The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-28
THESTRENGIH
WAS DISSIP ATED
Demand for Stocks at the Higher
Level Was Insignificant.
EFFORTS TO STEM THE. TIDE
Were rernitlcss and bidding Up Sew
erai Different Stocks Did Not
Stop the Rcaction-Bonds
We're Firm.
EFFORTS TO STEM THE TIDE

NEW YORK, April 27.-Yesterdays
show of strength IN stocks was dissipated
IN the course of to-daysS trading on the
exchange, The market opened quite gen
orally higher. and an attempt was made
10 continue the upward rush in Pennsyi-
wanna and BALTIMORE and Ohio.
1t was very soon, however, that the
general demands for the stocks was quite
insignificant at the higher level OF prices.
Yesterdays level OF prices having so far
diminished The short interest that the
demand from: that source was no longer
an effective support. In Sugar especially,
yesterdays urgent demand from the
shorts was relaxed. The price was run up
after the opening to 1855. but the realiz-
ing sales from buyers on the recent adj
vance overpowered the price of the stock.
1t got back once again above last night s
close, and then fell an extreme SIS. with
= feverisn and uncertain rally
There was the same absence OF anthem
Tic news concerning the stock as on the
advance, and its movement was due en-
urely TO technical causes. The same was
true OF the general market. The reac-
ton was due To the general recognition
that yesterdays sharp advance was due
10 demand from an oyereXtended short
interest. Some effort was made to com
bat the reaction by bidding up different
stocks. There was a show Of strength at
different periods in the Tobacco stocks,
the Leather stocks, Brooklyn Transit and
New York Central but these nanoeuyTes
proved Unayailing to hold the market
The opening strength was due IN no
small part to the buying for London &C
count, which amounted to 5000 or 30
600 shares. The railroad earnings report
ed for the day We're on the side of reac-
ton. St. PauFS net earnings Tor March
tell off by reason Of the high level OF ope-
rating expenses. The statement OF the
Reading Company and New Jersey Cen
trail for the same period were distinctly
weak. Following the Ontario and West
ern statement Of yesterday, the reaction
airy tendency. in the anthracite group is
sufficiently explained.
The probability OF a favorable bank
statement tomorrow failed to help the
market. The gains in cash from interior
sources are expected to show an increase
of nearly S2,0Oo000 over last week s gain
from the same source. but, on the other
hand the gains from the Sub-TreaSury by
The banks have fallen off almost as much
from last week. On yesterdays opera
tons the banks lost to the Sub-Treasury
some S;'3S 900, and that institutions debit
balance at the clearinghouse to-day was
again below 100000. The decline in the
Government bond rounding operations
has evidently brought to an end the pro-
cess of disbursement to the money mar
ket by the Sub-Treasury. The week S
gain by the banks in cash is. however
near S5o0o.o60. thus promising an increase
in the surplus, even though the loan eX-
pansion has been quite liberal.
No gold was engaged for export to-day,
which was according to expectations.
Whether there will be q further move
Inent next week is still an open question.
Railroad bonds held firm to-day. but the
volume of business was rather light. To-
tai sales. par value, S2,4S5,000. United
States new As advanced y in the bid
price.
The total sales of stocks to-day were
t44,2oo shares.
MONEY AND CONGRATULATIONS on
call steady at 2a2la per cent; last loan
al .1H per cent; prime mercantile paper.
100 per tSterling exchange firm with
actual business in bankers bills at s.. SS3s
for 40 Il and s,f
posted rates, S4.S5a4-S5la and Ss.S9a4. S9i5;
commercial bills, S4.S3S4 al. SiA. Silver
certificates, 591616o; bar silver. s9a. Mex
lean dollars, 4I24. Government bonds,
state bonds ana railroad bonds strong
BANK CLEARINGs.-Total bank clear
ings at principal cities of the United
States for the week ending April 18th
We're 81, 732. 446, sos, q decrease of Is per
cent; outside of New York city. $641,-
935, 6Is, an increase of 5.3 per cent.