The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-22
LARGE BLOCKS
THROWN OVER
Whole List Of Stocks Broke Yes
terday.
GATES PREDICTION FULFILLED.
Sharp Break shown in Iron Industries
and Others Gave Way in
Sympathy = Bond
Market Low.
Whole List Of Stocks Broke Yes.
GATES PREDICTION FULFILLED.

NEW YORK, April 21.-The stock mar
ket soek on an appearance OF general
!,auidation before the conclusion Of the
Saturday short session. Stocks were
thrown over IN large blocks, and the
whole list broke badly, the general range
pt prices Tor the most prominent stocks
;aihns to a level from ] TO > points under
last nights close. In many instances the
loss exceeds these figures. The result of
yesterdays meeting of the Executive
Commute of the American Steel and Wire
was Very different from what Wall Street
had persuaded itself 1t would be- The
continuation of the chairmans assertions
Of oVerproduction in the company's lines,
ana The decision TO cut prices was not
10 be construed as reputation and con-
lradictton of the acts and gloomy predic-
tons of Chairman Gates, made on Mon
DAY. Yesterdays rumors of change of
control of the company. the ousting of the
chairman, and the installing of II. c.
trlck had all been diSsipated when the
STOCK Exchange opened this morning.
The effect was shown in q. sharp break
IN an The iron fn6ustrials in the opening
transactions. II reached points in Steel
and Wire. and nearly that in others. The
general list gave way in sympathy, but
met with powerful support. The steel
stocks rallied with the rest OF the market
on covering by shorts, but ii soon became
evident that the support accorded the
market was simply to afford an oppor-
1lnfty Tor realizing. Liquidation set in on
II large scale. Stocks which have been
pulled" had The heaviest weight to carry
on account of speculative profit-taking.
Missouri Pacific and Baltimore and Ohio
were conspicuous III that class, the former
faIIins Us and the latter 2%.
Declines reaching up TO 2 points were
numerous all through the railroad and
industrial list, and in several stocks eN-
ceeded that. The bears We're disposed to
cover on the appearance of favorable
bank statement, but the rally renewed
The pressure To liquidate. and prices fell
to the lowest level. Losses We're: Steel
and Wire. 6a; Federal Steel, 5; Steel Hoop
preferred, 4; Republic Iron and Steel pre-
ferrd. 3I@: Steel Hoop. National Steel and
Tennessee Coal, 5. Losses elsewhere in
the group ran up to 28- There were
some spasrnodic rallies on the taking of
tiyity and general weakness continued up
TO the close.
The bond market has not kept up to
the full level of activity and strength,
but strong points have persisted in it all
the week. United States SIS, old As and
IS registered declined u and coupon u in
the bid price. The new As advanced
per cent.
MONEY AND EXCHANGE.-Money on
call easy at > per cent: prime mercantile
paper, 4a5 per cent. Sterling exchange
firm, with actual business in bankers bills
at SASSI5. SS14 for demand and at $4.S6t46p
@4S5 and S4.SSIa@4.S9; commercial bills,
S4.S3A@4 81. Silver certificates, 6ol2@
Gli.: bar silver. J9ss; Mexican dollars,
4Ta4. State bonls inactive; railroad bonds
steady: Government bonds steady.
WEEKLY BANK STATEMENT-The
weekly bank statement shows the follow
ing changes:
Surplus reserve, increase S3.944,0Io
I i-as.r- Z,