The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-22

NEW YORK. Feb 21.-sluggish liquida-
ton in lighter volume than was noted
yesterday controlled the stock market at
the opening this morning. Declines of
one point and more were scored by the
steel stocks, which again led the market
as respected volumes Of dealings and ex-
tent of fluctuations.
Heavness was also conspicuous among
the grangers. notably Northern Pacific
common and Burlington and Quincy. In
some quarters considerable strength was
shown, and this was especially true of the
Southern Railway issues, although by
comparison the tone was distinctly dull.
the recent leaders Of speculative activity
having apparently reIlnquished their hold
on the market, pending negotiations now
in progress.
AS the day advanced there was a sharp
rally in the market, led by the steel shares.
For the most part it appeared to be due
to covering Of shorts desiring to even up
their commitments prior to the approach
ing three days holiday. But, on the other
hand, there was no urgent pressure to sell.
with offerings showing a decided shrinkage.
tended short interest was in evidence, for
1t only required moderate purchases to
move prices up smartly.
The market situation has been strength
ened by the elimination Of a large number
of lightly margined bull accounts and the
addition of few minor bears to the ranks
of those who are making contracts for the
decline.
1t is not difficult to account for the re-
in vi Of he
longed advance and the specifically dis
couraglng situation. The steel deal which
is responsible for so many wild rumors,
has muddled speculative sentiment.
This morning rumor was to the effect
That there had been hitch in the nego-
uations, but it found no support and the
subsequent price movement indicated that
1t had no foundation. With the three
days holiday in prospect 1t was not diff
cult either to understand that the more
influential interests have been disposed
to let the market care for itself until next
week.
The London situation exhibited some
Improvement today. the Bank of England
reducing its rate of discount from IL to
per cent. Following the banks action
London, trading in about 5000 shares,
bought moderately in this market par
tioularly of the ErIes.
Locally the monetary situation reflected
be obtained in abundance at low rates
and financial institutions, notably the
trust companies, are disposed to complain
of their inability proftably to employ
their money.
The absence of leading fnanciers from
the city was responsible for some COM
ment of a favorable and some of an I'M
favorable character. On the one hand il
was contended that their departure dem
onstrated their confidence in a continue
ance of stable conditions while pessimis-
tic observers were disposed to decide that
liberal distribution of stocks was re-
sponsible for their desire to profit by a
period of recreation.
II is worthy of note that the absentees
are not very far removed from telegraph
offices. Commission house sentiment at
this time is very conservative in tone and
judging from the slow reaction which had
been in progress for four days, this quar-
ter is not unduly extended nor particular
ly apprehensive of radically unfavorable
developments.
The preliminary figures on the bank
statement indicate that the banks have
gained in cash on the currency movement
s2,325. LOG. The statement, however. is de-
pendent on the loan item. Following the
publication Of the above figures the ten
dency of the market was to harden
The Southern Railway Issues recorded a
substantial advance from opening prices
On talk Of an increased dividend Union
Pacific, which was traded in e1 rights and
ex dividend, American Steel and Wire.
Federal Steel. and the grangers were also
hrIner on moderate purchases.