The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-04
DEALINGS WERE
PROFESSIONAL
The Public Still Holds AIoof From the
Stock Exchange.
SLIGHT GAINS WERE THE RULE
his Was Due Mainly To the Fact That
Losses Were the Rule the Day
Before-Bondsa Little More
Active Than Stocks.
SLIGHT GAINS WERE THE RULE

NEW YORK, May 3.-The general pub
lie continue TO hold aloof from any share
IN business on the Stock Exchange, and
ihe movement OF prices reflects only the
eI~ratlons OF the small room traders.
these professional operators. Tor the most
part. close W their contracts before the
day has expired, thus rectifying, to a
large extent, the price movement which
has resulted from the original contract
other operators OF this class are in the
habit OF carrying their contracts over one
day. The result OF these operations,
which are known in Stock exchange par
lance as trading jack-knives,' is "a see
saw market, prices moving one way on
one day and the contrary on the next
day as the sales or purchases of the one
day are covered by the contrary opera
lions the next.
All sorts oil rumors, and even vague
surmises, are the Whole, reliance in such
a market 10 affect the movement Of
principally because losses We're the rule
yesterday. Stocks which from special
causes showed strength yesterday showed
weakness to-day. Sugar moved mostly
below yesterdays level, and was the
leader of the market The steel stocks
We're inclined TO harden alter yesterdays
by reports OF the reopening OF some OF the
Steel and Wire CompanyS mills. The
coalers We're raided by the bears on the
resolution of the anthracite operators to
support the proposed new coal road.
The statements of weekly earnings by
ST. Paul and Hooking Valley. and the
L
threatened trouble with lahorers encour-
aged the traders TO take the bull side.
The failure of predicted action to-day on
The dividend OF the Missouri directors
caused sharp break from the early
strength in that stock. The local trac-
tierls recovered from yesterdays weak
ness. The extreme movements in either
direction were not maintained, and the
closing Was dull and irregular lat small
net changes after the market had sunk
near TO stagnation many times during the
The money market continued very easy,
although the prospect is Tor d weak bank
return on Saturday. The gold exports
viii be taken from the reserve showing OF
the banks. and ,.le gain for these lnstltu-
tons from the Sub-Treasury has sunk 10
unirnportant proportions. l9-day 5 s. Ia. &.
by the Suh-Treasury at the expense Oh
If1e banks of 1881. 600. but this was due
10 the deposit by the banks W ,ia dno eA \,
r,arfedgol d to-day OF the s. 100000 IN
payment of the gold bars Which We're
taken from the Assay ofice, SO thar me
gold export figures include the loss OIL me
banks shown In this Item
The movement of currency TO New York
from the interior continues inns VIII
nar;iv Offset the export of gold, but as
inc gold sent abroad goes as roam 70
foreign borrowers the loan item OF the
banks Will show a corresponding increase
and will expand the reserve requirements
Ti,er. was more doing, comparatively.
in bonds than in stock, and prices We're
weak Total sales, par value: Si,'-o.Vov ~
United States refunding IS, when issued |;
old and new As and IS advanced 4 IN the
' Tos1 day total stock sales were soa.l 400
shares
MONEY AND EXCHANGING on
cali easy at 11aGia5s per cent; last loan a
IL ,er cent: prime mercantile paper, 3@'
Az per cent Sterling exchange nrnlef
With actual business in bankers bills at
8. SsIs for. demand and at S4-S4ia Tor sixty
DAYS: posted rates, SisS:155 S',l4 and 81 $40
4s9I; commercial bills. 81. Sss4I4 sil.
Silver certificates. CONSCIOUS; par silve.;
1,nnds strong: State bonds inactive; rail-
road bonds weak.