Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-05-06
FINANCE AND TRADE
Large Foreign Buying Of American
Stocks and Bonds.
INTEREST Was In THE NDUSHRIALS
Discussion Of Earnings and Crop
Prospects.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, May Ga well-distributed
volume of business and continued conf
dence in tue prolongation of the upward
movement resulted in substantial additions
being made to values in today's stock mar
ket. Compared with Saturdays closing. in
itial figures reflected advances varying
from IA to 1-2 per cent, and in a majority
of instances subsequent trading doubled
these fractions. Lo1don's early cables in
dicated higher range of prices for all of
the more active international issues, and
brought numerous commissions to the local
representatives of foreign banking houses.
The developments of the day We're gen.
orally favorable, several encoura ging in
creases in earnings for the month of April
being announced, together with assurances
that future reports will. in all probability.
show continued improvement in these
items. The weaker tone of the foreign
change market was a decided addition to
the fund of prevailing incentive, and re-
fleets the result of recent trading for for
eign account. Rates for actual business
were fully 1-lG below those reported on
Saturday, and the supply of bills drawn
against stocks and bonds purchased for
London houses was largely increased.
The inquiry from remitters was small,
and aided the depression in rates. All
things considered, the market has fewer
exposed points of vulnerability than any of
its recent predecessors, and traders reac-
tons are. at the moment, practically the
only menace to values.
The room is becoming skeptical with re-
gard to certain of the specialties which
have had large advances but the manipula-
ton has been more than equal to every
emergency.
Interest centered largely in the Granger
group as the result of general revolution
in sentiment respecting the western crop
situation. Burlington, St. Paul and Rock
Island each gained trif1e over l per cent
of contemplating reduction in its dividend
rate, added 81 per cent to first prices.
New England was active at an advance
of 3-S per cent with no motive at all con-
sstent with the extent of the advance. The
securities of the Southern railroad We're
strong, the preferred stock selling up over
40 on what was said to be good buying for
both local and European account
The industrial list was active particular
ly Sugar, on further advances in the prices
of the refined product. The pool in this
property, being favored with excellent
trade conditions, confidently predicting
further successes on the long side.
Chicago Gas was weak under short sales
based on the belief that the frontage bill
will be vetoed during the week. Purchases
of distillers for both accounts advanced the
price of that property l per cent.
The trading of the last hour was active
and somewhat irregular. A selling move
ment in Reading, supposed to have orig
mated In Philadelphia. broke the price Of
that stock l per cent and forced sympa-
thetic reductions in the higher priced coal
ers. Further reductions in foreign ex-
change rates were announced during this
period. Sugar sold up to the highest point
yet recorded and was steadily absorbed
by pool brokers.