The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-13
PAGES 9 TO 10.


which exist in a number of stocks adopt
ed aggressive tactics for an advance, taxi
ing advantage of the Discrimination of the
bears to extend their commitments on the
eve of the holiday. After the demand
from the shorts had been satisfied, the
pool manipulat tors began 10 find them
selves alone In bidding for stocks, with a
steadily augmenting burden of realizing
sales as prices reached the higher level.
The process of bidding up prices was
therefore. discontinued, and the market
lapsed into comparative dullness and slug
gishness. The SIndustrials moved quite
independently of the general market. and
none of them occupied a very conspicuous
place in the trading. The most notable
movement of the day was that in Mis-
souri, Pacific which on buying alleged for
manipulating purposes, was carried up
nearly points and closed at the top
This was a sympathetic effect on the
other members of the Southwestern
group Union Pacific was very heavily
absorbed and was carried up to co. the
other trans-continental lines, including
the Atchisons responding I'm sympathy.
The Baltimore and Ohio stocks and the
Norfolk and Western stocks rose con-
spicuously, the former on very large deal
ings and with well sustained strength
The Changers were comparatively quiet.
With the exception of the Baltimore and
Ohio and Missouri Pacific gains were not
well maintained. and the closing was de-
cidetly unsteady ana DclOW the best. Inc
1ndustrialS as rule were heavy. Peoples
Gas. Federal Steel, the steel and Wire
stocks and other stocks OF the steel
group showing acute weakness az differ
ent times. Third Avenue showed the ef-
feet of disappointment over the terms of
the lease to Metropolitan. General Elec-
trio was an exception and enjoys a net
gain of SA. In spite of easing of tho
London money rates, continuous buying
OF stocks for London account and the
unprecedented balance in this country's
favor, as disclosed by the March trade
statement, sterling exchange moved up an
additional fraction to-day. and all Of tho
usual authorities are az fault to explain
the movement. A favorable bank state
ment Is considered assured, owing to the
large gains from the sub treasury; but
eased local money market will facilitate
gold exports There was moderate activ-
ty and strength in the bond market. To-
tai sales, par value. 1920 900 United
States 3s registered declined Is in the bid
price.
Prices of stocks have moved downward
during the week. with the exception of
few stocks affected by special conditions
of strength, or which were under ma
nipulation to sustain the general list for
purposes of realizing. There has been
some recovery pending the three days
adjournment of the exchange over Good
Friday, due i'm part 10 the demand from
the bears to cover their short contracts.
| The market has been almost entirely in
the hands of professional operators dur
| ing the four days on which business was
| done, and price movements are not an
| index of public sentiment regarding the
business outlook That Is to say, stocks
have been sold, not because unfavorable
prospects have developed in business. but
| because the considerable advance In prices
| offered attractive profits 90 earlier buy
| ers, and the question arose whether the
rise had not fairly discounted the pros
| porous conditions The character Of some
| selling revealed a conviction on the part
| of those with good means of information
of the desirability of realizing.
The admission of Pennsylvania officials
that advantage has been taken of the ex-
listing high level Of prices to market some
| of the stock In the companys treasury
was accepted a clear iutimation that
the price of the stock had gone as high
as was warranted. When speculative OPP
orators in other stocks sought to take their
profits they discovered that the semi-in-
vestment demand, based on the dividend
return offered by stocks, had largely ceas-
ed at the high level attained by some.
The professional bear traders are always
on the alert for such a condition of az
fairs and they have been prompt to take
advantage of II this week by selling
stocks short and taking the market away
from those seeking to realize As condi-
lions of business continue favorable 1t Is
fair TO assume tndI the decline IN Prices
will be arrested before the late advance
has been entirely wiped out Already bear
traders find offerings decreasing in vol
ume on a decline and commission houses
make bids for stocks at a level below the
market The presence of an aggressive
bear element in the market and the reac-
tonary tendency shown has prompted
those seeking TO secure stocks to with
draw their buying orders In the hope of
getting In at a lower level of prices. The
movement of prices I'm some cases indi-
Gates that the bear aggression Is TO af-
ford opportunity for securing stocks at
lower prices in greater volume than Is
necessary for 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. Speculative
opinion hesitates and waits for further
developments to point the way for fur
ther movement. Uncertainty is felt re-
garding 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 ex-
change towards the gold export point has
disturbed sentiment. as fears are enter
tanned that an outward movement Of gold
would stiffen money rates here. As a
matter of fact, a small shipment of gold
was made to Buenos Ayres on Tuesday
which was for Londons benefit and which
in effect represented control by London
OF the International exchange. This
movement of sterling exchange has de-
tracted from the effect of the much pa
raded London buying of American securi-
ties. Much mystery surrounds this move
ment In New York 1t Is attributed to
foreigners who carry their holdings with
money borrowed In New York. In London
ID is attributed 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. 1t is report
ed. on the other hand that the high
priced American railroad stocks have been
coming home In large volume.
Business in bonds has been on a dimin-
ishing scale but prices have been better
sustained than IN stocks.
United States new Is declined T. the 3s,
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