Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-04-18
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds, Grain,
Cotton, Provisions, Etc.

New York, April Unpublished opin-
ions of Mr.. ]. w. Gates, chairman of
the American Steel and Wire Company,
regarding the present conditions and
Inc outlook for the future in the iron
and steel trade. occupied the attention
OF dealers in stocks and bonds to the
almost total exclusion of all other mat
X terS to-day. Decentralization and confu-
sion were the results. It Is q striking
commentary upon the way forces work
IN the stock market that the iron and
steel stocks are the only ones that show
striking net gains. while the net losses
s everywhere else are undoubtedly due to
inc fears of unsound conditions OF the
iron trade and In the securities of cor
porotions in that trade When the ur-
gent demand for the iron and steel
stocks was perceived Immediately after
the opening drop in them there was a
feeling of relief reflected in Il lively re-
i coVery of prices all around. The first
interpretation of the buying of these
STOCKS was that it contradicted the
gloomy assertions of the chairman Of
the Steel and Wire Company. Later
the conviction seemed to gather force
that this buying might simply repre-
sent the taking of profits by the bears
VINO had sold in anticipation OF the re-
cent heavy declines in these stocks. The
assertions of Chairman Gates OF over
production in the trade and the neces-
sity for concessions in prices were met
by chorus Of disclaimers by represen-
tatives of other companies in the metal
industries and by authorities in the
trade. These disclaimers were accom-
panied by much bitter invective 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 al
~ all doubts caused by the concrete
fact of the closing down of large
number OF the mills OF the Steel and
Wire Company
One of the authorities who sought to
controvert the position of Chairman
Gates argued that IL the iron and steel
industry is in as bad condition as Mr.
Gates painted it then practically all Sc
curities are fifty 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
unsound; but the belief Is deep-rooted
among stock operators that the iron
trade is a true Index of the business of
the country. The doubt cast upon its
. soundness by so prominent an author
ity proved too much for the eQuanim-
ity OF holders of stocks, and towards
the latter part of the day these Securi-
ties were thrown upon the market by
the wholesale. Stocks which had been
speculative favorites for n rise were not
the chief sufferers. Missouri Pacific
Norfolk and Western and the Baltimore
and Ohio stocks. which were all COM
paratively well held, while the higher
priced stocks. which are selling high
In proportion to the dividend return,
showed larger declines.
~ late rally in the market made it
evident to how large an extent short
selling had to do with the losses, re-
covcries reaching over point in many
cases. while the iron and steel stocks
closed to points above last nights
level for the leading members OF the
group. The general news of the day
and money market conditions were en-
tircly ignored in the trading.
There was no such pressure manifest
In the bond market MS In the stock
market. and strong points were mani
fest here and there.
Total sales. par value. $4,000. 600.
United States old As declined Il, and
new As Is In the bid price.
Total sales to-day were 92s, goo shares.
New York. April l7.-Standard OIL
5.iS@5.46.