The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-04-22
NEW YORK.
The stock Exchange.

NEW YORK. April 2i.-The stock market took
on an appearance Of general liquidation before the
conclusion Of the Saturday short session. Stocks
were thrown in large blocks and the whole list
broke badly the general range Of prices Of the most
prominent active stocks falling TO level from to
points under last night. In many instances the
loss exceeds these figures The results Of yesterdays
meeting Of the executive committee Of the American
Steel d Wire Company very different from what
Wan street had persuaded itself they would be- The
confirmation Of the chairnans assertions Of
production in the company line and the disposition
to cut prices not TO be construed a repudia-
tion and contradiction of the acts and gloomy predic
ton of Chairman Gates, made on Monday Yester
days rumors Of change Of control Of the company
the oustng Of the chairman and the installing Of H.
c. Prick. had all been dssipated when the stock ex
change opened this morning The effect was sharp
drop in all the industrials, the opening trans
actions 1t reached four points in Steel & Wire and
nearly that in others The general list gave way,
in sympathy. but met with powerful support. The
steel stocks rallied with the rest OF the market
covering BY shorts But it became evident that
the support accorded the market was simply to
afford opportunity for realizing. Liquidation set
in on large scale in stocks which have the heaviest
weight to carry, account OF the speculative profit
taking Missouri Pacific and Baltimore & Ohio
conspicuous in that class the former falling "a and
the latter "a Declines reaching up to two points
numerous through all the railroad and indus
trial list and in several stocks, exceeded that The
bears were disposed to cover on the appearance Of
favorable bank statement but the rally renewed the
pressure to liquidae and prices fell to the lowest
Among the steel stocks the extreme declines were
Steel Wire. 81; Federal Steel s: Steel Hoop pre-
ferred. 4: Republic Iron Steel preferred 81 Steel
Hoop, National Steel and Tennessee Coal, 3. Losses
elsewhere N the r neap the up M q o There n,
by the bears. but the activity and general weakness
continued up to the close. Stocks are generally
lower than at the close Of last weeks trading which
Thursday, and the volume of business has
shown a progressive decrease from day to day. The
pools and combinations, which have had in view the
bidding up Of number Of special stocks. have
Taxed their efforts apprecably, and the bull con-
tingent generally has assumed waiting attitude
where they have not turned actual sellers TO realize
Wall street attributes this condition Of affairs
largely to what IL called the Steel and Wire epi-
sode. Certain insiders IN that company have been
known to be heavy sellers of stocks. On Monday
the stock broke badly this selling and after BUSH
hours on that day Chairman Gates. Of the com
pary announced that dozen mills Of the company
had shut down. He asserted that oyerproduction
the and accompanied the assertion with
gloomy predictions regarding the outlook for prices
in the iron trade whole. The conviction is very
firmly held, in the financial world. that the future
prosperity Of the country Is based. 20 a large ex-
tent the maintenance Of the present prosperous
conditions in the iron and steel trade. This
pected ierennad, delivered from the inner trade
circles had decisive effect the Of security
prices. notwithstanding the most strenuous efforts to
counteract It, These Efforts often took the form II
indignant protests and expression OF outraged senti
ments No episode Of recent years has caused
much bitterness and nvective, Not only in stock
market circles. but in the iron trade as well,
clamor Of denial Of the assertions and opinions of
Chairman Gates. Representatives Of other companies
and authorities in the trade practically unani-
nous in coniradictng the gloomy ongivings regard.
ing conditions in the iron industry. There
chorus OF apprehension in the moral obquity in-
volved in bear movement in stock by insiders in
Steel and Wire stock incident to bear
pagn. Of which large short selling of railroad stocks
was preliminary. cited convincing evidence
OF the unworthy purpose behind the Steel and Wire
episode
hut whatever ground there for all this olamor.
the fact remained that large number Of steel mills
were shut down and the effect OF the interview
to csnse yielding tendency in iron prizes. #
proved that. viewed simply a tactical maneuyer.
effective bear stroke could he devised than
20 arouse doubts over the soundncss Of the iron
trade 1t brought large volume Of securities to
FAaf and As1ass tNfx,r and
OF professional operators. who prcfesssd to clearly
the motive Of the whole proceeding and to dis
parage the good faith aud the tfuthfnlness 81 IL.
Business from outside dvinded 20 unimport
ant proportions. rejecting the sentiments of doubt
aroused in the minds Of the business world. Even
foreign stock markets showed this effect 1t served
to counteract cfccnally all the favorable factors
making for higher prices IL the general feeling
In Wall that digestion Of profits the late
rise in prices had been pretty well accomplished aud
the reaction had probably its course A renewed
upward movement was expected and was insugnrated
with confidence Monday. when the break
in the metal stocks interrupted it There some
apprehension that, When the new bank note law be-
90 operate. the rising currency expansion would
result in undue speculation The weeks reaction in
the stock market il the notable In favor Of
the coalition 1t the money market under the effect
| 81 fhe new law. The payment ct premiums on re-
funded government bonds has contributed largely
repenish the cash q tho hanks snhtreasuy opera
items. Easier monsy Is rcporsed at New England
points. and in the Northwes, the payment Of loans
is said to be- in progress This local money market
showed signs OF being somewhat plrihorie and the ut
foreign money markets what the outlets for
surplus funds VIII he Exchange u already above the
| point where II vas when sold last won't ont bat
/ al thai time the Rank e England was paving ono
penny ounce higher foF Amcriean oaslss and vas
/ allowing interest shipments Ia transit In addi
ton 10 conditions statements n eArninss
u railroads have proved continuously favorable The
ecssHttys foreign trade shows Increased figures and
the wheat market has reflected the rNceIlcut crop
/ weather Tn ssgEinF rrtccs. The approach Il ma
ti0nal political campaign invariably unsetiles the
| stock market more iess Ret there has heen no
other positively unisvarahie factor At work hut the
1 Steel and Wire episode
The bund market has not kent un 20 the run level
q activity and stTeasa but strong points have per
| sisted "a Il al work
/ Uni,rd states 90 Is and the hrsts registered se.
ciinsd snA DO coupon / "a the haA prizes The new
! Is advanced PER cent,
Money aud Exchange.
Meeey ca csn steady. z per cent reine nrrcan-
tie pspsT, tb pag cent ateT4i1s excl apEg- Hrssl-
With actual esiusss Va banker Mlis az 81 ssit Sl
dcusAud ard " sstas sti sitts davs posted
81 stH8l IS AMI 81 sssfs - commercial hills sACaf
4A silver certificates. AassSlte' har silver. 80
/ Meyicau dcIiars Yrs: government hands, gtcaI5
! stasa tcnts. Inactive eailTes4 hcu,a, steady
The weekly Hank Statement.
! NRw YORK kpsA l.-Ths hama statement
Ssplms reserves Increase 3 ~ 85
isnsl AtN-fvase tss =
SiFlse tmrfrssF ~ a
Lexai ffuAars tTCFegts tf so