The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-25
LONDON'S HEAVY Buying
Foreign Influence Gives Strength
TO the Market.
Cable AdNiccs Cause an Early Ad-
Were Wiped Out Before the Close
of the Observation-Disclosures Coal
Shares and the Railroad List Weak

NEW YORK, April 2l.-There was 4
sharp reversal of tone in the London mar
ket for Americans today, and early cables
showed n contrast with the local closing
OF yesterday, averaging fully one half
point. Upon the opening of business here
foreign houses bought quite heavily, and
while they subsequently parted with a
portion OF their purchases, they were still
buyers on balance to the extent of some
Is coo shares Of stock.
1t was chiefly owing to this circum-
stance that the local market opened
strong. The trading was not particularly
active, and it was again largely for pro-
fessional account. The covering of short
contracts, which was the feature Of the
dealings during the last hour yesterday
was continued this morning. and together
with the foreign buying, resulted in adj
vances which in some instances extended
10 enc point. Before the noon hour, how
ever, most OF these gains were obliterated,
and in some quarters the market declined
sharply.
The anthracite coal shares were notably
weak, particularly the Reading issues. the
declines in that quarter being on rumors
that the labor situation in the anthracite
coal fields was assuming a critical phase.
These runors were not substantiated by
the actual advices from the localities in
question. but they were at least effective
in the manner noted. The weakness in
these stocks extended TO Pennsylvania
which at the opening OF business had been
particularly strong, and also to the Bal
timore and Ohio issues, which broke
sharply.
Other smart declines. which were. how
ever, withou, particular explanation, were
noted in United States Rubber preferred
and the tobacco stocks. The railroad list
was strong at the opening, but recessions
were common with the course OF the day.
The strongest features in the initial deal
ings were the granger shares and Norfolk
and Western.
Among the specialties there were rather
sharp advances in Peoples Gas, Brooklyn
Rapid Transit, and Manhattan. but he
gains in these instances also were shaded
or lost in the subsequent dealings. The in
dustrial quarter showed great irregularity.
but both Federal Steel preferred and
American Steel and Wire preferred were
notably strong. The common stocks of the
same concerns were rather heavy. Little
that was actually new bearing upon either
trade conditions or the particular affairs
Of these concerns came TO light today. But
report emanating from Chicago, that the
present chairman of the board of directors
Of the American Steel and Wire Company
was TO be succeeded in his office two
weeks hence by director who has long
been identified with the practical side OF
wire manufacturing rather than as an or
ganizer OF unlimited poker games and of
speculative raids upon the stock of the
company over which he is supposed TO pre-
side
Sterling exchange advanced further to-
day, and except for the absence OF any fast
vessels sailing before the end OF the week.
there might have been some gold engaged
fOc export The probabilities in this last
respect played their part in the reaction
of the market after the opening dealings
and, indeed. they furnished about the Only
tangible motive in the bear campaign
Money market conditions were not essen
TALLY altered. and only few interesting
statements OF railway traffic were sub
mitted