The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-20

NEW YORK, April 19.-Today's stock
market was scarcely less irregular in is
tendency than II was yesterday, although
in the main a frmer underlying tone was
apparent. There was a further contrae-
tion in activity and rather poor distri-
button Of business. The actual develop
ments Of the day comprised little more
than the publication of a number of adj
ditional statements Of railway traffic for
the second week Of the month, practically
all of which showed handsome gains, and
an unrufied money market.
AS regards the latter there was evident
an increasing willingness on the part of
lenders TO put out their funds freely at all
periods prior to the elections at and an
der per cent. Indeed. at no time since
the relaxation in money set in have the
offerings been so free as in the past two
days. Bankers have apparently reached
the conclusion that even should there tie
elimination of the present excess Treas
ury payments under the refunding act, the
Administration viii devise other means for
preventing the development of any undue
contraction.
Sterling exchange continued firm, but
dealers were not disposed to alter their
opinions d
more or less remote contingency. As bear
ing upon the latter, it may he noted that
no change was made in the minimum dis
count rate of the Bank OF England, which
was left at per cent, and the open money
market conditions at that point were like
wise unaltered.
American stocks were shown in the early
cable advices this morning fractionally
lower than the local closing level, but on
ha1,
chasers here to the extent of about Is goo
shares of stock For the rest, the dealings
followed the general lines of the week
There was little general commission bust
ness, except On the part of the houses with
highly professional clientele, and aside
from their operations, the bulk of the bust
ness was furnished by the manipulation Of
the various pools active in the market and
further through the extensive dealings in
the Baltimore and Ohio stocks which ad-
vaneed both issues materially, and which,
rightly or wrongly, were assumed to indi-
cate that the company was 10 be brought
into closer relations with the Pennsylvania
than has heretofore been suspected
Aside from the Baltimore and Ohio shares
the movements in the railway list were ex-
tremely limited, and both Pennsylvania and
New York Central were rather heavy.
Neither did the local traction group fur
nish its ordinary quota of interest in the
way of extensive fluctuations in the days
dealings.
The movements in the Industrial quarter
were again wide, and were as regular as
those elsewhere in the market. American
Steel and Wire and Federal Steel were
again the features in respect of activity,
and during the greater part of the day
they were very firm. Notwithstanding the
severe break in Steel and Wire in the final
dealings yesterday, the stock opened at its
closing level and subsequently advanced
sharply, as did Federal Steel.
The traders were disposed to find an an
alogy between the present position of
American Steel and Wire and that of
Sugar Refining, as it was after Mr.. Have |
meyers pessimistic interview of a few |
weeks ago. Serious observers of condi- !
lions in the iron and steel trades, while |
admitting that there has been some re- |
action from recently established artificial |
levels. expressed the opinion that trade |
conditions were rather more healthful on |
that account and that at all events, it is |
evident that even at the recessions there |
is an ample margin of profit in the trade |
at present prices. There was, however, |
little difference of opinion as TO the ways |
and means employed by the Steel and Wire |
management TO bring the attention of the |
public to the peculiar difficulties which |
they allege they have been experiencing.
The market developed pronounced |
strength with the course of the day, not
ably for Federal Steel and Steel and Wire |
which advanced very rapidly. Elsewhere |
in the market the short interest seemed |
TO take fright, and it was chiefly on their |
purchases that the more pronounced ad |
vances were scored. The trading was still |
marked By some feverishness. as was to |
be expected after the events OF the week, |
but the trading in general had a more con-
fdent tone than it has shown since Mon |
day morning. Nothing that was partic- |
ularly new developed in the course Of the |
day TO account for the more general
strength shown. but the absence Of fur
Their liquidation, particularly in the steel
stocks, appeared TO induce the heavy buy
ing for short account.