The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-24
HEAVY LOSSES THE RULE
The Market Unsettled TO the Point
of Decentralization.
Pressure From London and other
Foreign Sources the Direct Cause
The Selling Brought About by
PesSfmistic Jtterances of steel
Magnates-A Rise in Exchange.

NEW YORK. April 23.-Those persons
who apprehend that the whole fabric Of
American trade is going to be destroyed
by the jawbone of an ass or the maehina-
tions Of a knave, according to the diff
ferent points of view, fastened TO throw
over their holdings of securities this morn
ing and In consequence the market dur
ing the forenoon was in a very unsettled
condition and at times almost demoralized.
In addition TO the thorough unsettling
of speculative confidence produced by
last weeks break in the steel industrials,
and accentuated by the cynical and pessi-
mistic utterances of the steel and wire
management which was reflected in the
markets tone at the close of business on
Saturday, London furnished a substantially
lower range of prices for American stocks.
Foreign houses sold heavily of virtually all
the internationally listed stocks. 10 the
extent of nearly $4,000 shares, upon the
opening of business this morning. On the
extreme declines foreign houses turned
buyers, but sales on balance were still ex-
eeedingly heavy.
The disposition of the foreign dealings
served to emphasize the uneasiness grow
ing out OF last weeks developments, and
the losses scored in the stock market in the
forenoon were extremely severe. Aside
from the influence noted, there was vir-
tual absence of any news with a financial
bearing over Sunday. The most important
development today was the further rise in
sterling exchange, which was in part ow-
ing to the heavy foreign selling of stocks
in this market Today's rise naturally re-
duced the margin remaining in sterling be-
fore gold shipments are probable, but none
so1r, far EHrrrr al
though a small shipment to South America
was announced.
The bulk of the days discussion still
centred around the developments. real or
alleged, in the steel trade. Indignation
at the methods employed by MIR. john W.
Gates to emphasize his views upon the
future OF the steel trade was still general,
although it is understood that the gentle
man in question regards the criticisms that
have been expressed with the utmost com
placency. No one but the executive man
agement of the Steel and Wire Company
is to blame for the conditions which
necessitated the shutting down OF the
company's mills. 1t may be added that
the only persons in whose hands rests the
power of effecting a radical cure are the
stockholders of the company. Should they
not utilize the power that is in their hands
they cannot escape the alternative charge
of completely or iilbecility.
The dealings in the market in the first
hour were enormous in volume, but sub
sequently the trading quieted down ma
terially. After the opening and particu-
larry. upon the conclusion of the London
selling, the general market showed a de-
cided tendency toward recovery, and the
extreme losses were materially reduced in
the early afternoon.
few stocks showed noteworthy de-
gree of strength throughout the morning,
among them being American Steel and
Wire and Federal Steel. There was also
q very sharp upward movement in all of
the anthracite coal stocks. in which group
the Reading issues were conspicuous. The
advance in the latter seemed TO be on buy
ing based upon the idea that the control
of the company was being acquired in the
interests of New York Central.