The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-25

NEW YORK April 24-There was e.
sharp reversal OF tone in The London mar
let for Americans today, and early cables
showed contrast with the local closing
OF yesterday. averaging fully one half
point Upon the opening Of business here
foreign houses bought quite heavily. ana
while they subsequently parted with =
portion OF their purchases, they were still
buyers on balance TO the extent OF some
IS 600 shares o. stock
1t was chiefly owing to this circum-
stance that the local market opened
strong. The trading was not particularly
active and it was again largely for pro-
fessional account. The covering Of short
contracts. which was the feature VI the
dealings during the last hour yesterday
was continued this morning and together
with the foreign buying. resulted in ad-
vances which IN some instances extended
TO one point Before the noon hour. how
ever. most Of these gains were oblitprdted
and in some quarters the market declined
sharply
The anthracite coal shares were notably
weak, particularly the Reading issues, the
declines in that quarter being on rumors
that the labor situation in the anthracite
coal fields was assuming a critical phase
These rumors were not substantiated by
the actual advices from the localities in
question. but they were at least effective
I'm the manner noted. The weakness in
these stocks extended 10 Pennsylvania,
which at the opening o. business had been
particularly strong, and also TO the Bal
timore and Ohio issues, which broke
sharply.
Other smart declines which were. how
ever without particular explanation. were
noted in United States Rubber preferred
and the tobacco stocks. The railroad list
was strong al the opening. but recessions
were common with the course OF the day.
The strongest features in the initial deal
ings were the granger shares and Norfolk
aud Western.
Among the specialties there were rather
sharp advances in Peoples Gas Brooklyn
Rapid Transit, ana Manhattan, but he
gains In these instances also were shaded
or lost In the subsequent dealings. The in
dustrial quarter showed great irreRularity
but both Federal Steel preferred and
American Steel and Wire preferred We're
notably strong. The common stocks of The
same concerns were rather heavy. Little
that was actually new bearing upon either
trade conditions or the particular affairs
of these concerns came 10 light today. But
the street heard with qualification Of
report emanatine from CHICAGO that The
present chairman Of the board OF directors
Of the American Steel and Wire Company
was TO be succeeded in his office two
weeks hence by a director who has long
been identified with the practical side OF
wire manufacturing rather than as IN or
eauizer Of unlimited poker games and Of
speculative raids upon the stock Of the
cOmpsEy over which be is supposed 20 pre-
side
Sterling exchange advanced further to-
day, ANA except foE the absence OF any fast
vessels sailing before the end o. the week.
there might have been some gold engaged
70: export The probabilities in this last
respect played their par; in the reaction
az the market after the opening dealings
and indeed. they furnished about the Only 4
tangible motive in the bear campaign /
Money market conditions were not essen
TALLY altered. and only a few interesting 1
statements Of railway traffic were sub I
mitted