Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-18

stocks increasing 1885 tons, supplies
increased 2,01O.
Money was in demand and there was
a moderate supply. Half the amount
due the bank was repaid, the rest be-
ing renewed at 5 per cent. The bank
did a good business in discounts at 4
per cent. OF gold a12,OO0 came in
from Australia and $1,000 went to
unstated destination.
NEW YORK, April 17.-Money on
call steady at 3@3k per cent; last
loan 8 per cent.
Prime mercantile paper 4A@5 per
cent.
Sterling exchange firm with actual
business in bankers bills at $4.S7R@
4.S7% for demand and at s4.S3A for
60 days; posted rates $4.S4h and
SASSY; commercial bills $4.S3@4S3h.
Silver certificates 602 @61hc.
Bar silver 59Ac.
Mexican dollars 47%c.
Government bonds weak.
State bonds inactive.
NEW YORK, April 1.-THE pub
lished opinions and assertions of Mr..
j.. W. Gates, chairman of the Ameri-
can Steel and Wire Company regard
ing the present conditions and the out
look for the future in the iron and
steel trade, occupied the attention of
dealers in stocks and bonds to the al
most total exclusion of all other mat
tiers to-day. Decentralization and con-
fusion were the results. 1t is a strik-
ing 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 everywhere else are undoubt-
edly due to the fears of unsound o n
Gitions of the iron trade and in the
securities of corporations in that trade.
When the urgent demand for the iron
and steel stocks was perceived imme-
diately after the opening drop in them,
there was a feeling Of relief reflected
in a lively recovery 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 SEEM
ed to gather force that this buying
might simply represent the taking of
profits by the bears who had sold in
anticipation of the recent heavy de-
clines in these stocks. The assertions
of Chairman Gates Of over-production
in the trade and the necessity for con-
cessions in prices was met by a chorus
of disclaimers by representatives of
other companies in the metal industries
and by authorities in the trade. The
disclaimers were accompanied by
much bitter invective and questioning
of motive. The derived
from this source had much to do with
the general rally after the opening,
but it was not sufficient to allay all
doubts caused by the concrete fact of
the closing down of a large number OF
mills of steel and wire company.
One of the authorities who sought to
Gates, argued that if the iron and steel
industry is in as bad condition as Mr..
Gates painted it, then practically all
securities are so 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 con-
trovert 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 bus
mess of the country. The doubt cast
upon its s%oundness by so prominent
an authority proved too much for the
equanimity or holders of stocks and
towards the latter part of the day these
securities were thrown upon the mar
ket by the wholesale. Stocks which
have been speculative favorites for a
rise were not the cher sufferers. Mis-
souri, Pacific, Norfolk & Western and
the B. & o. stocks were comparatively
well held, while the higher priced
stocks which are selling in proportion
to the dividend return showed larger
declines. A late rally in the market
made it evident to how large an extent
short selling had to do with the losses,
recoveries reaching over "a point in
many cases, while the iron and steel
stocks closed l to 2 poins above last
nights level for the leading members
of the group. The general news of the
day and money market conditions
were entirely ignored in the trading.
There was nc such pressure mani
fest in the bond market as In the
stock market and strong points were
manifest here and there. Total sales
par value, $2,40O,0 900.
United States old As declined u and
new is rs In the bid price.
z. S. Refunding Is when issued). los
!, 3 IS registered .............s. 1911
3 registered .l09z