The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-10
PRICES RALLIED
BEFORE CLOSE
All Losses Fully Retrieved and Some
Net Gains Established.
A BuoYANT RISE IN SUGAR
Materially Assisted the Late Recovery
in Observation-Disclosures Was Appa-
rent in the Bond Market as
We'll as in Stocks.
\ BUoYANT RISE IN SUGAR


large liquidation of stocks in the market
to-day, and prices We're at one time from
to 21ls points below last night for a large
number of the active railroad stocks. Be-
fore the close OF the market the losses
We're fully retrieved in many stocks, and
in not q few of those which had been
most acutely affected by the selling small
net gains were established
The late recovery was materially assist
ed by a. buoyant rise in Sugar to q level
554 above last night, and by rather posi-
tive strength in the principal metal
stocks. The appearance thus given was
that of the completion of spasm of
liquidation and the subsequent covering
al belated outstanding short contracts
and a buying of stocks by careful OBJ
servers. who had stood by watching for
the low point of the market to get In
How well this appearance is justified by
the actual conditions can only be demon
Strated by future events. That there was
very powerful and skillful manipulation
In the market all day was clear from many
indications. Evidently the process OF
liquidation vas largely concentrated IN a
few hands. and it was conducted by con-
certed understanding and with a dlhgent
nursing of opportunities.
On any considerable decline the pressure
of the selling promptly relaxed and sup
porting orders were executed, which over
and again checked the decline and drove
the bears to cover their short contracts
The efforts of the bears to cover were
met by aggressive bidding up of prices
in the interest of several OF the most
prominent stocks, but every time when
prices recovered TO near last nights close
the volume of buying orders fell off and
eventually ceased. From the renewed
vantage ground Of the recovery the flood
of liquidation was then renewed.
The volume of dealings on the recov-
cries was palpably much less than that on
the decline. and the aggressive bidding up
OF prices showed that the object was
rather to establish a higher level of prices
than to secure stocks the most ad-
yantageous terms. That a turning point
must ultimately be reached after such
period of liquidation, and a sharp recoE.
cry must ensue, makes the pTclessiolia a
bears very cautious in maintaining oppos
sition to any rising tendency III the
market
rent bearing on the movement of prices
ENGAGEMENTS of gold for export to Paris,
which amounted to a little over S2.Soo.o 600,
proved slightly larger than the prelimi-
nary estimates. The action of the Bank
of England in advancing its paying price
for American ea@ls half penny TO los Al.
carried the intimation that LONDON might gnu
following the example OF Parls ana olIsI
special Inducements to attract goid from
New York But the measure taken IS not
sufficient to accomplish this, according to
the opinions for publication of foreign
exchange experts.
The local money market also showed
slightly hardening tendency, especially Tor
time loans which showed the -0ossiplhty
Of an automatic check to the goiS export
for money here. All of the trunk lines,
the Pacitics, the Atchison. Missouri Pa
rifle and Louisville We're special sufferers
from the liquidation. The tirmness OF the
steel stocks was doubtless due TO the large
liquidation already affected in them ana
the outstanding short interest This con-
tition made them available for n1anlpula-
ton for a rise to help sustain the market
Liquidation was in evidence in the bond
market as well as in the stock market,
and high-grade bonds We're a1I ,s1 ai9l,s
with the SPECULATIVE issues Total sales:
Is and SIS coupon declined x. do. regis
tered refundlng 2s twhen issued, and old
Totday's total stock -sales We're 694,1oO
shares.
MONEY AND ExcHANGE.-Money on
call steady at 2G212 per cent; last loan
at "a per cent; prime mercantile paper,
3laI4iH per cent. Sterling exchange
steady. with actual business in bankers
bills at S4.SSA for demand and at 81 S4as
for sixty days: posted rates, S4.S5a4 S5ta
and 81. S9Gl4S9Ia; commercial bills. $i-Ss..a
.S4I3 Silver certificates, 6oa6oha; bar
MnSican dollars iilL Gov