The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-28
SHARP RISES IN STOCKS
Early Profits Wiped Out Toward
the Close of the Day.
The Dealings in Immense Volume,
With the Business Well Dis
tributed-Foreign Influence Lends
strength to the Opening-Littie
Trading Done by the Outsiders.

NEW YORK, April 27.-The stock mar
ket opened strong and active, being IA
yorably Influenced by London's attitude.
higher prices being furnished from that
quarter Buying orders also aggregated
about %, 600 shares Of various stocks Pur-
chases for foreign account were also noted
In the bond market, notably in the Wabash
issues, a sharp rise taking place in the
debenture bonds on very positive state
ments that a dividend would tie declared
on these issues in June.
In the initial dealings the market seemed
to derive its cue almost wholly fTom the
operations for foreign account There was
again very little outside business, and the
bulk of the transactions were fur
nished by the operations of the various
pools operating actively in certain stocks.
There was very little news over night N
any way bearing upon the market APP
rrehenslons were expressed before tie
opening that the exceedingly heavy losses
incurred in the Ottawa confiagTation would
have some effect on prices, and in this
respect analogies were drawn between the
Ottawa fire and those in Boston and Chi
cago. But. as matter Of fact, the losses
of $50. 000, 600, while those In the Chicago
fire aggregated over 5000. 000,0 600.
After the initial dealings recessiors were
general throughout the market. There was
little increase in outside business and the
trading element seemed disposed TO real
lie profits on the sharp advances made in
the initial transactions. The room traders
were also quite active sellers of stocks,
proceeding chiefly upon the theory that to-
hnu a
very small increase, if any at all, in the
banks surplus reserves. In this regard
todays statement of the Jurisdictions be-
tween the banks and the Sub Treasury
show gain to the former of something
over 81 zoo, 600. There was virtually 10
change in money market conditions today
and sterling exchange was on'y fairly
steady after the reaction that folloSed
yesterdays shipment of gold.
Pennsylvania Railroad was a conspicu-
Gus feature OF the market at the opening
of business and the stock advanced sharp
ly on large transactions. but it subsequent
" reacted with equal rapidly. Conjec-
lures as to the rate of dividend to be de-
clared early next week were again the
main influence IN the dealings in the
stock. and while speculative offers TO buy
the dividend at an advance from the rate
declared last November were made In the
ion that no change would be made.
The dealings in Sugar Refining were
again in immense volume and the fuctua-
lions in the stock were exceedingly wide.
Little that was definite came to light TO
account for its violent movements. but it
still appeared to be the opinion that some
thing more than mere market manipulation
eas behind the dealings In the stock. Other
notably strong features of the railway list
were New York Central, the Atchison
shares, Northern Pacific, ard the Baltimore
and Ohio issues, but gains made in these
stocks were all materially shaded or lost
after the opening.
The local traction issues were all firm,
with a noteworthy advance in Brooklyn
Rapid Transit These stocks likewise par
tioipated in the reactiOnary movement in
prices with the course of the day. Aside
from Sugar Refining. the largest dealings in
the Industrial quarters were in American
Tobacco and U. S. Leather, both OF which
were firm. Little was done in the steel
industrials and the fluctuations in those
stocks were of limited proportions. Little
that was new bearing on them came to
light today but an interesting report was
current that the flight of Mr.. Gates and his
associates had as its motive the not IN
Natural desire Of escaping the service of GER
tain papers in a suit bearing upon recent
Developments in Steel and Wire stock. For
the most part the dealings showed little
improvement from those Of the earlier part
of the week, beiIg largely professional and
marked by an unusual amount of manipu-
lation.