Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-04-08
FINANCE AND TRADE
Special Dispatch to The Evening star.

Special Dispatch to The Evening star.
NEW YORK, April ss-opening prices this
morning were very Irregular. but in the
main substantially under the best prices of
Thursday. Supporting orders and much OF
the manipulation were Withdrawn and the
market became distinctly heavy In ccnse-
quence. The decline extended to 8 per cent
in the case of Rock Island and per cent
losses were numerous. An uptown specu-
lative faction We're heavy sellers OF the gen.
erai market. and a determined effort ives
made to overthrow the prestige OF the
brokers In charge OF the various deals
The Steel transaction was aimed at In
this way. but without special success.
Standard on brokers were active In turn
ing the market just before noon. but an
hour later saw the selling again dominant
and prices at the lowest point of the day.
The money market has forced itself upon
the attention OF the street at last. and
higher money for the next fortnight seems
to be assured. Call money at the legal
rate is an unwelcome factor at the present
aged, and the inventive machinery of the
professional manipulation fails to produce
active speculative material.
The banks have hitherto encouraged the
advances, but now that the surplus reserve
has dwindled to 100000 1t has become
necessary to insist upon conservatism Big
things are yet contemplated, but the money
market cannot provide for them. For this
reason leading commission houses have
been forced to insist upon larger margins
on a reduction of overloaded accounts.
few weeks ago business was taken on terms
suggested by the customer. but today the
broker is willing to do less business and do
1t upon a business basis.
The country is prosperous. but money Is
becoming scarce. now that the demand out
side of Wall street is growing. A period OF
N f4an
tribute materially to the real strength OF
the market.
The moment that attention was turned to
the course or the money market several
other defects Were disclosed. A rumor
that certain large holders of Burlington
stock had refused to go into the deal on
the bond basis. but had demanded cash,
and the rejection Of such demand. forced
a sharp recession in the price OF that stock.
Erie, Northern Pacific and other Interested
properties declined in sympathy.
The Burlington deal, however. seems GER
tain of success, in spite Of surface indica-
lions.
The threatened strike on Jersey Central
was an unfavorable development, and re-
tarded the advance in all the coal shares
in spite of the confidence in that group.
Peoples Gas. Sugar and the traction
shares were strong at times. but the high
prices brought out considerable long stock
and forced a sharp setback later in the
day.
The forcing out Of a large short interest
In American Smelling was responsible for
a sensational advance in those shares dur
ing the opening hour About one-half OF
the gain was lost almost Immediately UNI
der mixed selling. An attempt to continue
the rise In Amalgamated Copper failed
after time and later in the day the stock
was allowed to go with the market
The market as whole is high enough to
be prohibitive, and new buying should be
of a most conservative character. After
the middle of the month conditions may
change for the better and few belated
but important consultations may be an
nounced.