The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-04-24
NEW YORK.
The stock Exchange.

NEW YORK, April o. Saturdays break in prices
Of stocks brought large selling orders into the
ket and they in evidence all through the list
at the opening But there also buying orders
on very large scale, TO take the offered stock.
Part Of these evidently placed in the market by
friends Of different stocks for the purpose of sup
porting them. The expectation quite general
that the market would open with something like n
crash in valncs but. ia not unusual in Wall
street. expectation defeated itself. and there
were enough buyers waiting to take advantage Of
the crash 20 steady the market almost Immediately
Professional Wall street perceived the absence Of
pressure Of lonk stock In the steel industries with
the lack Of surprise Evidently the opportunity had
been seized to dispose OF long stocks at the higher
level Of prices, and the shorts the most eager
operators in the market. in the endeavor to cover
This pretty clearly indicated pause in the most
aggressive tactics OF the bear campaign. collat-
eral object Of that campaign is generally believed
to be TO take on various stocks at the lower level
of prices. The pressure Of liquidation continued
heavy during the frst hour and second drive was
made by the bears at the end Of that time But
the steady absorption Of offerings begot a very
cautious mood among the professionals and n decid-
eddy qiieter tone ensucd in the market Some of
the bull pools. which have recently been active not
ably that in Missouri Pacific. showed disposition
70 resume operations. The undertoue Of the market
was firm during the latter part Of the day and at
the close was strong and rather active. with the
steel industriais at the best level Of the day ut
considerable net gain, amounting TO "a in the case
Of Federal Steel and "a in Steel Il Wire. Wall
street si keeps an anxious eve on the situation in
the iron and steel trade but is inclined go back
Of official utterances in forming its opinion. The
alarm first created over the cut in prices is that
tnltkatfd uy tine Wen fdnke OF the consumers.
who thought to be waiting to place contracts at
lower level Of prices. Last years high prices are
known to have been made by belated bidders, who
had to buy az any price 10 bl contracts and the
dealings at the high level for only a small part
~ the total product. large part Of last year s
business WAS old contracts, which were known
to have been worked OF at lower rates While the
reduction in current rates has proved shock
to the financial world and great disappointment to
holders OF the stocks OF the steel companies. Wall
street is beginning to indulge in the hope that at
cut prices the years average rate may still prove
to be above the average for last year.
Gold exports looked to without alarm, ac-
count Of the Of the money market Today 5
small shipment Buenos Ayres was without in
hucncc
The feature Of the bond market was the quick
rise 20 a5a Of the Western New York Pennsylvania
general mortgage IS and is the Arrangement
perfected with the Pennsylvania railroad. Total
sales 81 $4,000
United States bonds we're unchanged in the bid