The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-22

Loans Observation-Disclosures. 5SO0.H0n
Specie increased. ...................... 1896 100
Legals increased. ACKNOWLEDGEMENTS. Lac, 200
Deposits increased. ACKNOWLEDGEMENTS. $50. 300
Circulation increased. 3oo,SOO
The bears always have some argument,
however fimsy TO Offset good news and
il is to be expected now that there will be
much talk of gold exports. There are two
answers to this suggestion. There is very
little reason to look for heavy exports,
according TO the best banking authorities.
Exchange is hardening hat il is not yet
to the gold export point. Answer number
one. The other answer is that gold ex-
ports would not be misfortune and would
not have a bad effect on the market if
they did occur. As a usual thing they
advance the market instead of tumbling
prices. There is to be a great abundance
of money during the coming year in this
country The influence of this on the stock
market has not yet been measured, and
people generally almost certainly under
estimate it. In previous periods OF money
plenty the bears have taken the short side
of the market weeks and months before the
right time and prices have gone ten and
twenty and thirty points higher than gen.
orally expected. One of the shrewdesl
market men in New York made the state
ment yesterday that in his opinion the
present bearishness of many of the pro-
TeSSlOnalS
The actual situation in the steel and iron
trade is still much matter of doubt 10
the street, and perhaps TO everybody, in
GLIDING the officers of the steel companies
themselves. There is, however, much ex-
pert opinion TO the effect that the COM
panfes generally are more prosperous than
ever before. and are likely to continue in
excellent shape during the remainder of the
year. even If there is TO be some tumbling
of prices in steel wire and other artihcially
jacked-up special commodities The Fed
eral Steel Company reports that 1t has
contracts made for business that will keep
its mills all running for practically the
balance OF the year at top prices. Inc
Tennessee Coal and Iron Company makes
report showing an increase in net business
of $50 per cent and its officers make the
prediction that its products will sell at
higher rather than lower prices during the
coming months. AS TO the Steel and Wire
company il is asserted by one good author
ity that the price making power has been
taken out of the hands Of Mr.. Gates. This
is a favorable item. II would be the best
thing that could happen to the general
market if the stock exchange should rule
the wire company off the exchange as II
did Bay State Gas. The company is max
ing immense profits. but il is being oper-
ated too much for the benefit of the stock
speculations of Mr.. Gates and his CO.
conspirators. The result is undoubtedly
bad for the stock exchange, and it can
hardly be anything else than unfortunate
for the company. Mr.. Gates is alone the
winner in such a game. There IS still an
other bad feature Of such operations. IL
is said that the work OF Jay Gould and his
friends in their best, or worst. days. was
the thing that did most TO deprive Ameri-
can securities of foreign market. and the
prediction is made by astute people that
the same kind of operations by Mr.. Gates
will again injure the Yankees abroad al
most irreparably.
The extent of the break in the market
during the week. and especially in the
steel securities. is shown in the accom-
panying figures, giving the prices at tina
close of business on Thursday, before the
Easter holidays, and the closing prices
Yesterday. The tumble in Steel and Wire