The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-04-21
STOCKS AND BONDS.

New York, April 20-The stock market
continued unsettled and hesitatng today
under the influence of the uncertainty
surrounding the Iron and Steel issues.
The undertone was distinctly firm, and
the early period of weakness gave way
to slow irregular upward movement.
doubtless due in large part to the de-
mand from the shorts to cover. The rates
for loans on stocks this morning on the
floor indicated that the short interest
was quite large. The comparative quiet
of the Iron and Steel stocks and positive
strength at number of points prompted
the covering of shorts and encouraged
what Slight buying 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 exc
cutive committee. The movement of the
stock was feveriSh, the common and pre-,
ferred often moving in contrary direc-
tons as though to cause a feeling of
uncertainty over developments in the
company. Aside from this confusing ma
nipulation dealing in the stock was APP
parently. largely in the hands Of the room
traders who circulated many rumorS con-
corning the executive committee meet
ing The committees action was kept
secret until after the close of the mar
ket.
With this disturbing factor kept in the
background a number of favorable influ-
ences were allowed to have play. The
Coaers were all notably strong on favor
able trade reports, the btuminous coal as
we'll as the anthracite roads sharing in
the movement. The local traction stocks
and American Sugar moved upwards in a
decidedly irregular manner and Texas and
Pacific, Canada Southern, New York Cen
trail and Pennsylvania were also points
of strength.
The good crop weather was a sustain
ing influence with the grain carrying
roads. Rumors still circulated of new
railroad combinations and of prospect Of
dividends on railroad stocks, but they
have no definite authority and in many
cases meet with contradiction. The banks
seem assured of an increase in cash to-
morrow, having gained nearly $4,000, 900
on Treasury operations and over
half million dollars the express
movement with the interior. There is
rather more mystery than usual sur
rounding the item of loans. The liqui-
dation in the stock market indicates loan
contraction but the declining scale of in
terest rates has prompted the banks to
place as large loans as possible. The
process of loaning on sterling collateral
which has proceeded during the week
will undoubtedly be reflected in the State
as it has been in tn sterling market dur
ing the week. Actual sterling rates adj
vanced Il and posted rates u cent today
and are near the gold export point
though the experts are engaged in their
usual wrangle as to what figure rep
resents that point. Call money was loaned
as low as per cent today.
The bond market was less active TODAY
and prices were fairly we'll held. Total
sales (par value) $780, 600
United States 3's, coupon. declined u
and the IS Is in the bid price.
The total sales of stocks were AGA. 200
shares, including: Atchison preferred g.
700; Baltimore and Ohio, 5000; Hooking
Valley, 5,096; Missouri Pacific. 11.79O;
Jersey Central, $500; New York Central
/ ,965; Pennsylvania, 1880; Reading, g.
300 Reading first preferred, 81 $50: South
ern Pacific, 2S,795; Texas and Pacific, H.
250; Union Pacific, 1880; American Steel