Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-04-25
REVIEW OF MARKETS
FINANCIAL and COMMERCIAL
Stocks, Money. Exchange. Bonds, Grain,
Cotton, Provisions. Etc.

New York, April 24.-There were indi-
cations of some large operations on the
stock exchange to-day and the market
seemed to be under manipulation for
the purpose of facilitating them. Yes
terday'S late show of strength found
q response in the London market this
morning and prices of Americans were
we'll advanced before the opening here.
London bought quite freely in this
market after trading commenced. But
1t quickly became manifest that yester-
days rally In prices had been largely
due to the demand from the short in
terest. After the opening squirt buying
quickly fell off and prices fell back
while the market became very dull.
The pool operations In Missouri Pacific
which were prominent factor in yes
terday's rally, came to a stop again and
that stock fell back. The room traders
turned to the bear side and worked for
a reaction. The vigorous attack on Bal
timore and Ohio and Reading first pre-
ferred caused declines of 3B@3h res
pectively and broke the whole list quite
Sharply. But at the decline very large
buying again developed for both ac-
counts, all offerings being freely alb
sorbed apparently with 10 desire to
advance prices. A very characteristic
movement in Sugar indicated perio-
dical punishment to the shorts in the
stock. After n preliminary drive which
carried the price to 1043s 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. Peoples Gas at
the same time rallied two points and
the whole list was more or less affected.
Feverishness In Sugar and one or two
relapses elsewhere gave Il slightly ire
guar tone but the closing was generally
firm and at small net changes in the
m a nrtf clA
1ndustrials continued large but the
price movements were unconstitutional
and the net changes small. The short
interest continued to cover in the group
on large scale. The bears made much
of the prospects of gold exports al
though the sterling exchange rate,
after an early advance, became some
what unsteady. Some of the recent de-
mands for exchange Is reported to have
been for investment and bills bought
Tor this account would come on the
market Mt or near the gold export
point. But the general opinion is that
gold VIII 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 S20,000.000 of gold went out in
payment of the Spanish war claim. De-
mand sterling at that time did not rise
ABOVE 4.SSM compared with 4.SSk this
morning. The Bank OF England was
then bidding 1h cents higher for Amer
lean eagles and was allowing interest
In gold In transit which. it seems not
disposed to do now. Notwithstanding
the prevailing ease of money rates here,
the surplus reserves of the New York
banks are lower than usual at this pc
Rod of the year and the use of money
continues active in the interior. The
present supply to the market from the
sub treasury on account of payments
of bond premiums cannot continue in
definitely. Should 1t be interrupted
while gold exports are making inroads
upon the surplus of the banks the effect
on money rates would necessarily be
promptly shown.
Western New York and Pennsylvania
general KS rose 4es and then reacted
two. The bond market was generally
rather weak. Total sales par value ST.
800, 900
u. s. refundng 2's when issued, the
S's and old As declined u in the bid
price.
Total sales of stock were 5ss,4oo
shares.
New York. April 24.-Standard Oil
54o@545.