The times., 1899-04-06
MARKET SED1IMENT.
RADICALLY Changed
Prices Recover Under Light
Stock Offerings.
Rapid Advances Follow the Cancel
latiOn of Selling Orders.
The Grnngers Rise On DiscouraSiu9
Crop Reports Indus. .rials and
Speciaities Move Upward.

New York, April 5.-The board room ex
panation of todays recovery in prices was
that no stocks were offering for sale. By
this, OF course it was meant that for no
apparent reason there had been overnight
a decided change in sentiment. In conse-
quence selling orders were sent into the
market II is needless to say that the
markets changed appearance was not over
looked b. the sponsors OF the industrials
and the specialties. In the early dealings
these stocks showed some evidences OF the
same pressure under which they had been
forced down yesterday, but they were not
permitted TO lag behind in the morning S
onward movement
In the face of several circumstances OF
a discouraging character the market ad-
vanced rapidly until the latter part of the
day, when there were further appearances
of irregularity.
Today's grain market gave very pro-
nounced reflection to the reports of ex-
tensive damage to the growing crops in
the central Western States. Wheat ad-
vanced very sharply, which was not sur
prising in view of its general statistical
situation and the general tenor of today S
crop advices. On this account the ad-
vance in the granger shares was a rather
singular circumstance of the market and
before the close stocks suffered smart
reaction. An additional influence in the
reaction in these stocks and the general
market was a rapid advance In the rates
for call loans in the afternoon. Against
these features of the days situation there
could be placed nothing but the traffic
returns submitted for various periods.
These, as rule, were very gratifying.
showings. particularly for the lines south
of the Potomac. The Rock Islands Feb
ruary statement showed a decrease In net
earnings of about 20 per cent, but the
falling away was no greater than had been
anticipated for that months returns.
After very irregular opening, the mar
ket moved with considerable uniformity
during the remainder of the day. Notably
strong features throughout the day were
the Wabash issues and Mexican Central.
The advance in the last named was believ-
ed TO be connected with the measures in
progress looking to the solidification of
the Gould system and the development OF
the strategic position of these lines. Other
features in respect to activity were Man
haitian Railway, Brooklyn Rapid Transit,
the Union Pacific shares, and the granger
group. The Vanderbilt stocks were all
strong. There was nothing new bearing
upon these stocks or upon the various in
dustrial shares, the dealings in which fur
nished an ample quota to the days to al
London was not a factor of importance
in the local market. The close was active
and steady. The afternoon furry in the
money market was largely due TO the days
heavy payments on account OF underwrit-
ing TO the National Smelling Company syn
dicate. A feature OF the money market in
the last hour was that while loans on mixed
collateral or in the industrial stocks com
manded from Il 10 10 per cent, loans on
railway collateral could be made at per
cent.