The times., 1901-04-13
THE MARKET AGGRESSIVE
Losses of the Day Before More
Than Regained.

Ensiness i'm Money One of the ReiieV-
ing Conditions of the Day-A Fa-
yorabIe Bank statement Expected
Advances i'm So-caIIed SpeciaIties
NEW YORK. April 12.-One day of con-
tinuous reaction seems to be the virtual
limit in the current stock market At all
events without a single important de
velopment and with no changes whatever
in outside conditions, this morning stock
market. after an irregular opening, de
veloped aggressive strength and by mid
dav had recovered the bulk Of yesterdays 5
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 ard somewhat close did
not appear TO have an appreciate IN
nuenco 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 persistenty 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 tomorrow's bank
statement was naturally active and the
preliminary estimates indicated more
favorable statement than has appeared IN
those of the last two weeks. Seemingly.
.7,l-e q
amount of actual cash with the course of
the week. and should the loan account
show a decrease approXimating that ap-
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 $435, coo 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
cablcd adNices some unc3SlneSS seemed
TO exist there as 10 the immediate de-
VelOpmCnlS in the New York money mar
kt. 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-called Spe-
cialtiCs where sharp advances appeared
in Consolidated Gas General Electric, and
ANA gamated Copper. The advance IN
(Tor1=sttff7arT1 7ar a
the rumorS recently current. and these
were quite definite today, that readjust-
ment of The capitalization Of the company
would soon be undertaken AcCorI-ng 10
these reports. the holder of each hundred
shares Of stock viii receive $1,000 in new
8 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 COMPANY s annual report
published this morning. Nothing new at
tended the rise I'm the Copper stocks.
Other strong features among the special
ties were Peoples Gas, Tennessee Coal
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
arra ngement, but both stocks scored fur
ther material rises The granger group
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 Pacific and Union Pacific.
The anthracite coal stocks were likewise
firm, with . 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 al any time this week.