The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-19
THE MARKET IRREGULAR
The Fluctuating Tendency Appar,
emily Without Cause.
The Effects of the Steel and Wire
Incident still Evident - Aiarmist
Views of the MnGnates Consid-
cred Unreasonable - London In
Iucncc Aids the Railway List.

NEW YORK April 1S.-The main char
acteristic of todays stock market was its
extreme irregularity of movement. periods
ofapparent strength and weakness succeed
ing each other throughout the day with
little or nothing in the way Of definite
news to account for either tendency. The
effects upon speculative sentiment of yes
terday's incident in Steel and Wire were
still manifest, particularly on the part of
the commission houses whose customers
were either already committed therein, or
who evidenced disposition to take some
interest in the steel industrials.
While commission houses generally were
disposed to advise their clients TO let this
quarter of the market severely alone it
was nevertheless the case and perhaps a
logical development that all those stocks
we're decidedly firm. This was no more
than was TO be expected after the rank
and file Of outside traders in these stocks
had probably been abruptly shaken out Of
their holdings. AS regarded the actual
conditions prevailing in the steel trade
and the prospects relating TO the same,
there was the same conflict of testimony
as has been apparent for a number of
weeks back.
BY far the majority of opinion appeared
TO be that there was little warrant for the
alarmist views expressed by the manage
ment of the Steel and Wire company,
but at all events 1t is plain that their
utterances have had the effect of thorough
ly chilling general sentiment in regard to
both the future of the trade and of the
securities directly concerned. Still, as
already noted, they were strong features
H. alA =,
Tennessee Coal and Iron and affiliated
securities.
Americans in the English market were
firm. and London bought about $4,000
shares of stock here. Chiefly on this ac-
count the general market opened very firm,
although as noted, a remarkable degree of
irregularity subsequently developed which
continued through the day. The railway
list was in the main, however, fairly
steady, with pronounced strength showing
In the Atchison and Northern Pacific is
sues. in which the foreign buying was the
heaviest. Missouri Pacific, Texas Pacific,
and the other Southwestern issues also
advanced, probably in connection with
some of the current rumors in relation to
the amalgamation of those lines.
The granger shares were fairly firm, a
reflection of the well maintained gains in
earnings as evidenced in the st. Paul
statement To-Day, ana there was revival
OF activity in the issues of the Mexican
railways, probably for the same general
reasons. The pronounced weakness that
appeared in all the local traction issues
was not definitely accounted for except,
perhaps by the IDEA that prolonged litiga-
tion will be necessary in order to obtain
revision of the assessments to be levied
Oh these properties under the franchise
taxing act
There was very little in the actual news
today with any direct bearing on the mar
ket, or which would, at least. explain the
rapid and cratic fluctuations in prices.
Along with the ST. Paul statement there
were a number OF other highly encourag-
ing returns for the second week of the
month. The money market was extremely
easy. In connection with this il may be
noted that today figures of the transactions
between the banks and the local Sub
Treasury showed a gain to the former since
lest Friday of over $4,500,000. Sterling
exchange conditions were not essentially
altered by the days dealings.
There was general complaint in regard
to the poor distribution of business and,
indeed, purely professional operations and
the dealings q. the various pools active in
the market appeared to make up by far
the larger part of the days total transac-
tons