New-York tribune., 1900-05-11
'Ex dividend.
BONDS.


II became known before the close OF business
that John W. Gates had resigned his place as
chairman OF the American Steel and Wire Com
pany and in consequence stocks advanced
throughout the list. Mr. Gates has resigned
and gone 10 Europe. The fact that Mr.. Gates
has ceased to be a factor in American Steel and
Wire affairs encourages the belief that the mar
ket value of the company's securities will i'm
prove This is not complimentary to Mr.. Gates
but, then. stocks have a way OF expressing pub
lie sentiment. whether 1t is complimentary
adverse. The American Steel and Wire scandal
has been responsible for heavy declines in stock
values and losses in personal fortunes Per-
haps the change in the management OF the
American Steel and Wire Company will mark
the beginning OF upward move in securities
All stocks advanced in the afternoon dealings
yesterday. The retirement of a speculative
management from a corporation IN which the
public is heavily interested found instant
sponse in stock values, response which re-
fected return Of confidence and reversal in
the character Of speculative trading. The clos
ing of the American Steel and Wire affair ought
TO mark the beginning Of a recovery in market
values
1t is not likely that the bear element will
subside at once, but the technical position of
the market is certainly against the operators
for q decline. Traders should bear in mind that
that in the present prices have been de-
pressed beyond the measure OF trade reaction.
gold exports and political uncertainties The
foundation for good advance will be based on
technical market conditions. 1t is not impos-
sible that between the present time and the
early summer substantial improvement will
take place IN market values and If this turns
out 10 be the case II will be found that the
chief cause Of the advance will be a scarcity of
stocks. Stocks are not held by ordinary COM
mission house traders. and 1t will doubtless
come TO pass that people who are selling short
at present will find themselves in serious situ-
alton the minute they try to cover their con-
tracts. Substantial market followers are ap-
parently not interested in speculation, but they
control the situation, nevertheless. They may
even encourage further declines, and for this
reason buyers at ruling prices ought to provide
large margins. In the end. however the big
market interests will set a pace which bear
traders Will not be able to follow with profit
Some Of the leading bear traders have closed
their contracts and sailed for Europe This is
worth bearing in mind, it leaves bear specu-
lation in the hands Of inconsequental interests
The tendency OF prices in the last hour was
toward a higher level. The steel and iron grorp
showed especial strength, but the whole list
shared in the improvement which carried nearly
every stock well above Wednesdays closing
american Iopacco was weak feature, declin-
ing per cent and closing at a net loss Of over
8 per cent Missouri Pacific was in good de-
mand. and reports were put out that the stock
was practically cornered. Sugar Refining went
through its usual erratic performance and was
the most active stock on the list In the earlv
oeahnss the price movement was Irregular and
Wlthout decided tendency in either direction
Closing prices were at about the best Of the
day. ~ ' "a ''io