The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-12
BEARS RULE THE MARKET
Extensive Liquidation on Ex remely
Unsettled Conditions.
A Further Advance in sterling Ey-
chaRRc-The steel shares slump
ern HALLWAY Stocks-Rnid on Rapid
Transit Prevented by IL Bull Pool.

NEW YORK. April 1.-THE stock mar
ket today was extremely unsettled. Lon
don's market for Americans opened barely
steady, and, although that centre proba-
bly, bought on balance the closing vas
fiat at a decline. 1t WIS apparent at the
opening here that the liquidation noted
yesterday was continuing, although in les
sened volume. Evidences of manipulation
were noticeable throughout the entire ses-
sion, and there were numerous reports 10
the effect that the bear forces had gained
powerful recruit in a prominent figure
in the iron and steel world.
There was further advance in ster-
ling exchange in sympathy with the
higher discounts in London and remit
tances this week on account of American
subscriptions to the British war loan.
Call money rates were easy and unchanged.
Led by Steel and Wire and the steel
stocks. almost the entire list sustained
declines in the morning trading. The two
point decline in Steel and Wire was not
checked until there was disposition eX-
hihited by bear traders 10 cover short con-
tracts. There was no news bearing on the
stock other than a story that bear pool
had been organized to depress this par
ticular per cent addition TO the indus
trial list. That it could be sold so easily
to so indicates the esteem in which il is
held by the speculative public.
Local commission houses were sellers of
Union Pacific. Atchison preferred. and
Northern Pacific. London houses bought
moderately at the decline, taking Union
Pacific and Northern Pacific common. At
aa1 nd
cifc was bought in very liberal supply
and reacted points. but later sharply
recovered. About the only important rail-
road statement received was that of Mis-
souri, Pacific which for the last week in
March showed an increase Of $780, 900 over
the corresponding week Of last year.
One of the few strong stocks was Brook
Ign Rapid Transit, in which raid by
traders was successfully contested by
those who have recently organized bull
pool in this speciality. At rs the support
ing orders were effective in checking the
decline and a 1-2 per cent rally fol-
lowed. Third Avenue again advanced, and
on light buying II was marked up points.
Mr.. Vreeland's statements regarding this
property were favorably interpreted, while
the moderate short interest which re-
manned after the recent squeeze was star
tied into renewed covering. rather bull
ish feeling prevailed in Sugar, based on an
improvement in the trade which is ex- |
pected TO lead to an advance in the re-
fined article that will help reduce the |
losses refiners are now entering on their |
books. The members of the street pool |
which have been working in this stock |
were not however, as aggressive as they |
have been recently.
The tobacco shares were heavy, CONT |
mental declining on so-called inside selling |
and expectations of an unfavorable fnan- |
cial statement due today. In the early |
afternoon traders for the decline took |
profits. and buying Of this character was |
in the main responsible for general rally. |
At the advance the market became dull |
and commission house business was light
er than it has been for some time. The
closing was irregular. with some of the
railroad shares showing considerable
strength.