Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-25
Commercial bills $4.S4@4.84k.
Silver certificates 59A @60kc.
Bar silver $3.50.
Mexican dollars 47Ac.
Government bonds weak.
Cfofa bonds ;~oo@iN

UNNAs
State bonds inactive.
Railroad bonds weak.
NEW YORK, April 24.-There were
indications of some large operations
on the stock exchange to-day and the
market seemed to be under manipula-
ton for the purpose of facilitating
them. Yesterdays late show of
strength found a response in the Lon
don market this morning and prices
OF Americans were well advanced be-
fore the opening here. But it quickly
became manifest that yesterdays rally
in prices had been largely due to the
demand from the short interest. After
the opening squirt buying quickly fell
off and prices fell back while the mar
ket became very dull. The pool ope-
rations in Missouri Pacific which were
a prominent factor in yesterdays rally,
came to a stop again and that stock
fell back. The room traders turned
to the bear side and worked for a re-
action. The vigorous attack on B. &
o. and Reading first preferred caused
declines of 3h and 3h respectively
and broke the whole list quite sharply.
But at the decline very large buying
developed again for both accounts, all
offerings being freely absorbed appar-
emily with no desire to advance prices.
A very characteristic movement in
Sugar, indicated a periodical punish
ment to the shorts in the stock. After
a preliminary drive which carried the
price to 104a. the stock suddenly shot
up in the last hour to 110A. The
scramble of the shorts to cover helped
on the rise and enormous blocks
changed hands. Peoples Gas at the
same time rallied 2 points and the
whole list was more or less affected.
Feve.ishness in sugar and n or two
elapsec elsewhere gave a slightly ir-
regular tone, but the closing was gen.
orally firm and at small net changes
in the majorities of stocks. Dealings
in the steel industrials continued
large, but the price movements were
unsensational and the net changes
small. The short interest continued
to cover in the group on a large scale.
The bears made much of the prospects
of gold exports, although the sterling
exchange rate after an early advance
became somewhat unsteady. Some Of
the recent demands for exchange is
reported to have been for investments
and bills bought for this account
would come on the market at or near
the gold export point. But the gen.
eral opinion is that gold will shortly
go out, as discount rates continue to
harden in London and money rates to
decline in New York. Although the
money rates are lower here and higher
in London than in June last when
$40, 600, 900 of gold went out in pay
ment of the Spanish war claim. De-
mand sterling at that time did not rise
above 1854 compared with 4S81a this
month. The Bank of England vas then
bidding ~ cents higher for Ameri-
can eagles and was allowing interest
in gold in transit, which 1t seems not
disposed to do now Notwithstanding
the prevailing ease of money rates
here, the surplus reserves of New
York banks are lower than usual at
this period of the year and the use of
money continues active in the inter-
ior. The present supply to the mar
ket in the sub-treasury on accOun of
payments of bond premiums cannot
continue indefinitely. Should it be in
terrupted while gold exports are max
ing inroads upon the surplus of the
banks the effort on money rates would
necessarily be promptly shown. West
ern New York and Pennsylvania gen.
eral 3-4s rose AZ and then reacted 2.
The bond market generally VA rath-
er weak. Total sales par value f1,39os-
900.
D. s. refunding 2s wien inusds ~