drib-
bling of stocks since the reduction in the
dividend rate few days ago.
Strong features OF the market aside from
the stocks noted were Southern Railway
preferred, Louisville and Nashville, and
Tennessee Coal and Iron. The first named
made a noteworthy statement for the
fourth week of May and there were moder-
ate purchasers for foreign account in the
Southern Railways and Louisville and
Nashville. The dealings elsewhere for for
eign account were light in volume. The
market closed dull and firm.