The times. [volume] (Richmond, Va.) 1890-1903, 1898-04-05
THE BEARS ARE
FRIGHTENED
And Place Orders After Seeing the
BOuyancy
OF THE AMERICAN SECURITIES
ON Foreign Exchangcs-Nct Gains of
From one To Two Points i'm Active
Stocks Despite Fluctuation-Al-
legged Mediation u Factor.

NEW YORK. April 4-The interest and
the principal activity I'm the stock mar
ket to-day came IN the first hour. The
bulge at the opening was caused by the
scramble Co execute all at once buying
orders Tor several thousand shares in
each OF the leading stocks. These orders
were placed 10y frightened bears VINO
saw a warning IN the very buoyant iOno
assumed by American securities on Tor
cign exchanges. and who had IN mind inc
sad experiences or the shorts OF last
Monday. Upon the execution or TINS mass
of orders at the opening prices promptly
sold OF again. The decline was arrested
when rather more D. Onc-half or the
advance had been wiped out. Iransac-
lions for The remainder or the day were
small. and fluctuations were narrow OUT
side q few special cases. and there was
little interest Or importance in the stock
market. notwithstanding the later weak
ness net gains from 1 10 over : points
were saved for nearly All the active
stocks. The opening jump IN prices was
cams in foreign exchanges, where the re-
uortol mediation of the Pope between
tho United States and Spain was viewed
az o fh utmost importance. This I'M
uortance was enhanced by the facts that
reports given out by SpasSa @arces
had 20 that the popo's meL&iOn was Of
farcd Al the request OF mo Cniten states.
The sentiment for peaceful adjustment
MNN|NN NUNNN|N cal N""ANNA AA AANtfg E"hF
iu fhfs country 40 Sundays religious ser
vices tended 90 give colcS 10 the peaceiul
outlook. Professional traders who were
after the bears scalps were also very
busy disseminating an allegation that
President Mckinley had determined to
mhOd a recommendation against war
or forclblc Intervention In CUBA nm ms
forthcoming message. The early view, II
was soon believed. had exaggerated the
possibility of peace. The Official denial
from washington that the Pope had been
accepted as a mediator between the
United States and spain was potent ia
dispelliug this view. Expressions by men
iu Washington who are strenuous Tor hrm
action ON the Cuban question, who
expressed their cOntentment with assur-
anres given them after having seen the
President. indicated the purpose or the
administration 20 insist upon Cuban indie
peudonCc. Notwithstanding these express
sions Of opinion. the active measures
taken by the Pope were taken as an on
set. This constituted the sustaining force
which saved the market from a tulI reac-
ton from its opening gains.
The bond market was dull. and after
opening strong prices eaced of a little,
but s.i1eucd again before the close. Bat
timorc and Ohio SIS. Parkersburg branch,
sold at 1O4. a decline OF IL points from
Inc last sale. Total sales. 81, 72j,OpO.
United States new As. reg advanced ~
DO. coupon 1as. tho old IS, reg L. 90.
coupon and the js - and the IS de-
INNuNU An per cent UAAa
Total sales Of stocks were 800. 800 shares
Including Chicago, Burlington and quincy,
$3.50. Louisville and Nashville. lu.OS0i
Manhattan Elevated. 13. 80; Metropolitan
street railway. 1876. Northern Paci1c,
1O715. DO. preferred. 7.7l0. Missouri Pa
ellie. 5.525. Rock Island, 100, ST. Paul.
42l2J. Union Pacific. 32.O2e, american
Spirits. II. go; Sugar. 81 $50.
The Evening Post London financial
cableeram saws: The stock markets here
opened strong to-day on the report that
tho Pope was medidting I'm the cuban
affair and ON the securing OF Chinese
ports by England. Spanish IS rose TO
So, A general reaction Ollowed on a
disbelief that the Pope's mediation had
brrn sought by the United States. nc
news as 90 the acceptance OF mediation
bv the United States. The buying or
Americans was rather extensive to-day,
hut 10 was not influential nor discriminate.
A stock exchange holiday on saturday
next rs Professionally announced. Ia con-
necfion with the weakness Of the London
discount market. 80 as 10 be observed
more American bills are offering. Cape
gold TO the amount of t3uOOop was bought
to-day for shipment 10 New York.
MONEY AND EXCHANGE-Money on
call easter at 1iqd4 per cent; last loan AZ
d.. per cent. prime mercantile paper, JdO
rar cent. Sterling e~XChang weak, with
actual usincss I'm bankers bills at 4S3l2H
$3.50 for demand. and at $500 Tor SHY
davr. posted rates. iSilaH4S2 and 44l2H
ISL: commercial bills. 4sOa4SOA. Silver
certificates. 5l'.05Gh, sales. 1000 ounces
4f EGi.. bar silver. 5jlg. Mexican dollars.
g. Government bonds irregular. State
bonds dun. railroad bonds strong.