The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-25
STOCKS AND BoNDs.

New York. April A-There was indica-
ton of some large operations on the
Stock Exchange to-day and the market
seemed to be under manipula ton for the
facilitating Of them. Yesterdays late show
of strength found q response in the Lon
don market this morning and prices Of
Americans were well advanced before the
opening here.
London bought quite freely in this mar
ket, after trading commenced. But Il
quickly became manifest that yesterdays
rally in prices had been largely due to
the demand from the short interest AZ
ter the opening squirt buying became very
dull. The pool options in Missouri Pa
cifo, which were a prominent feature in
yesterdays rally came TO stop again
and that stock fell back. The room trad
ers turned to the bear side and worked
for a reaction. The vigorous attack on
Baltimore and Ohio and Reading first pre-
ferred caused declines OF 3A and S1s. re-
spectively, and broke the whole list quite
sharply But az tho decline very large
buying developed again for both accounts,
all offerings being freely absorbed appar-
emily with no desire to advance prices.
A very characteristic movement In Sugar
Indicated a periodical punishment 10 the
shorts in the stock. After a preliminary
drive. which carried the price to lO4ss.
the stock suddenly shot up in the last
hour to 110A. The scramble OF the shorts
10 cover helped on the rise and enormous
blocks changed hands.
Peoples Gas at the Same time rallied 2
points and the whole list was more or
less affected. FeYerishness in Sugar and
one or two relapses elsewhere gave a
slightly irregular tone, but the closing
was generally firm and at small net
changes in che majority OF stocks. Deal
ings in the steel industrials continued
large, but the price movements were UNI
sensational 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 ex-
ports, although the sterling exchange
rate. after an early advance, became
somewhat unsteady. Some Of the recent
demands for exchange is reported 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 rates to
decline in New York,
Already money rates are lower here and
higher in London than in June last, when
so, 900, 900 Of gold went out in payment Of
the Spanish war claim. Demand sterling
at that time did not rise above &.SSA,
compared with 1851 this morning The
Bank OF England was then bidding 1hc
lowing interest on gold in transit, which
ia seems not disposed TO do now. Not
wihstandlng the prevailing ease Of money
rates here, the surplus reserves Of New
York banks are lower than usual al
this period of the year and the use Of
money continues active in the interior.
The present supply 10 the market from
the sub-treasury on account Of payments
of bond premiums cannot continue In
definitely. Should II be interrupted while
gold exports are making inroads. upon
the surplus of the banks the effect on
money rates would necessarily be prompt
ly shown Western New York and
Pennsylvania general GAS rose * ana then
reacted 2.
Tho bond market generally was rather
weak Total sales, par value, $4,000
United states rounding Is, when issued,
The 81 and old As declined 4 IN the bid
price
Totni snlea stocks. CSC. 100 shares. inciud-
ing Atchkon, 1850, Atchison preferred,