The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-04-18
THE MARKETS.
Wall Street Review.

New York, April 1.-THE published opinions
and assertions Of Mr.. j. W. Gates, chairman OF
the American stel and Wire company, regarding
future in the iron and steel trade occupied the
attention of dealers in stocks and bonds to the
almost total exclusion of all other matters today.
Decentralization and confusion were the results
1t Is striking commentary upon the way forces
work in the stock market that the iron ana stcc.
stocks are the only that show striking net
gains, while the net losses everywhere else are
undoubtedly due to the fears OF unsound condi.
tions OF the iron trade aud in the securities OF
corporation in that trade. When the urgen.
demand for the iron and steel stocks was proved
immediately after the opening drop in them
there a feeling OF relief reflected in Lively
recovery of prices all around. The first interpre.
tation Of the buying Of these stocks was that IL
contradicted the gloomy assertions Of the chair.
man Of the Steel and Wire company. Later the
conviction seemed to gather force that this buy.
ing might simply represent the taking of profits
by the bears who had sold in anticipation Of the
recent heavy declines in these stocks. The as.
sertions OF Chairman Gates OF overproduction
in the trade and the necessity for concessions IL
prices were met by chorus of disclaimers by
representatives Of other companies in the metal
industry and by authorities in the trade, These
disclaimers were accompanied by much bitter in
vective and questioning of motive. The reassur.
ance derived from this source had much TO do
dth the general rally after the opening, but IL
not sufficient to all all doubts caused by the
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 II 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 au'
thorty meant to enforce his view that the high
level Of securities prices and the general pros.
perity Of the country in themselves serve to
controvert the view that the iron trade is in
bad shape. The doubt cast upon its soundness
by prominent authority proved too muhc
for the cquanimity of holders Of stocks and
towards the latter part Of the day these securi-
ties were thrown upon the market by the whole
sale. Stocks which have been speculative ia
vorites for month were not the chief suffer.
crs. Missouri Pacific, Norfolk and Western and
Baltimore and Ohio stocks were comparatively
well held, while the higher priced stocks which
| are selling high in proportion to the dividend
| return showed larger declines A late rally in
| the market made it evident how large an extent
| short selling had to do with the losses, recov'
| cries reaching over a point in many cases, while
| the iron and steel stocks closed ! to points
| ahoev last nights level for the leading mem
| bers Of the group. Total sales, 02S,6OO shares
| There was such pressure manifest in the
| bond market in the stock market and strong
| points were manifest here and there. Total sales
| par value, $2400,Oo0. United States old As de
| cined X and new As 7s in the bid price.
The following quotations are furnished The
| Tribune by NJ. S. Jordan b Co., rooms 705.T0f
| hull Tala