The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-13
THE MARKET AGGRESSIVE
Losses of the Day Before More
Than Regained.
Ensiness i'm Money One of the Rcliev-
ing Conditions of the Dny-A Fn-
yornbIe Bank statement Expected
Advances in So-caiIed Speciaities

yorabIe Bank Statement Expected
Advances in so-caIIed Specialties
NEW YORK April Zone day of con-
tinuous reaction seems to be the virtual
limit in the current stock market. At all
events without single important de-
velopment and with no changes whatever
I'm outside conditions. this morning s stock
market, after an irregular opening, de-
veloped aggressive strength and by mid
day had recovered the bulk Of yesterdays
material losses.
A large number of important stocks sold
well above yesterdays highest prices. AS
has been the case throughout the week.
interest centred largely on money market
conditions, but the fact that these con-
tinued active and somewhat close did
not appear to have an appreciate IN
fuence on the dealings.
The money market situation was relieV-
ed somewhat by the exceedingly active
borrowing demand for stocks in the loan
market, the process reducing the require
ments Of commission houses accordingly.
Reports were persistently current also
that the Secretary of the Treasury had
bought a large block of bonds under the
sinking fund provisions, and. was pre-
pared to make additional purchases, but
confirmation of the reports was wanting.
Conjecture regarding tomorrows BANK
statement was naturally active, and the
preliminary estimates indicated a more
favorable statement than has appeared in
those of the last two weeks. Seemingly,
the banks have lost comparatively small
amount of actual cash with the course of
the week, and should the loan account
show decrease approXimating that APP
pearing in last weeks statement, the
banks ought to be able to hold their own
in respect of surplus reserves.
Other features OF the days news were
the large number of traffic returns sub
mitted most of which were excellent
showings, and the statement of domestic
exports for March, issued by the Bureau
of Statistics at Washington. From the
statement it appeared that the total was
only S435, 600 in excess of March last year,
the large increase in breadstuffs and pro-
visions being nearly counterbalanced by
the reduced value of cotton exports, by
reason of the lower prices obtaining for
that staple.
The London market for American stocks
showed small declines in contrast with
the local closing figures, and according to
cabled adVices some uneaSiness seemed
10 exist there as 70 the immediate de-
VelopmCnts in the New York money mar
KIT The dealings here for foreign ac-
count were not. however, on an influential
scale.
The most striking features in the initial
dealings were among the so-calied spe-
calties. where sharp advances appeared
in Consolidated Gas, General Electric, and
Amalgamated Copper. The advance in
Consolidated Gas was again attended by
the rumors recently current, and these
were quite definite today, that a readJust-
ment of the capitalization of the company
would soon be undertaken. ACCORDING to
these reports, the holder of each hundred
shares of stock Will receive $1,000 in new
per cent bonds, IL addition to 100 shares
of new common and 100 shares Of new
preferred stock.
The advance in General Electric might
readily be referred to the striking figures
appearing in the companys annual report
published this morning. Nothing new at
tended the rise in the Copper stocks.
Other strong features among the special
and Iron, and International Power. The
United States Steel stocks continued firm
on large transactions.
Nothing definite was learned in regard
to the Burlington and Northern Pacific
arrangement. but both stocks scored fur
generally was strong. notably for Rock
Island and the Chicago and Northwestern
issues Other material advances in the
railway list were in Atchison common,
Missouri Pacific, Texas and Pacific,
Southern Pacli!c and Union Pacific
The anthracite coal stocks were likewise
firm, with q particularly sharp advance
appearing in Delaware and Hudson. while
the Reading and Erie issues advanced on
very large dealings.
No special news attended the advance
in any stocks except the cases cited, and
the day was. indeed, less replete with
stock exchange rumors than has been the
case at any time this week.