The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-18
STOCK BROKERS AT SEA
DECENTRALIZATION AND CONFUSION
ON THE NEW YORK EXCHANGE.
Advance fn Iron and Steel Shares, but
Other Active Securities Down
Local Trade Good.

At New York. yesterday, money on call
was steady at 3asls per cent; the last loan
being made at per cent.
Prime mercantile paper. 4AG5 per cent.
Sterling exchange was firm, with actual
business in bankers bills at A.SI19a4S'es
for demand, and at $4S3Aq4.A for sixty
DAYS: posted rates, s4S4la and s4.SS15; COM
mercial bills. $i.S31s.
Silver certificates. 6O1zG61i5c; bar silver.
5ossc: Mexican dollars, 47$sc. AT London,
bar silver closed steady at q 5-l6d per
ounce.
The published opinions and assertions Of
J. w. Gates, chairman of the American
Steel and Wire Company, regarding the
present conditions and the outlook for the
future I'm the iron and steel trade. occupied
the attention of dealers in stocks and
bonds. at New York. yesterday. to the al
most total exclusion of all other matters.
Decentralization and confusion were the re-
suits. A striking commentary on the way
forces work In the stock market is that
the iron and steel stocks are the only ones
that show striking net gains, while the net
losses everywhere else are undoubtedly due
10 the fears of unsound conditions of the
iron trade and an the securities of corpora
mand for the iron and steel stocks was
perceived, Immediately after the opening
drop in them, there was feeling of relief
reflected in a lively recovery of prices all
around The first Interpretation OF the buy
ing of these stocks was that 1t contradicted
the gloomy assertions of the chairman Of
the Steel and Wire Company. The convic-
ton seemed to gather force that this buy
ing might simply represent the taking Of
profits by the bears, who had sold In antici-
patton Of the recent heavy decline in these
stocks.
The assertions Of Chairman Gates OF
overproduction in trade and the necessity
Tor concessions In prices were met by a
chorus of disclaim srs by representatives of
other companies Ia the metal Industries and
by authorities in the trade. These disclaim-
ers were accompanied by much bitter in
vective and questioning Of motive. The re-
assurance derived from this source had
much to do with the general rally after the
opening, but Ii was not sufficient 10 allay
all doubts caused by the concerted effect
of closing down of large number of
the mills of the Steel and Wire Company.
One of the authorities who sought TO con-
trovert the position OF Chairman Gates,
argued that IL the iron and steel industry
Is In as bad condition as Mr.. Gates painted.
then practically all securities are so per
cent. too high. This authority meant TO en-
force his view that the high level of Sc
curities prices and the general prosperity
or the country In themselves serve to con-
trovert the view that the iron trade is I'M
sound, but the belief is deep-rooted among
stock operators that the iron trade is a
true index OF the business of the coun-
try. The doubt cast upon its soundness by
so prominent an authority proved toe
much for the equanimity of holders of
stocks, and towards the latter part of the
day these securities were thrown upon the
market by the wholesale Stocks which
have been speculative favorites for a rise
were not the chief sufferers. Missouri Pa
cifc. Norfolk & Western and the Baltimore
K Ohio stocks We're comparatively well
held. while the higher-priced stocks, which
are selling high in proportion to the divi-
dend return showed larger declines. A late
rally in the market made Ii evident TO how
large an extent short selling had to dc
with the loss. for the recoveries reached
over point in many cases. while the iron
and steel stocks closed 1 TO points above
last nights level for the leading members
or the group. The general news of the day
and money market conditions were entirely
ignored in the trading.
There was no such pressure in the bond
market and strong points were manifest
here and there. Total sales par value So
100000. United States old fours declined X
and new threes II in the bid price
Following were the sales on the Stock
Exchange and the closing prices bid: