The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-04-22

HQuid&il..o.'l erort session Stocks were
satul Jay 90. i'm large blocks and the
thrown brol,a badly the general
wnole ~ r-;ces of the most prominent
range O-I.drks falling to a level from
acu|e Int grder last night. In many
10 ~ +t,a loss exceeds these fgures.
insIall------i1+ of Yesterdays meeting OF
The I.,',fiva committee Of the Ameri-
the $50 e. Wire company were very
can ~ f~rro what Wall street mad
oiheIei55.5 itaa1f they would be. The
peIslalI,+,,n of the chairman asser-
comm me lS '.,,ar-pr0duction in the COM
uos i;1e and the disposition TO cut
pan! %, not 10 be construed as re-
price. ~, ami contradiction of the acts
pulia Iioornv prediction Of Chairman
-stss made on Monday.
Gdt5s, LES minors of change of con-
less' tbe company, the Ousting of the
uoI y. and the installing of Fl. c.
chaIi 80 an been dissipated when the
FII1A i.rchangs opened this morning.
sIOcA .eect was seen in sharp break
IAg Su the iron industrials on the OPEN
III a.. .'.s,reactious. 1t reached 4 points
jig r.,aI e Wire and nearly that in
il - The general list gave way in
OlLI--l.,+b,, hut met with powerful sup
syn the steel stocks rallied with the
80 If the market on covering by
shorts. 1900, o,,ido,,+ tl,o+ tho
.+ accorded the market was sim
81 IN afford any opportunity Tor real
IN LiauGatiOn set in on large
- stocks which have been pulled
"a Tho heaviest weight to carry on ac-
I-- of the speculative profit taking.
SJ'.lo,ri Pacific and Baltimore d Ohio
80 CONSPICUOUS in that class, the
t,rr,er falling 3ik and the latter rs.
D1diinss reaching up to points were
11nerous through all the railroad and
;n5pstrial list and in several stocks eX-
The hears were disposed to cover on
the appearance Of a favorable bank
ststsment but the rally renewed the
rrasElre 10 liquidate and prices fell to
The lowest. Among the Steel stocks
the extreme declines were Steel & Wire,
ga. Federal Steel, 5; Steel Hoop pre-
farrpd 4: Republic Iron q Steel pre-
farred. 80: steel Hoop, National Steel
and Tennessee Coal, 8. Losses elsewhere
in the group ran up to pa. There were
some spasmOdic rallies on the taking Of
quick profits by the bears, but the ac-
tiyity and general weakness continued
Up TO the close.
Stocks are generally lower than at the
closing Of last weeks trading, which
was on Thursday and the volume of
business has shown a progressive de-
crease from day to day. The pools and
combinations which have had in view
the bidding up Of number Of special
stocks have relaxed their efforts appre-
ciably, and the bull contingent gener-
ally has assumed a waiting attitude,
where they have not turned actual sell
ers to realize
Wall street attributes this condition
Of atfains largely TO what is called the
steel and wire episode" Certain in
siders in that company have been
known 10 be heavy sellers Of stocks.
On Monday the stock broke badly on
this selling and after business hours on
mat day Chairman Gates of the COM
pany announced that a dozen mills of
the company had shut down. He as
serted that Oyer-prOdUction was the
cause aid accompanied the assertion
win gloomy PREF ctions regarding
tne outlook for prices in the iron trade
as 4 whole.
Inc conviction is very wideiy and
uIiny held in the financial world that
yle future prosperity Of the country is
oeaeu 70 a large extent on the mainten-
go 80 VI me present prosperous cOndi-
eOLS III lle iron and steel trade. This
t- Alec'ea Jeremiad delivered from the
,. - trace circles had a decisive effect
~ we course Of security prices, not
''.-o ot .dIluInS the most strenuous efforts
t,,l CV ~ act II. These efforts often
s v-S we form or indignant protests and
T1'eiONs or outraged sentiments.
G., eL'SCue OF recent years has caused
oTr, NUN :- bitterness and invective. Not
tba ,- ~ STOCK market circles. but in
osz. ~. Idde as well rose a clamor
NJ CL -,'el u Jne assertions and opinions
60 - uldl Gates. Representatives of
ireSo CouIpdIueS and authorities in the
coDt-,5 We practically unanimous in
rsgo-se-1-N'4lIs lne gloomy outgivings
~, ~ conditions in the iron indus
So mere was q chorus Of reDreben-
- 1ue moral obliQuity involved in
e-s a. movement in a stock bv ins;d-
~ IA tHe company. Indications that
srool, - IONS In the steel and wire
~ rlS, "ge incident to a bear camnaien
s.,,,- -0u large short selling of railroad
&c s was a preliminary. We're ci+aS
Inv. lNIILclng evidence Of the unwor-
snis5g5 ~ 50se behind the steel and wire
But whatsvs- ,--....,
e.. this cIs1or a. .OS ~ mere was for
a large numbs- ~ 4'5 laGI remained that
down and rbs ". 1g5el mills were shut
Vas to cans s.'7 eject OF the interview
iron prices Y. o. y teiaIng tendency in
sirni,, IL was proved that. viewed
more effective l--. -..I ,maneuver, no
ysed than ro ' ... stroke could be de-
H1ndness ~ 20 arouse doubts over the
alaree vo,g--. ...n Iade. It brought
and disrorr,- securities to markets
even Of 1- I.@l55 The buying demand
tsssed -5 s.l .s.,.''at operators WHO pro-
Whole rrac..s.--.- .. he motive Of the
sood farm ana =. ana 10 djSparage the
Business sr.,,- 'utnfulnesS of it.
s4 to unmrar.aar I oro sources dwin-
soass5 '-5 sanrinents of doubt
vo-id r :. ne minds Of the business
Tract sr g...s o',..,. 1t served to coun-
Tors r,a.,i,- ally an The favorable fac
L Mas ~. -yF higher price.
E'eet thar T.ss .,.sfa' feeling in Wall
h;e riss IN - l.7-gsion Of profits on the
I,5baIl.. .-i, and the reaction had
1prar5' nun ra us course. A renewed