The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-05-03
THE MARKETS.
Wall Street Review.

New York, May 2.-Thero were transactions
Of any importance In the market today. Sugar
opened at last nights price and moved up at
one time Az points closing with net gain OF
about 4. The constant fluctuations Of this stock
offered the turn during the greater part Of the
day and they traded in IL constantly in and out,
helping on the aggregate Of sales recorded in the
stock without making any impression on the
stock transfer books Of the company. News OF
the strike consisted Of rumors without yeriaca.
ton. There is undoubtedly feeling OF dread
among speculators that there may be sudden
and sensational developments regarding the steel
industrials and those stocks are sensitive to every
passing rumor. They were all weak today, Ton.
ncssee Coal dropping at ono time 9 points. The
rally in the group indicated that short selling
was largely responsible Tor ,e the decline and no
drop. Long Island moved up 9]s on top OF yes
tCrdsys ~ and saved net gam OF points; s.
hns e,icsn hHpress ganss gcn"ralv
was excessively dull and represented nothing
moro important than the operations OF the pro.
fessional room traders of small calliber The bh.
nouncement Of further gold engagements for to.
morrow's French steamer OF S2,lOO,OOO was tue
signal for a general selling movement by MS
class of spectators. It had been taken Cor
granted that large exports Of gold would bc made
by Saturdays steamer. but the additional ship.
ment by tomorrow's steamer bringing the total
up to 2,6O0000 was a surprise. This Shipment
is generally believed to represent triangular
operation that IL is TO say ON London's order
TO meet demand on that center Among the
exporters are some who have strenuously held
that no profit could be made in exporting gold
at the highest figures yet touched Tor exchange,
aud the rate for demand sterling today was 1ac.
pound lower than the highest rate touched on the
movement. II is fair to assume, therefore, that
some concession has been offered to make mar.
gin Of profit Of the transaction but in any event
the metal is recognized as beirg in effect a
loan. II is evident that the need OF money here
in active trade has not kept pace with the cur,
rency expansion. The low rate OF money coupled
with the large loans Of New York banks and
their small surplus reflect the eagerness of capital
to place credits but the demand for credits is
not sufficient to absorb the supply, 80 capitalists
must look abroad, where interest rates rule high
or. For some time the merchandise credits re-
suting from favorable trade balance have
been left at interest abroad. This Counry's large
gold surplus make us the source Of supply :or
the money metal. The net result is that we are
not only refraining from calling home merchdn
disc credits, but are shipping out the money
metal TO meet the needs Of foreign markets. To
tai sales today 450, SOC shares. The bond market
| was dull and Irregular. Total sales, par value
| S,3t0O00. United States refundng 2s, when is
| sued, advanced II, and the 3s, old As and new
| Is, a in the bid price.
| The following quotations are furnished Tn,
| Tribune by NJ. S. Jordan & Co, rooms 705.7o.
| b,,iId Tola