New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-23
High. Low. Apr 81 Apr ~ Gigs. Sales
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
Conditions which have forced the American
Steel and Wire Company to reduce the prices Of
its products do not foreshadow a speedy cul-
mnation of the cOuntry's prosperity Wall
Street, however believed at the close of the week
that the end of business activity was IN sight
and ii is not unlikely that stock market values
will reflect continuation Of this belief for sew
eral days this week. Wall Street attaches
due importance 70 the cutting of prices by the
American Steel and Wire Company. while 1T re-
fuses to entertain the idea that the reduction in
prices may be effective in stimulating anew
demand that has been checked by the recent
fictitious level Of steel and iron quotations. The
American Steel and Wire Company is seeking to
remedy an evil, and drastic methods at this
time may prove to be the very means Of pre-
serving the prosperity of the trade. The fact
that the condition of the American Steel and
Wire Company's business has been used TO
further the stock market operations Of a clique
of INSCRIPTIONS spectators has probably exer-
cised a more important influence upon public
sentiment than have the actual trade develop
ments and il is quite certain that the weeks
manipulation in stocks has frightened a large
number Of people out Of the market. The public
does not like to be swindled And in view of
last weeks developments in the market 1t is
easy to see how the public may not be willing to
trust its funds to the stock market for some lit
tie time TO come
The market was badly injured last week and
prices for many stocks went below the level
made in the December smash in values. There
were no developments IN the business situation
that warranted a reduction in securities values,
but for the time real worth was forgotten, and
small traders, with small margins. were i'm
pressed with the seriousness of the situation
as manufactured by bear ciques and Chicago
speculation characterized the trading in rail
road shares. and to-day the same "wrecking"
methods are being employed In certain of the
industrial issues. These operations will nat
uraly brighten legitimate investors in industrial
stocks, and it is therefore possible that many
sound industrial securities will be sold and the
money reinvested in railroad stocks Of recog-
sized merit. Railroad stocks not likely to
advance materially when liquidation and
,ipulaton in the industrials in progress but
the prospects for higher prices later on in the
year bright. and. barring some radical
change in the country's transportation industry.
all railroad shares practically certain TO
reach better market quotations Current de-
clines are not caused by developments outside
the Stock Exchange. Current declines in the in
dustrial stocks do not reflect decrease in in
dustrial activity. but declines in certain indus
trial shares do reflect mismanagement and stock
market gambling by directors and officers OF
certain industrial companies
In addition TO worrying over the steel and
wire developments, the Street now has gold eX-
ports its mind. No matter what the Of
gold exports may be. the mere mention of the
operation causes a chill throughout the specu-
Native community. 1t is probable that gold Will
be sent abroad in the of the next ten
DAYS but as the United States is well supplied
with the precious metal shipments should not
cause alarm outside Of speculative circles where
margins are about depleted Large gold exports
ct this time would doubtless be followed by
higher rates for money, and in consequence stock
market spectators for the decline would be
benefited. But the movement of gold would
be in response to international money market
conditions we'll protected holders Of stocks
would not be likely 10 sell their possessions at
loss Money market considerations may n
courag e q dull stock market. and in quar-
tiers il is thought that speculation will not be-
come active again until after the Presidential
election. The stock market was developing in
creased bull activity just before the American
Steel and Wire scandal. but confidence was so
rudely shocked by that development that the
public. without which no bull market can live
withdrew from the Street with a haste which
promised no immediate return. Securities are
in strong hands. where they are likely to re-
main, and further declines in values should not
be accompanied with important liquidation
The fact that prices do not advance without In
ruptfon does not worry investors. Sagging
values in prosperous times only serve to increase
the holdings Of powerful capitalists and corpora
lions. A dull market may rule for six months
or more but holders Of good stocks will receive
their dividends and have the satisfaction Of
owning securities that backed by a great
and growing country.