The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-18
STOCKS AND BONDS.

New York, April Unpublished opinions
OF Mr. j. W. Gates, chairman of the
American Steel and Wire Company, re-
garding the present conditions and the
outlook for the future in the iron and
steel trade, occupied the attention of deal
ers in stocks and bonds to the almost to-
tal exclusion of all other matters to-day
Decentralization and confusion were the
results
1t is a striking commentary upon the
way forces work in the local stock mar
ket that the iron and steel stocks are the
only ones that show striking net gains
while the net losses everywhere else are
undoubtedly due 10 the fears of unsound
conditions of the iron trade and in the
securities of corporations in that trade
When the urgent demand for the iron and
steel stocks was perceived Immediately
after the opening drop in them, there was
feeling of relief reflected in a lively re-
covery of prices all around. The first in
depreciation Of the buying Of these stocks
was that ii contradicted the gloomy as
sertions of the chairman of the Steel and
Wire Company. Later the conviction
seemed to gather force that this buying
mght simply represent the taking of
profits by the bears who had sold in an
ticpatlon of the recent heavy declines in
these stocks The assertions of Chair
man Gates of over-production in the trade
and the necessity for concessions in
prices were met by a chorus of disclaim-
ers by representatives of other COM
panies in the metal Industries and by au-
thorities in the trade. These disclaimers
were accompanied by much bitter invec-
tive and questioning of motive.
The reinsurance derived from this
source had much TO do with the general
rally after the opening, but It was not
sufficient TO allay all doubts caused by the
concrete fact of the closing down of
large number of the mills of the Steel
and Wire Company. Ono Of the authori-
ties who sought 10 controvert the position
OF Chairman Gates, argued that If the
iron and steel industry is in as bad con-
dition as Mr.. Gates painted IT, then prac-
tically all securities are so per cent too
high. This authority meant to enforce
his view that the high level of securities
prices and the general prosperity of the
country in themselves serve to contro-
vert the view that the iron trade is I'M
sound but the belief is deep rooted among
stock operators that the iron trade is a
true index OF the business of the coun-
try.
The doubt cast upon it's soundness by
so prominent an authority proved too
much for the equanimity OF holders of
stocks and toward the latter part OF the
day these securities were thrown upon the
market by the wholesale. Stocks which
have been speculative favorites for a rise
were not the chief sufferers. Missouri
Pacific, Norfolk and Western and the Bal
eimore and Ohio stocks were compare
lively well held, while the hlgh-priced
stocks which are selling high in proper
ton to the dividend return showed larger
declines. A late rally in the market made
II evident 10 how large an extent short
selling had 10 do with the losses rocov-
cries reaching over a poina In many
cases, while the iron and steel stocks
closed lag points above last nights level
for the leading members Of tne group.
The general news Of the day and money
market conditions were entirely ignored
IN tho trading
There WAS no such pressure manifest IN
the bond market as in the stock market
and strong point were manifest here and
there. Total sales. par value. 81, 10000
United states old a. declined X and new
H. * In the bid price.
The totol sales Of stocks to-day were
92s GO shares, including Atehieon. 1920;
AfchisOn preferred. 1925. Baltimore and
ohio. 4625. Burlington ana quincy. 49,
ag2. Chefapeake and Ohio, 1867 Rock Isl
and. n 9s0s Louisville ana Nashville, S720.
Manhattan. $500 Missouri Pacific, 49,
j7E: Missouri. KangaE and Texas prefer