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

NEW YORK. Arril l9.-To1ay's stock
market was scarcely less irregular Do rs
tendency than IL was yesterday although
in the main a hrmer underlying tone was
aunsreut. There was q further contra ,-
lion in activity and a rather poor disti-
huticn OF business. The actual develop
meuts of the day comprised little more
than the publication Of a number Of ad-
ditional statements Of railway traffic Tor
the second week Of the month, practically
all of which showed handsome gains, anu
an unrufiod money market.
As regards the latter there was evident
an Increasing willingness on the part Of
lenders to put out their funds freely at al
periods prior to the elections at and an
der per cent Indeed. at no time since
the relaxation in money set in have Tie
offerings been so free as in the past TWO
DAYS Bankers have apparently iea ahea
the conclusion that even should there re
a elimination Of the present excess Treas
airy pavmeuts under the reluudlns act the
Administration viii devise other means Tor
preventing the development OF any un1ue
contraction.
Sterling exchange continued firm. but
dealers were not disposed to alter their
opinions that exports OF gold were st.ll d
more or less remote contingency As bear
ing upon the latter, il may be noted tnst
no change was made in the minimum dls-
count rate Of the Bank OF England, which
was left at per cent. and the open money
market conditions al that point were Ike
wise unsltered.
American stocks were shown in the early
cable advices this morning fractiOnally
lower than the local closing level, but on
balance foreign arbitrage houses were pur-
chasers here to the extent Of about l3,UyO
shares Of stock For the rest, the dealings
followed the general lines Of the week
There was little general commission busi-
ness. except On the part Of the houses with
a highly professional clientele, ana 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 20 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 eN-
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 il was after Mr.. Have
meyers pessimistic interview Of a few
weeks ago. Serious observers Of condl-
tions 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, ii 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 70 brlng the alleAlloh OF me
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-
vanccs we're scored. The trading was still
marked By some feverishness, as was 10
be expected after the events OF the week
but the trading in general had more con-
fdent tone than il has shown since Mon
day morning Nothing that was partic-
ularly new developed in the course Of the
dav 10 account for the more genera
strength shown, but the absence OF fur
Their liquidation. particularly in the stee
stocks. appeared to induce the heavy buy
ing for short account