The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-04-18
FINANCIAL AND
STOCK REPORTS.
NEW YORK.
The stock Exchange.

NEW YORK April 1.-THE published oniniou,
and assertions 81 Mt J W. Gates. chairman Of
the American Steel and Wire Company regarding
we iron and steel trade occupied the attention u
dealers in stocks and bonds to the almost total
exclusion Of all other matters today. DemoraEa ton
and confusion were the result. striking commen-
tsry upon the way forces work In the stock market
Is that the iron and steel stocks the onig ones
that show striking net saipe while the net losses
everywhere else due 10 the fears q unsound
conditions a the iron trade and in the securities Of
corporations In that trade When the urgent de-
mani for the iron and steel stocks was perceived.
Immediately after the opening drop in them. there
was feeling Of relief reflected in lively recovery
Of prices all around Tho first Interpretation OF the
buying Of the stocks was that it coutradicted The
gloomy assertions II the chairman of the steel ana
wire company. The conviction seemed 20 gather
force that this hying might simply represent the
taking Of profits by hears who had sold in antici
patton af the recent heavy declines IN these stocks
The assertions Of the chairman Of over-production
in the trade and the necessity for concession in
price met by chorus Of disclaimers by repre-
sentatives OF other companies an the metal indus
tines aud nv authorities in the trade. These dis
Chalmers accompanied by much bitter inyectiye
and questioning Of motive Tho reinsurance de-
rived from this source bad much 10 DO with the
general rally after the opening, but u was not sufi-
rent 20 aay all doubts caused by the concrete fact
Of the closing down IT large number Of the
mills II the steel and wire company One of the
authorities who sought 90 cuntrovert the position
II Chairman Gates argued that " the iron and
steel industry Is in bad condition as Mi Gates
painted then practically all securities are 20 per
cent too high. This authority meant 70 enforce his
view that the hish level Of security prices and the
general prosperity Of the country. In themselves.
serve 30 controyert the Wow that the iron trade -
unsonud aud the belief Is deep rooted among stock
operators that the iron trade Is trae index Of the
business ~ the country The Doubt east upon its
snunduess hy 80 monument authority proved too
much for the eauAnimity q holders q stocks, and
toward the latter part II the day those securities
were thrown upon the market by the wholesale,
4tocks whtch have been speculative taYcritcs for
rlsa wrfe not the chief sufferers Missouri faeine.
Neffolk & Western and the Baltimore ohie stocks
were Comparatively we'd held While me hishet
priced stncks. witch selling haSh, IN proposition
10 Tie dividend istuyn, showed larger declines,
A late rally Ia the market made u evident 70
how large an extent short selling had 10 De with
ths Ioss aud recpvcnes. reaching over point IN
mann rAses while the iron and rteui stocks closed
M boipts above last nshts lefd tcf the leadins
fnernbers u the rruun The general news - the
dav ard rsueY market condition. we're entirely
Ignored Ia the trading ThHe Wts no such pressure
s,..rifsst In. the band market 10 The stock
frarset and strcug roluts we're manifest Bore and
there Tttal sales. s. zoe
fls hid mice