The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-25
MARKET OPENED
WITH AN ADV ANCE
But Prices Quickly Fell Away and.
Market Became Dull.
LONDON BOUGHT QUITE FREELY
Mondays Rally in Prices Was Largely
Due to Demand of Shorts and After :
the Opening Squirt OF Buying
Prices Quickly Declined.
LONDON BOUGHT QUITE FREELY

NEW YORK, April 2i.-There were In
dications of some large operations on Liie
Stock Exchange to-day, and the market
seemed 10 be under manipulation Tor the
purpose of facilitating them. 1estef-i
days late show of strength found re-
sponse IN the London market this morn
advanced before the opening here.
London bought quite freely IN TINS
market after trading commenced. but II
quickly became manifest that yeste1roay
rally in prices had been largely due to
the demand from the short interests.
After the opening squirt buying quickly
fell off, and prices fell back while the
market become very dull. The pool ope-
rations in Missouri Pacific, which were
a prominent factor in yesterdays rally,
came to a stop again, and that STOCK
Tell back. The room traders turned 70
the bear side and worked for a Teaction
The vigorous attack on Baltimore ana
Ohio and Reading first preferred caused
declines of 3$s and 81. respectively, ana
at the decline very large buying again
developed for both accounts, all offerings
being freely absorbed, apparently with no
desire TO advance prices.
a Very characteristic movement IN SUI
gar indicated periodical punishrnent 10
the shorts in the stock. After a preiiInl-
nary drive, which carried the price 70
Je4A, the stock suddenly shot up in the
last hour to 1i0A. The scramble OF the
shorts to cover helped on the rise, and
enormous blocks changed hands. geo
PIE Inc SAINT tlIilt IGIi4tu bSIIl1t-,
ana the whole list was more or less al
fected.
Feverishness in Sugar and one or two
relapses elsewhere gave slightly lrreg
ular tone, but the closing was generally
firm and at small net changes In the
majority OF stocks. Dealings IN the steel
industrials continued large, but the price
movements were unconstitutional and the
net changes small. The short interest
continued to cover in the group on a
large scale. The bears made much OF the
prospects, Of gold exports. although TIE
sterling exchange rate, after an early
advance became somewhat unsteady.
Some of the recent demands for eX-
change is reported to have been for IN
vestnlent, and bills bought for this ac-
count would com on the market at or
near the gold-eXport point But the gen
eral opinion is that gold will shortly go
as discount rates continue TO harden IN
London, and money rates to decline IN
New York
Already money rates are lower here
and higher in London than in June last,
when $4,000, 600 of gold when out IN pay
Inent of the Spanish war claim. Demand
sterling at that time did not rise above
81 SSg14, compared with S4.SSla this morn
ing. The Bank OF England was then bid
ding 113c. higher for American eagles. and
was allowing interest in gold IN transit,
which, it seems not disposed 10 do now
Notwithstanding the prevailing ease Oh
money rates, the surplus reserves OF the
New York banks are lower than usual al
this period of the year, and the use OF
money continues active in the interior.
The present supply TO the market from
the Sub-Treasury on account OF pay
ments OF bond premiums cannot continue
indefinitely Should it be Interrupted
while gold exports are making inroads
upon the surplus of the banks, the effect
on money rates would necessarily be
promptly shown. Western New York and
pennsylvania general Il, rose As, and
then reacted >
The bond market was generally rather
weak Total sales, par value, S2,.;puOG-
United States refunding rs, when issued,
the 3s and old As declined Il in the BID
The total sales of stock to-day were
$50, 100 shares.
MONEY AND EXCHANGE-lIoney on
cali steady at a62Js per cent; last loan
at 2i4 per cent: prime mercantile paper,
id5 per cent. Sterling exchange easier,