The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-04-02
MANY ADVANCES
WERE RECORDED
Very Large Dealings For a Half
Holiday.
A SHARP SETBACK CAUSED
By Heavy Realizing, But There Was a
Material Rally and Final Prices
Were Near the Best The
Bond Market.
A SHARP SETBACK CAUSED

New York, April MANY advances were
recorded in the stock market today on very
large dealings for the two hours, nearly
two-thirds OF a million shares changing
hands,
The Easter holidays in England rendered
London no factor here, but the accumula-
ton of very large volume of purchasing
orders over the Good Friday holiday
brought forth much higher quotations at
the opening. Subsequently heavy realizing
caused sharp setback to prices, but with
the appearance of the bank statement,
which the speculative element viewed as
more favorable than expected, there was a
material rally, and the final prices were at
or near the best.
The dealings were much influenced by the
buoyancy of Manhattan which made an
extreme gain of 10 points, 9 of which it
held. The statement by large holder of
A-anhattan that he had been offered 10 per
cent. above Thursdays price for his stock
was Interpreted as indicating that the Met
ropolitan Railway sought control of the
road. Shorts in Manhattan covered large
lines that had been put out in expectation
that the new issue of stock would depress
the price.
As they sought to cover the figures were
marked up with the resultant extreme rise.
The announcement that per cent. dividend
per annum had been decided upon for Fed
eral Steel with the first quarterly dividend
payable in July, brought forth enormous
purchases and very wide opening, the ex-
IRENE rise being over points. Talk of an
issue of new stock TO Brooklyn Transit
holders at par increased interest in that
direction. Among the specialties Third
Avenue rose 10 and there were advances Of
IA to AZ in American lin Plate, Peoples
Gas American Steel, Hanlon Bag and Pa
per and National Steel the latter recording
the extreme gain. There was a compare
lively narrow movement in American To-
bacco on the announcement of a 100 per
cent. common stock dividend, the stock re-
tanning l point of the 3@ point advance.
The proposed increase of $25 900 900 in the
capital stock of Continental Tobacco re-
suited in recession of Is in the common
and lie in the preferred. There was a de-
cline of ~ each in Metropolitan and New
10 Airbrake. The railroads averaged
fractional advances, the strongest stocks
in the group being New York Central, Bur-
lmgton, Atchison preferred, Lackawanna
and G. G. G. & St. L., which were lifted
at one time 1@1R. The extreme high prices
in many stocks, particularly the special
ueS were accompanied by lively bull1Sh bid
ding up by pool brokers.
The Influences at work in the stock mar
ket II : week were very diversified, en-
bracina citation at the success of American
arms in the Philippines and uneasiness as
to possible complications over Samoa, but
most attention conferred on the increasing
stringency of money and the strength in
sterling exchange. Money, which not long
ago loaned at per cent. and under reached
IL per cent, the highest figure in a long
period.
The bond market generally exhibited
good tone, with active lines showing the
most strength in the movement.
United States old As registered advanced
" in the bid price
Total sales of stocks today were $40 700
shares, including 26 $40 of Atchison prefer
red; lilo, Burlington; Ill sos, Manhattan;
S6l1O, Reading first preferred; $780, Mis-
souri, Pacific; 1880. New York Central 4,52o,
Rock Island; 1850, st. Paul, 1900, Sugar;
9,190, Tennessee Coal and Iron.
(By Private Wire to Paine, Murphy & Coz