The times., 1900-04-28
SHARP RISES IN STOCKS
Early Profits Wiped Out Toward
the Close of the Day,
The Dealings in Immense Volume
With the Business We'll Dis
trIbuted-ForetEn Influence Lends
strength to the Opening-Little
Trading Done by the Outsiders.

NEW YORK. April 27-The stock mar
ket opened strong and active, being IA
vorably Influenced by London's attitude
higher prices being furnished from that
quarter. Buying orders also aggregated
about 25 OO0 shares Of various stocks Pur-
chases for foreign account were also Noted
In the bond market notably in thu Wabash
issues sharp rise taking place in the
debenture bonds on very positive state
ments that a dividend would he declared
Oh these issues IN June.
10 the initial dealings the market seemed
TO derive its cue almost wholly nom the
operations for foreign account There was
again very little outside business, and the
bulk Of the transactions were fur
nished by the operations Of the various
pools operating actively in certain stocks.
There was very little news over night n
any way bearing upon the market Ap-
Ireheusions were expressed before tie
opening that the exceedingly heavy losses
incurred in the ottawa confagrauon would
have some effect on prices, and in this
respect analogies were drawn between the
Ottawa FIRE and those In Boston and Chi
cago. But as a matter Of fact, the 10 5ses
in the Boston confsgration were in excess
of $50 GOO CO., while those in the Chicago
FIRE aggregated over 5000 000, 000.
After the initial dealings recessiors were
general throughout the market There Was
little increase in outside business and the
trading element seemed disposed to real
Ize profits on the sharp advances made in
the initial transactions. The room traders
we're also quite active sellers Of stocks,
proceeding chiefly upon the theory that to-
norroW's bank statement would show a
very small increase, If any at all. in the
banks surplus reserves. In this regard
todays statement Of the traEgactioBs he
tween the banks and the Sub-Treasury
show a gain TO the former Of something
over $1,000 000. There was virtually 10
change in money market conditions today
and sterling exchange was on'y fairly
Eteady after the reaction that folio ei
yesterdays shipment OF gold.
Pennsylvania Railroad was a c0nspicu-
GUS feature Of the market at the opening
Of business and the stock advanced sharp
ly on large transactions. but it subsequent
ly reacted with equal rapidly. Conjec-
lures as to the rate Of dividend TO be de-
clared early next week were again the
main influence in the dealings in the
stock. and while speculative offers to buy
the dividend at an advance from the rate
board room, It was still the majority opin-
ion that no change would be made
The dealings in Sugar Refining were
again in immense volume and the nuctua-
tions IN the stock were exceedingly wide.
Little that was definite came to light to
account for its violent movements. but il
still appeared to be the opinion that some
fhing more than mere market manipulation
eas behind the dealings in the stock. Other
notably strong features OF the railway list
were New York Central, the Atchison
shares, Northern Pacific. ard the Baltimore
snd Ohio issues, but gains made in these
stocks were all materially shaded or lost
after the opening.
The local traction issues were all firm.
with a noteworthy advance in Brooklyn
Rapid Transit. These stocks likewise par
tcipated in the reactiouary movement in
prices with the course Of the day. Aside
from Sugar Refining the largest dealings in
the Industrial quarters were in- American
Tobacco and L. s. Leather. both OF which
were firm. Little was done in the steel
industrisls, and the fluctuations in those
stocks were OF limited proportions. Little
that was new bearing On them came &c
light today, but an interesting report was
current that the flight OF Nr. Gates and his
associates had Rs its motive the not un-
aatural desire Of escaping the service OF GER
tain papers in q suit bearing upon recent
Developments in Steel and Wire stock For
the most part. the dealings showed little
improvement from those OF the earlier part
Of the week, being largely professional and
marked by al unusual amount Of manlpu-
lstion.