The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-04-18
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

uHEheLAs
NEW YORK. April 17.-Money on call
steady at $685. per cent; last loan 8
per cent. Prime mercantile paper 4Eg
s per cent. Sterling exchange firm,with
actual business in bankers bills at
81 S7sG4 SIS for demand and ut 81 sag
for 60 days; posted rates 81 S41s aud
81 SSH. Commercial bills 81 $500 s3I5-
Silver certificates 6Ols9slIsc. Bar Sill
yer 599sc. Mexican dollars 47Hc. Gov
ernment bonds weak. State bonds In
active. Railroad bonds weak.
The published opinions and assertions
of Mr. ]. w. Gates, chairman OF tn
American Steel & Wire Company r.
garding the present conditions and ths
outlook for the future in the iron ana
steel trade, occupied the attention o
dealers in stocks and bonds to tha AZ
most total exclusion OF all other matter
to-day. Decentralization and contusioG
were the results. 1t Is a striking com
m2ntary upon the way forces work IL
the stock market that the iron and
steel stocks are the only ones that show
striking net gains, while the net lOSse5
everywhere else are undoubtedly due 70
the fears OF unsound cOndl-
lions OF the iron trade ard in tac
securities Of corporations In that trade.
When the urgent demand for the iron
and steel stocks was perceived imfl2-
dlately after the opening drop In them
there was feeling Of relief reflected i:
a lively recovery OF prices all around
The first Interpretation OF the buying OF
these stocks vas that II c8RtfadictHd
the gloomy assertions of the chairmh2
OF the Steel and Wire Company. Late
the conviction seemed TO gather force
that this buying might simply represen;
the taking of profits by the bears who
had sold in anticipation OF the recent
heavy declines in these stocks. The az
snrtIons Of Chairman Gates OF over
production in the trade and the neces-
sity for concessions In prices was met
by n chorus of disclaimers by represent
tatlves of other companies in the metal
Industries and by authorities In the
trade The disclaimers were accompan-
ied by much bitter tnvectIve and quss.
tIoninE OF motive. The reinsurance de-
rived from this source had much to do
with the general rally after the open
ing, but II was not sufficient to aS1y all
doubts caused by the concrete fact OF
the closing down OF a large number OF
mills of steel and wire company. Onc
az the authorities who sought TO con-
trovert the position Of Chairman Gates
argued that II the iron and steel indus-
try is in rs bad condition as Mr.. Gotes
painted II. then practically all securiti e
are 50 par cent too high. This nuthori-
ty meant to enforce his view that the
high level of securities prices and tho
general prosperity OF the country IN
thnm selves serve 10 controvert the view
thot the iron trade is unsuund; but tue
belief Is deep rooted among stock opera
tors that the iron trade Is true index
of the business OF tn. country. TIE
l,ubt cast upon Its soundness by 50
prominent an authority proved tor
much for the equlnimity Of holders Of
stocks and towards the latter part OF
the day these securities were thrown
upon thr market by the wholesale
Stocks which have been speenla'lVn
favorltcs for n rise were not the chiat
sufferers. Missouri Pacific, Norfolk n
Western and the Baltimore Ohio
stocks were comparatively well held
while the higher priced stocks which
are selling high in proportion TO the
dividend return showed larger declines
A l1tp rally in the market made II cyl
dpnt TO how large an extent short sell
ing had to do with the losses, recover
los reaching over n point In many cases,
while the iron and steel stocks closed
To points above last nights level I2r
Inc leading members Of thu group. The
General news Of the day and money
market conditions were entirely ignored
In the trading. .,,..
There was no such pressure manifest
In the bond market as In the stock mar
ket and strong points were manitaRS
here and there. Total sales par value
81. 100000. -, .,
r.nt In tho bid price