The Saint Paul globe., 1900-04-28


NEW YORK. April q. :. Yesterdays
show of strength In stocks was dissipat4
ed in the course ofctoday's trading on
the exchange. svThe market. opened quite
generally higher, and an attempt was
made to continue the upward rush In
Pennsylvania and Baltimore & Ohio 1t
was very soon ound;~however, that the
general demand for stocks was quite in
significant at the higher level of prices.
Yesterdays s operations had so far tffnafnZ
tshed the short interest that the demand
from that source was no longer an ef-
| feetive support. In Sugar especiallY Iyes-
terday'S urgent demand from the shorts
was decidedly relaxed. The price was
run up after the opening to 1195h. but
! the realizing sales from buyers on the
| recent advance oYerpowered the stock.
1t got back again above last nights close
and then fell an extreme 65s, with a
feverish and uncertain rally. There was
| the same absence of authentic news con-
corning the stock as on the advance, and
its movement was due entirely to tech
| nical causes. The same was true of the
general market The reaction was due to
| the general recognition that yesterday s
sharp advance was due to a demand from
an over-eXtended short interest
Some, effort was made to combat the
reaction by bidding UP different stocks
There was a show Of strength at differ
| ent periods in the Tobacco stocks, the
Leather stocks, Brooklyn Transit and
New York Central but these maneuvers
| proved unavailing to hold the market.
The opening strength was due in no
small part to the buying for London ac-
count, which amounted to $4,000 or 5000
/ shares. The railroad earnings reported
for the day were on the side of reaction.
st, Paups net earnings for March fell off
by reason Of the high level Of operating
expenses. The statement of the Reading
company and New Jersey Central for
the same period were distinctly weak,
Following the Ontario & Western state
Inent Of yesterday the reactionary tend
encY III the anthracite group is sufficient
ly explained.
The probability of favorable bank
statement tomorrow failed to help the
| market. The gains in cash from interior
sources are expected to%shoW an increase
of nearly 81, 000, 900 over last weeks gain
from the same source, but, on the other
hand, the gains from the subtreasury by
the banks have fallen off almost as much
from last week. On yesterdays opera
ton the banks lost sto- the subtreasury
some $33S, Geo, and that institution's debit
balance at the clearing house today was
again below $780, ,eOO. tThe decline in the
| government bond refunaing operations
has evidently about brought to an end
the process OF disbursement to- the
money market by subtreasury. The
weeks gain 6by the banks In cash, how
ever, was near IS, ,0o0. Geo, thus promising an
increase in the surplus, even though the
loaf expansion -has Uheen quite liberal.
No gold was engaged forztexport today,
which was according TO expectations.
Whether there will cbe. aafurther move
ment next week isl stilic ian open aues-
ton. o:yA<-ra " hqfaz,N
Railroad bonds held firm Today, but the
volume. Of sbdsfness E1agtsra ather9 light.
Total sales, par value, 81, $4,000 United
States new As sadfanced " in the bid
price. = ts.E s
STOCK QUOTATIONS.
furnished by Charles. II. F.. Smith &
Co., members of. the New. York Stock ex-
change, PioneeryPTes building. VINO nave
direct wires to Chicago and New York
Closing prices are bid: A.l.i-.-..-z