The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-04-21
SHARP DECLINES RULE
The Stock Market Continues Elk
tremely Unsettled.
Further Decentralization in the steel
InduStrfnIs-A Steadicr Tone in the
Railway List-LOcnI Trnctions De-
veIop Considerable Wenkness-A
Strong Bank Statement Presented.

NEW YORK, April 21.-The Stock Mar
ket continued extremely unsettled today,
chiefly owing to the further Generalization
which appeared in all of the steel indus
trials. Sharp declines were made in those
stocks in the initial dealings and subse-
quently they showed very little disposition
toward recovery. There was nothing any
more definite bearing on their particular
course than this mornings announcement
of the resolution passed by the Board Of
Directors of the American Steel and Wire
Company yesterday. which was taken as
in part confirming Mondays action of the
chairman of the board of directors. The
dealings in this quarter OF the market
were on an immense scale and were mark
ed by an exceedingly feveriSh tone
throughout the day. The covering of short
contracts furnishes about the only source
of buying while the liquidation was inees-
SAINT In the railway list, steadier tone
prevailed, although declines were common
there also.
Missouri Pacific was particularly weak,
and the other so-called Gould stocks were
reactionary also, notably Western Union
The local traction issues opened fairly
steady but subsequently developed weak
ness. Comparatively firm features OF the
market were Canada Southern. Pennsylva-
mia, Lake Erie and Western, and Norfolk
and Western
While hopeful expectations were enter
tanned regarding the showing to be made
by the banks in their weekly statement
today they exercised none Of their usual
influence.
London furnished irregular changes of
prices for American stocks. but consols
were lower and the dealings here for for
eign account were ildecisive. Otherwise
there was little bearing upon the general
market or particular stocks, and the deal
ings reflected chiefly the severe shock 10
speculative sentiment and confidence ed
ministered by the action Of the Steel and
Wire management early in the week. This
was evidently responsible for such actual
liquidation as was noted in the market,
but close observers OF the dealings eonsid-
cred that the aggressive operations sor the
short account which were noted through
out the market were mainly instrumental
IN the declines shown.
The bank statement made an unexpected
strong showing. surplus reserves increas-
ing 1924 coo, which raised the banks ex-
cess cash holdings to $lI. SfS coo. NThe in
crease in actual cash amounted to Sc
0I9, co., but deposits increased $500. 900.
thus reducing the percentage of reserves
me statement was thus Tar out OF l'cn-
nical proof. inasmuch as loans increased
S., 500 .OO0 which, together with the in
crease in cash. should have caused a much
heavier increase in deposits. The gain in
cash was rather in excess of the prslimi-
nary estimates and indicated that the re-
ceipts from interior points were much
heavier than had been estimated The in
crease in loans was fairly in line with the
general expectations. The item OF circula-
tion showed an increase of $3.50. GOO. The
Stock Market rallied rather sharply upon
the publication of the figures. but the deal
h'gs were still marked by an extremely
feyerish tone