The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-21
STOCK MARKET
WAS UNSET lied
Iron and Steel are Still the Disturbing
influences.
THE UNDERGONE WAS FIRM.
Iron and Steel are Still the Disturbing
Early Period of Weakness Gave Way
to Slow aud Irregular Upward
Movement. Doubtless Due TO De
mand from Shorts To Cover.

NEW YORK, April 2o.-The stock mar
ket continued unsettled and hesitating
To-day under the influence of the uncer-
,alntF surrounding the Iron and steel
ISSUES. The undertone was distinctly
nrm, and the carly period of weakness
gave way to a slow and irregular upward
movement. doubtless due in large part
TO the demand from the shorts to cover.
ne rates for loans on stocks this morn
ing on the floor indicated that the short
interest WAS quite large.
The comparative quiet of the iron and
steel stocks and positive strength at a
number of points prompted the covering
pf shorts and encouraged what slight
puyinG for general account there was.
Eager attention was fixed upon American
Steel and Wire all day, IN view of the
session of the company's Executive Com
mlttee. The movement of the stock was
ieVerfsh. the common and preferred Of
Ten moving in contrary directions, as
though to cause a feeling of uncertainty
pver developments in the company. Aside
from this confusing manipula ton dealing
In the stock was apparently largely in
the hands of the room traders who cir
rulated many rumorS. concerning the
Executive Committee meeting. The COM
mittee's action was kept secret until after
the close of the market With this dis
turbing factr kept in the background,
humber of favorable Influences were al
lowed to have play. The coalers were
MI notably strong on favorable trade re-
ports, the bituminous coal, as we'll as
the anthracite coalers. sharing in the
movement. The local traction stocks and
Sugar moved upward in q. decidedly
Irregular manner. and Texas and Pacific.
canada Southern. New. York Central and
pennsylvania We're also points of
strength. The good crop weather was a
sustaining inuence with the grain-carry-
Ing roads. Runlors still circulated of new
railroad combinations and of prospects of
have no definite authority, and in many
cases meet with contradiction. The
banks seem assured Of an increase in
cash Tomorrow. having gained nearly
100000 on Sub-Treasury operations
and over half a million dollars on the
express movement with the interior.
There is rather more mystery than usual
surrounding the item of loans. The
liquidation in the stock market indicates
Joan contraction. but the declining scale
of interest rates has prompted the banks
to place as large loans as possible. The
process of loaning on sterling collateral,
whish has proceede during the week, Will
undoubtedly be reflected in the state
Inent. it has been in the sterling mar
ket during the week. Actual sterling
rates advanced &c. and posted rates &c
to-day, and are near the gold export
point, though the experts are engaged In
their usual wrangle as to Just what figure
represents the point. Call money loaned
as low as . per cent. to-day.
The bond market was less active to-
day, and prices We're fairly well held.
Total sales, S1,a3o0Oo. United States rs
coupon declined "a and the SIS Is in the
bid price.
The total sales of stocks to-day were
1863 800 shares.
MONEY AND ENCHANGE.-Money on
call easy at 2d3 per cent: last loan a :
per cent; prime mercantile paper. 4AMo
per cent Sterling exchange strong, with
actual business in bankers bills at S3-Ss
for demand and at 50 4i4 for sixty days;
posted rates, S4.Sii4d4.S5 and Si.Ss1aa4ss So;
commercial bills, Si.S3Aa4S4. Silver GER
tificates 6Ol.@61i2; bar silver. 591a; Mex
lean dollars, 4TM. Government bonds
weak; State bonds inactive; railroad
bonds firm.
BANK CLEARINGS.-The total bank
clearings at the principal cities of the
United States for the week, S1,725, S61.536,
a decrease of l2.5 per cent; outside of
New York, SG14.67G,T4S. a decrease OF IL
per cent.