The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-18

NEW YORK, April 1.-THE thoroughly
unsettled conditions of the days stock
market were plainly the reflection Of the
grave disquietude caused by the announce
ment of the shutting down Of the mills
of the American Steel and Wire Company.
The action in question furnished the first
direct evidence that the high rate at which
the production of manufactured goods has
been going on in the past year has fin
ally reached if it has not outstripped, the
demand.
There have been reports for some time
that such conditions existed in the iron
trade. but testimony TO this effect is by
no means unanimous, and indeed the off,
GERS of other steel manufacturing compan-
les are quick to deny today that, so far as
their business is concerned, they are ex-
periencing the difficulties acknowledged
by the steel and wire management. The
president OF the American Steel and Wire
Company was quoted as saying the Chi
cago labor troubles were the bottom mo-
tive in the shutdown of their works and
it is understood that in addition TO this
element, their action was Influenced by the
prospects that they would have trouble
with their own staff of workmen.
However that may be, it may safely be
asserted that no other incident in recent
years has created so much unfavorable dis
eussion and personal feeling as the abrupt
action Of the Steel and Wire Company. As
was to be expected, the management came
in for general denunciation, which. how
ever, it may be presumed they can bear
with equanimity, in view of the advan-
tageous position they occupied as regarded
the stock market.
The so-called steel industrials all rallied
with exceeding rapidly from an early
break, while the remainder of the mar
ket including the standard railway issues,
declined sharply. The Steel and Wire in
cident was reported as having created
most unfavorable impression in London,
where the American market was reaction
airy, with heavy selling reported from this
side. Foreign houses on balance, however,
were buyers of stocks here. The dealings
in all of the steel industrials and in Ten
nessee Coal and Iron were exceedingly ac-
tive, and resulted in wide and erratic huc-
tuaticns.
The industrial quarter. aside from these
stocks, was exceedingly weak, with sharp
declines in Sugar Refining, the Tobacco
stocks and National Tube. Apart, however,
from the disagreeable impression follow
ing upon the utterances of the Steel and
Wire management there was nothing def
mite to which the course Of the stocks
in question could be referred. The gen
raj market was exceedingly active also and
declines were common. Even stocks of
the class Of Pennsylvania, New York Gen.
trail, the Changers and the Pacific shares
showed pronounced pressure. The local
traction issues were all weak, with nota-
bly, severe decline in Manhattan Railway.
The money market was extremely easy,
and the dealings in foreign exchange fuTn-
ished no indications that an export move
ment Of gold need be Immediately eX-
pected. Few interesting statements OF
railway traffic were submitted. and indeed
the day was really bare Of any Develop
ments of general Importance aside f.om
those related.
1t can only be added that Wall Street
is fully prepared 10 hear at any time th-t
the twelve shut down mills of the Ameri-
can Steel and Wire Company are ag-in
running at full blast and that the con-
sumption OF their product his again
equaIed the output