The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-12
STOCKS AND BONDs.

New York April 1.-THE reactionarv
tendency which developed In the stock
market yesterday continued manifest dur
ing the early hours to-day. when the SELL
ing was active and widely distributed and
seemed quito urgent in some stocks.
About midway of the session, however.
the pressure to sell was somewhat relaxed
and friends of various stocks took them
in hand and bid them up. The advance
in these stocks was not met by any great
burden of offerings, and prices generally
tended toward recovery The rally in
prices failed to bring in any notable de-
mand for stocks and the market became
rather heavy again and closed in that
CONDITION. Dealings were very largely in
professional hands, and the efforts of the
bears to force down prices and dislodge
stop loss orders, met with considerable
success in some quarters. The character
of the buying at the decline indicated that
commission houses have orders to buy ut
varying levels below the market.
The level OF the market fell below the
London parity. and srbitrage brokers
bought stocks to cover Sales a the higher
level in London This buying was es-
pecially large in Union Pacific. when that
stock got below 81 and was material
aid to It's late rally of over 2 points, with
sympathetic effect on the Pacifcs, and
In less degree on the whole market. Bal
timore and Ohio preferred and Louisville
and Nashville showed aggressive strength,
and Missouri Pacific rallied from the
mornings sharp decline. Otherwise che
railroad list was rather quiet and slug
gish.
The most violent movements, as usual
were among the industrials and special
ties. The fact that third Avenue stock
sull commanded a premium for use in the
stock loan department. last night, showed
that The short interest had not been en-
tirely eliminated by yesterdays violent
rise An active speculation resulted in
the stock, and II was forced up at one time
points, then collapsed II points, and raj
lied again points. The net gain was
2 points Sugar was somewhat cratic ar
a higher level on the good conditions in
the trade and reiterated rumors OF a trade
war settlement. American Steel and Wire
was subjected to further severe pressure
with sympathetic effect ON the metal
group generally. The resisting power de-
voloped by Federal Steel. and IT'S rise 20
l1iA above yesterdays prices, had a re-
viving influence on the group. There was
no news to account for the movement in
these stocks.
The upward progress OF sterling ex-
change and possibility OF gold exports was
used by the bears with effect. The ship
ment Of $4,000 In gold to Buenos Ayres
which was announced to-day, was regard
payment on account by New York Of
Londons obligations TO Argentina. The
money market had continued easy under
the influence OF large gains by the banks
from the sub-treasury.
The bond market was moderately ac-
tive and prices were inclined to yield
Total sales, par value, 81 $4,000.
United States new 3s coupon. declined
a. and the old Is advanced u in the BID
price.
Total sales stocks to-day were SIC, 400
shares. including: Aichison preferred.
lG.155; Baltimore and Ohio, 1926: Rock Is
land, 500; Louisville and Nashville, 10
72O; Manhattan. 1Ol75; Metropolitan. 6375;
Missouri Pacific. 81 ,97s; Northern Pacific
% POO; Pennsylvania. 17157. Reading first
preferred, 1880; Southern Pacific. 1850.
Union Pacific, 1886. American steel and
Wire G5.ls2; American Tobacco, 1000;
Brooklyn Rapid Transit lG7S5; Continen-
tal Tobacco. $3.50: s''gar a. 9i5; Peoples
Gas, 1892 -~