The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-04-18
STOCKS TOOK BIG SLUMP
CONSERVATION DUE TO THE
STATEMENT OF PRESIDENT
GATES, OF STEEL, CO.
OvERPRODUCTIoN BUGABoo
1t Was Too Much for the Spectators
to Withstand, anApthe Secur-
tiles Were TRr6Svn Over
board.
Bar silver, New ork,.,s....., 59ss 59it
Call money, New YorlN,,a,.. 3lM4 3

-----re,y
NEW YORK, April 1.-THE published
opinions and assertions of Mr. j. w
Gates chairman of fh6S American Steel
and Wire company, regarding the present
conditions and the outlook In the future
the iron and steel trade occupied the
attention of dealers IN stocks and bonds
to the almost total exclusion of all other
matters today. Decentralization and con-
fusion were the results striking COM
mentary upon the Way forces work in
the stock market is that the iron and
steel stocks are the only ones that show
striking net gains, While the net losses
everywhere else are undoubtedly due TO
the fears of unSound conditions of the
iron trade and in the securities of COR
porations in that trade When the ur-
stocks was perceived immediately after
the opening drop in them, there was a
feeling of relief reflected in a lively re-
coVery of prices. all around. The first
Interpretation of the buying of these
stocks was that it contradieted the
gloomy assertions of the chairman of the
steel and Wire company, The conyic-
ton seemed to gather force that this
buying might simply represent the tak-
ing of protlts by the bears who had sold
In anticipation of the recent heavy de-
cnneS in these stocks.
The assertions of Chairman Gates of
overproduction in the trade and the me-
ceSs1ty for concessions in prices, were
met by chorus OF disclaimers by, repre-
sentatives of other companies in the
metal industries and by authorized.
trades. These disclaimers were ACCOM-
panied by much bitter invective and
questioning Of motive. The reassurances
derived from this source had much to
do with the general rally after the OPEN
ing, but it was not sufficient to ailay all
doubts caused by the concrete fact of
the closing down of a large number of
the mills of the Steel and Wire com
pany.
controvert the position of Chairman
Gates argued that, If the iron and steel
industry is in as bad a condition as Mr.
Gates painted it. then practically all Sc
curltleS are 90 per cent too high This
authority meant to enforce his view that
the high level Of securities prices and
the general prosperity of the country in
themselves serve to centrexert the view
that the. iron trade is unsound; but the
belief Is deep-rooted among stock opera
tors that the iron trade IS a true index
Of the business of the country
The doubt cast upon its soundness by
so prominent an authority proved too
much for the eQuanimtty of the holders
OF STOCKS. and towards the latter part
upon the market by the wholesale. Stocks
which have been speculative favorites
for for rise were not the chief sufferers.
the Baltimore & Ohio stocks were com
parauvely we'll held. while the higher
priced stocks which are selling high in
larger declines. -
A late rally in the market made it eyi
dent to how large an extent short selling
had to do with the losses, >~Soveries
EeaGhlng over a point in many cc~s,
while the lion and steel stocks closed
1Q2 points above last nights level for
the Leading members of the group
The general news of the day and
money market conditions We're entirely
ignored in the trading. gese
There was no such pressure manifest
in the bond market as in the stock mar
ket and strong points We're manifest
mere and there. Total safes, par value,
$2,4OO,000. United States old As declined
!, Is and newt Ss14s in the bid griee,,-4I -
a. ssToeK QUOTATIONS. s0..7'lnfo
Furnished by Charles H F. Smith &,
Co., members of the New York Stock ex-
change, Pioneer, Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: