The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-05-02
NEW YORK MARKETS.

NEW YORK. n. V, May There was fairly
good distribution of business on the Stock Ex-
change to-day and the transactions we're compare
lively heavy notwithstanding the fact that there
were periods of inactivity, notably in the morning
when speculation was sluggish. The undertone of
the market was, however, firm throughout and
although there were occasional reactions there was
no great pressure to sell at any time and the
changes in prices of the day are in the main toward
higher figures, the exception being as rule IN
specialties.
was holiday on the London Exchange and the
strictly commission houses were more largely in
the market than usual, which goes to show that
outsiders are being attracted to the street. The
bulk OF the trading in the industrials, the
grangers, Reading and Kansas and Texas pre-
ferred with Sugar as the leader. The Iast-named
stock was in demand and advanced, with only
very slight reactions, to the close, the last being
the highest price of the day and IS per cent above
yesterday IS final sale Buying was credited to an
inside pool; others had a numerous following from
among the room traders.
The upward move in Leather stocks re-
newed the common being in most request and
selling up PA per cent with final reaction of 80.
The preferred closed at the top figure, making a
gain OF So per cent on last nights price. The ap-
probation in the shares due TO the advance in
the value Leather and the reported bright trade
prospects. a renewal OF the rumorS touching a
combination OF the Cordage Company TO purchase
the raw material induced purchases of those
stocks with the result of net gain OF 70 in both
common and preferred. The bears made a feeble
attack on the grangerS which gave way mere
fraction and quickly recovered, closing at an i'm
The market closed strong.
There was a moderate decrease in the volume OF
bond trading, but the tone OF the market was firm.
Cordage, frsts, advanced 10 $5934 AMI lost the
provement. The aggregate sales were 81, 159 600.
Government bonds firm. state bonds dull. Rail-
road bonds firm
says: More important than any other development
in today's market the weakness OF sterling ex-
change Except for the temporary decline in the
second week in Aprilrates of exchange have stead
lily pressed 10 a maximum ever since the bond
syndicate contract. The reason for this has been
explained.
The natural movement of exchange was to the
point OF actual gold shipment. such movement
the syndicate in performance of its contract
averted through its sales of Sterling. But as
their wish merely to hold the market under
the point of forced exports OF specie, the syndicate
bankers naturally withheld their bills until TOP
rates bid. AT the present there are in process
of consummation several transactions through
which the current demand for sterling may be met
with bills drawn against recent security sales in
London.
The syndicate bankers have themselves placed
in London within a fortnight two or three blocks
of American securities, including those of the
Southern Railway, the Manhattan Elevated and
probably at least one more company. But how fal
these sales will act toward the permanent depres
sion of exchange is vet doubtful. 1t is quite
possible syndicate bankers here would cover Oh
such reaction part Of their previous sales Of ster
ling. Permanent movements in this as in so many
other markets are likely TO depend upon the I'M
folding outlook for the crops.