New-York tribune., 1900-04-18
BONDS.
THE DAYS OPERATIONs IN STOOLS.


Liquidation in the industrial stocks notably
she steel issues. was again heavy in yesterdays
market. The remarkable stock jobbing stories
segarding the iron and steel industry were
effective in forcing out stock at sacrifice prices.
and the selling in the steel issues naturally in
Huced weakness elsewhere in the list At times
the railroad group presented an appearance of
decided strength but at the close the greater
humber OF issues under Mondays last quo
Nations. The manipulation in the steel stocks
should not apprehension among holders of
good securities Real values not being re-
sluced, and the decline in the industrials does
not reflect a falling off in industrial activity.
The general situation is strong and prosperous
.All conditions governing the actual worth of
Securities encourage the buying and holding of
good stocks. Bear manipulation may force
cheaper prices but real conditions will eventu-
ally resume their proper position as market
factors And technical conditions have been so
snuch improved by the current decline that a
better market ought to develop at once In the
sate trading some of the steel stocks recovered
karly losses, and closed at net gains. while the
general position Of prices was somewhat i'm
proved in the final dealings. Heavy buying of
Norfolk and Western and the so-caled Gould
Stocks was feature Of the day.
The speculative management of the American
Steel and Wire Company announces that the
4he company is in bad condition some indi-
Safion OF this must have been observed several
weeks ago by those who govern the affairs Of
she big steel and wire combination; but IL was
only a fortnight ago that insiders sent out the
dnost optimistic reports regarding the company's
business. If the management knew that busi-
mess poor it did not admit the public into
ats confidence. Why? Well because the in
7siders doubtless wanted dispose of their
stocks before making known the alleged position
ps the company. In well informed circles it is
1lplPVed q O certain AmeTi-
Steel and Wire ComQany's plants is due
10 speculative reasons rather than to trade
conditions. The Street has been frightened by
ahe tales Of woe from Chicago but the chances
ARE that the American Steel and Wire Company
will find il convenient to start It's works just
Hs soon certain insiders have bought back the
stocks which they sold before they suddenly
discovered that the steel and wire business was
going 10 the dogs. The Brooklyn 'hnancier'
Nho has just been found guilty Of larceny will
think his misdeeds behind prison bars for
Several years to come The law discriminates at
rines. but not always wisely. Manipulation of
ftocks by INSCRIPTIONS speculators has not yet
nDut any one in Jail, but the time may come when
.the honest element in Wall Street will be able
fo congratulate itself upon the arrest indict-
rnent and conviction OF stock market thimble-
Triggers
The gross manipulation In the steel shares has
shurt Wall Street. II has not injured the worth
aOf railway securities upset the bank accounts
of important market interests: but it has
alarmed the public and unsettled confidence in
.1nany Industrial companies whose managers are
gamblers. but industrial companies generally
have suffered in public estimation because Of the
stock manipulation in few. The management
~of most steel companies is made up OF able busi-
mess men who not spectators, but their
accompanies stocks have suffered because of the
developments in American Steel and Wire In
-dustrial companies that are well managed should
mot be condemned on account OF the pitiful tale
regarding the American Steel and Wire Com
pany. The steel and IRON business and indus
trial trades are prosperous and promise to l.
tnue in prosperity, but any company. no mat
ter how active business may be- will surely be-
come hard pressed in time If its management
occupies itself with gambling instead OF work
ing to add value 10 the company's securities.
II is not believed that tine American Steel and
Wire Company is losing money notwithstanding
the statements Of insiders; but confidence in the
companys future will not grow long as the
management is known to be active in question
able speculation in the company's stocks.
Spectators who followers of legitimate mar
ket operations win do well not to enter the game
that the Chicago gamblers playing. The
Chicago clique is playing with marked cards
and loaded dice. Wall Street has had many
scandals, and the steel and wire scandal takes
rank among the worst.