The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-12
S100 lar
OS ed ne.
RalIySin Prices Failed 10 Create De-
rl1and for Stocks.
DEALINGS ARE PROFESSIONAL.
Efforts OF The Bears to Force Down
Prices Met with, Considerable Sue.
cess In Some Quartcrs-Bond
Market Moderately Active.

NEW YORK. April 1.-THE reaction
any tendency which developed in the
stock market yesterday continued mani
fest during the early hours to-day, when
the selling was active and widely dis
tributnd and seemed quite urgent in some
stocks. About midway of the session,
however. the pressure to SILL was some
what relaxed. and friends of various
stocks took them in hand and bid them
up, The advance in these stocks was not
met by any great burden of offerings.
and prices generally tended toward re-
corcry. The railyin prices failed TO
bring IN any notable demand for stocks.
and the market became rather heavy
again and closed in that condition.
Dealings were Very largely in profess
sonal hands, and thetefforts of the bears
TO force down prices and dislodge stop,
loss orders met with considerable sue
cess In some quarters. The character OF
the buying at the decline indicated that
commissioner houses have orders to. buy -. a |
varying levels below, the market The
level of the market fell below the LONDON
parity. and arbitrage brokers bought
stocks to cover sales at the; higher ievei
In London. This buying was especially
large in Union Pacific when that stock
got below 81, and was a material aid TO
its late rally of over . points. with sym
pathetic effect on the Pacifics, and in
less degree on the whole market. Balu-.
more and Ohio preferred and Louisville
and Nashville showed aggressive strength
and Missouri Pacific rallied from the
mornings sharp decline. Otherwise the
railroad list was rather quiet and slug
Eish.
The most violent movements. as usual.
We're among the induStrials and special
ties. The fact that ThirG-Avenue stock
still commanded q premium for use In the
stock loan department last night showed
that the short interest had not been en-
tirely eliminated by yesterdays violent
rise. An active speculation resulted in
the stock, and II was forced up at one
time 8 points. then collapsed IL points.
and rallied again points. The net gain
was 9 points. Sugar was somewhat en-
ratio at higher level on the good condi-.
tons in the trace and reiterated rumors
of a trade war settlement. American
Steel and Wire was subjected to further
severe pressure, with sympathetic effect
on the net group generally. The resist
ing power developed by Federal Steel,
and its rise to 111a above yesterdays
prices. had a reviving influence on the
group
There was no news to account for the
movements In these stocks The upward
movement of sterling exchange and pos
sibility of gold exports was used by the
600 in gold to Buenos Ayres. which was
announced to-day. was regarded as a
triangular operation. bein. in fact, a pay
nent on account by New York of Lon
don's obligations to Argentina The
money market here continued easy under
the influence Of large gains by the banks
from the Sub-Treasury.
The bond market was moderately ac-
tive. and prices We're inclined to yield:
Total sales, par value, 81, $4,000. United
States new As coupon declined J. and old
As advanced Is in the bid price.
Total sales of stocks today We're &C.
400 shares. including Atchiscn preferred,
16155: Baltimore and Ohio. 7,265: Rock
Island, $500; Louisville and Nashville
1880; Manhattan, 1915; Missouri Pa Pa
cific, 1880; Northern Pacific. 1920;
Pennsylvania, 17.l5T; Reading. first pre-
ferred, $500; Southern PACIFIC: 1850;
Wire, 65.1S2: American Tobacco 26.04o;
Brooklyn Rapid Transit, 46,7S5; CONT
mental Tobacco. 1920, Sugar. 1926;
Peoples Gas. 1892.
MONEY AND EXCHANGE.-Mone on
call steady at 3la per cent; last loan at
5}la per cent: prime mercantile paper,
4llgj per cent. Sterling exchange strong
with actual business in bankers bills at
s.. S11s for demand and at 81. $685. for sixty
days; posted rates, S4.S41a and SASSY;
commercial bills. S4.S2G4 S33a. Silver GER
tificates. G01a96115; bar silver, 591s; Next
can dollars. 4Iaa Government bonds
irregular; State bonds strong; railroad
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