The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-13

CialSeS IN this city VIII be closed To-
morrow and Saturday with the exception
OF The Produce. which closes tomorrow
only.
NEW YORK, April 1o.-The Stock Ex-
change adjourned to-day until next Mon
day. and the London Exchange until next
tuesday. This fact prompted the closing
up OF speculative. contracts to-day. Pro-
iessiond traders We're f.rerse to Keeping
open contracts for so long a period 4 t
any time, and at this time especially they
have in mind the varying possibilities OF
INC war In South Africa, the war in the
sugar trade, the showing to be made by
the weekly bank statement on Saturday
a:,1 the possibility OF gold exports by
1atGr1ay's steamer.
AS realizing has been going on to q
large extent this week most of the ul-
covered contracts were on the short side,
and the demand to cover was an lmpor-
taflt factor in railying prices. In addi-
ton the pools which exist in a number
OF stocks adopted aggressive tactics Tor
an advance, taking advantage of the dis.
commitments on the eve of the holidays.
After the demand from the shorts had
been satisfied the pool manpulators be-
gan TO ind themselves alone IN BIDDING
Tor stocks. with steadily-augmentints
burden OF realizing sales as prices reached
the higher level.
therefore, discontinued, and the market
lapsed into comparative dullness and
slugSfshness. The indust,ials moved
quite independently of The general mar
ket, and none of them occupied u very
conspicuous place in the trading:
The most notable movement of the day
was that in Missouri Pacific, which, on
buying alleged TO be for nanpulativc
purposes, was carried UP nearly 4 points.
and closed ar the top This had SYM
natheuc effect on the other members OF
the southwestern group. Union Pacific
was Very heavily absorbed, and was car
ried up to GO. the other transcon,incntal
iyl,,1, III. lyisv q tfh
in sympathy. The Baltimore and Ohio
stocks and the Norfolk and Western
stocks rose conspicuously, the former on
very large dealings and with well-suS-
tanned strength. The Srangers were com
paratively quiet
With the exception of the Baltimore
and Ohio and Missouri Pacific, gains We're
not Well maintained. and the closing was
decidedly unsettled and below the best.
Peoples Gas Federal Steel, the Steel and
Wire stocks, and other stocks Of the
steel group, showing acute weakness at
different times. Third-Avenue showed the
effect of disappointment over the terms
of the lease to Metropolitan. General
Electric was an exception, and enjoyed
net gain of 81
In spite of an easing of the London
money rate, continuous buying OF stocks
for London account. and the unprece-
disclosed by the March foreign trade
statement, sterling exchange moved up
an additional fraction to-day, ana all OF
The usual authorities are dL 4dui " IA
plain the movement. A favorable bank
statement is considered assured, owing
to the large gains from the Sub-Treas-
ury, but ease in the local money market
There was moderate activity and
strength in the bond market. Total sales.
par value 5000, 600 United States .
registered declined Is in the bid price.
Prices of stocks have moved downward
during the week. with the exception. OF a
few stocks affected by special conditions
of et r.an which under m9nlD-
ulation to sustain the general list for pur-
poses OF realizing. There has been some
ment of the exchange over Good Friday.
due, in part &c the demand from the
bears TO cover their short contracts:
The market has been almost entirely
in the hands of professional operators
during the four days on which business
was done, and price movements are not
business outlook. That is to say, stocks
nave been sold, not because unfaEorable
prospects have developed in business, but
because the considerable increase IN
prices offered attractive profits to carrier
buyers, and the question arose whether
the rise had not fairly discounted the
some of the selling revealed a conviction
on the part of those with good inforIna-
ton of the desirallllty of realizing.
The admission of Pennsylvania officials
that advantage had been taken of the
existing high level of prices to market
some OF the stock in the company,s
treasury was accepted as q. clear intima-
ton that the price OF the stock had gone
as high as was warranted. When specu-
lative operators in other stocks sought
to take their profits they discovered that
the Seni-inNestlnent demand, based on
the dividend return offered by stocks had
largely ceased at the high level attained
by some. The professional bear traders
are always on the alert for such con-
dition of affairs, and they have been
prompt to take advantase OF II ms week
market away from those seeking to
realize.
orable, il is fair to assume that the de-
cline in prices VIII be arrested before the
late advance has been entirely wiped out.
Already bear waders lind offerings de-
creaSing in volume on a decline, and COM
.nission-houses make bids for stocks at
level below the market. The presence
OF an aggressive bear element in the
1narllt, and the reactionary tendency
shown. has prompted those seeking to
secure stocks 10 Withdraw their buying
orders in the hope of getting in at a lower
level of prices The movement Of prices
in some cases indicates that the bear
aggression is to afford opportunity for
securing stocks at lower prices in greater
volume than is necessary Tor the mere
covering OF short contracts.
While these symptoms indicate that the
limits OF the reaction are not far off,
there is nothing to indicate whether a
general advance will be renewed. Specu-s
Iative opinion evidently hesitates and
waits for further Developments to point
uncertainty is felt regarding the future
of the money market. There has been
some calling of loans and consequent
shifting. which, of necessity causes some.
disturbances in the stock market. The
continued rise in sterling exchange to-
wards the gold export point has disturbed
sentiment as fears are entertained that
an outward movement of gold would
s;iffen money rates here AS u matter of
fact a small shipment OF gold was made
10 Buenos Ayres on Tuesday. which was
for 1,ondon's benefit. and which i'll effect
represented control by London of The
international exchange. This movement
in sterling exchange has detracted from
the effect of the Inuch-paraded London
buying OF American securities. Much
mystery surrounds tllis movement In
New York it is attributed to foreigners
who carry their holdings with money
borrowed in New York 1t is attributed
by London to Americans who borrow
money in London to carry their holdings.
Only very light shipments of securities
from New York to London can be traced
through The usual channels. II is re-
ported, on the other hand. that the high
priced American railway stocks have
been coming home in large volume.
Business IN bonds has been on Il dimin-
ishing scale. bat prices haze been better
sustained than in stocks. United States
new As declined y. the 81 coupon u and
do. registered Is per cent in the bid price
sJ.,