The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-04-25
SUGAR SHORTS IN FURRY
PERIODICAL PUNISHMENT OF
THAT AIETEORIC SECURITY
SOME LARGE OPERATIONS
Room Traders Turned to the Bear
Side and Worked for "a Re
acknowledging In Steel
Industrlals Large,
Close. Day.
Bar silver, New York. ........595s 6s%
Call money, New York........... 21a 2Q2A

(dll money NOW 4Ork. A12 ZlYA1R
NEW YORK, April 24-There were in
dications of some large operations on the
stock exchange today, and the market
seemed to be under manipulation for the
purpose of facilitating them. Yesterdays
late show of strength found q response In
the London market this morning, and
prices of Americans were well advanced
before the opening hour. London bought
quite freely in this market after trading
commenced. But it quickly became man
ifest that yesterdays rally in prices had
been. largely due to the demand from the
short interest. After the opening squirt,
buying. quickly fell of and prices fell
back, while the market became very dull.
which was a prominent factor in .yester-
days rally, came to q stop again, and
that stock fell back,
The room traders turned to the bear
side and worked for a reaction. The
vigorous attack on Baltimore & Ohio and
Reading first preferred caused. declines
Of Ss, and S19, respectively. and broke
decline very large buying began for both
accounts. all offers being absorbed, APP
parentiy with no desire to advance prices.
A very characteristic movement in
Sugar indicated a periodical punishment
to the shorts in the stock After a pre-
liminary drive, which carried the prdcs
to 1048s, 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. Peo-
pies Gas at the same time rallied 2. and
the whole list was more or less affected
Feverishness in Sugar and one or two
relapseS elsewhere gave q slightly irreg-
ular tone, but the closing was generally
firm and at small net changes in the
majority of stocks.
Dealing in the steel industrials con-
tinued large, but the price movements
were unconstitutional 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 ex-
change rate after an early advance be-
came somewhat unsteady Some of the
recent demand for exchange is report
ed to have been for investment, and bills
bought for this account would come on
the market at or near. the. gold export
point. But the general opinion is that
gold will shortly go out. as discount rates
continue to harden in London, and money
money rates are lower here and higher in
London than in June last. when $40, 0G0,-
600 OF gold went out in payment of the
Spanish war claim. Demand sterling at
pared with $4S81a this morning. The
Bank OF England was then bidding ~
higher for American 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 Interior
The present supply to the market from
the subtreasury on account of payments
of bond premiums cannot continue indef-,
initely. Should it be interrupted while
gold, exports are making inroads upon
the surplus of the hanks the effect on.
money rates would necessarily be prompt
~ shown
The bond market generally was rather
weak. Total sales. par value 81, 1896, coo.
United States ref. Is W. l., the IS and old
As declined Il in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H. T. Smith &.
Co., members of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.