The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-04-22
selleved that General List WIN Soon Cul
Loose from lndusirlalS
WEAKNESS IN STEEL AFFECTS PRICES
Common steel aud Wire ana Federal
steel Were All Lowcr--Brcak
Was Material One.

l
too. London though buosant early. weakened
later and closed 4 to " per cent lower
nnere was more or less foreign selling. Tat
| west was the principal seller OF the stee
stocks, Missouri Pacific gave way on Ions
| liauidation Later the railroad list displayed
strength. q. and o. was in good demand.
Ihe Chronicle computes the grcss earnings
OF slSty seven roads for the FIRST week o
April at se6so.sai. an Increase OF ssss.Si2. OF
Is per cent; hfty-three roads TOR the second
week OF April at s6,SeTsl4. an Increase o
sfzp,lal or ll,tS per cent Tho surplus re-
ssrvea Of tho banks increased about $1,000.
| V0p. but this had no eject IN tho absence Of
SUPPORT, last stock prices being about the
| lowest OF the day.
! steel and Wire closed 5ss per cent lower for
the common and Federal Steel ass lower
\ Federal steel Insiders bought that stock The
| trading was quiet and mainly professional
New York. April 2.-rhe stock market took
on an appearanoe Of general liquidation by
the conclusion OF Saturdays short session,
Stocks were thrown over in largo blocks and
the whole list broke badly, tho general range
OF prices Of tho prominent active stocks fall
ing TO level from to points under last
nights, In many instances the loss exceeds
these figures. The results OF yesterday
meeting Of the executive commission Of tho
American steel and Wire company were very
different from what Wall street had per-
suaded itself they would be- The connrma.
ton of the chairman's assertions OF over
production and the disposition 10 cut prices
was not to be construed as Reputation and
contradiction OF the acts and gloomy predic-
tlous u CHAIRMAN Gates, made on Monday.
testerdays rumufs OF change OF control OF
I Tue company. oustlng OF the chairman and tho
installation OF IA. =. Flick had all been dis
| slpalou when the stock exchange opeued tnis
morning. The enect was seen in sharp
nIt trhf Ind Al. al.
Ing transactions. II reached 4 points In
Steel anu NIlo and nearly that la others. The
Lsuttal list gave way IN sympathy but met
with powerful support. The steei stocks
rallitd with The rest OF the marhet on COW
| erinG by shorts. but IL soon became evident
tnat the su mort ACCRUED the market Nwas
SIMPLY to afiord IN opportunity for realizing
LIQUIDATION set Ia on a large scale. stucks
which have been pulled" had the heaviest
weiEht to carry on account OF speculative
pront taking. Missouri Pacific aud Baltimore
ana Onio were conspicuous In lhat ciass. the
| former falling 81 and the latter 2n. De-
ciiAes reaching up to points were numerous
al thiouEh the railroad aud Industrial LIST
aud IN several stocks exceeded tnat. The
bears were disposed to cover on the appear
ance OF a favorable bank statement, but the
rally renewed the pressure 10 Ilquloate and
orlces fell 10 tie lowest. Amolg the STEEL
stocks the extreme declines were: steel anu
WiIa 6Si. FdeTal Steel b. Steel Hoop pee
ttrred L. Republic Iron ana Steel preferred
3lz Steel Hoop. National Steel ana Tennessee
Coal 3. Losses elsewhere in tho group ran
IN to IN There were some epasmodic rallies
on tho taking OF quick profits by the bears
but the activity and general weakness con-
tlnued IN to the close.
Stocks are generally lower than ut the
closing Of last weeks trading. which closed
on Thursday and the volume OF business has
shown progressive decrease from day 10
day. The pools and combinations which
have had IN view the bidding IN uf u number
of special stocks have relaxed their efforts
and the bull contingent generally has as
suIned waiting attitude, where they have
not turned. actual sellers to realize. wall
street attributes this condition Of affairs
largely to what 10 called ''the steel and Wire
,plsode." Certain ing'ders In that company
have shown to DO heavy sellers OF the STOCK.
On Monday the stock broke badly on TINS
selling and after business hours on that day
Chairman Gates OF the co'ruany announces
that dozen mills OF tho company had been
shut down. He asserted that oyer-produouon
was the cause and accompanied the asser-
ton with gloomy predictions regarding inc
outlook for prices In tho iron trace as
whole -,
held In the financial world that the future
prosperity Of the country Is based 10 large
extent on the maintenance OF the preseht
prosperous conditions in the iron and steel
trade. This unexpected jormad delivered
from the inner circles OF the trade hAa
decisive effect on the course OF security prices.
Notwithstanding the most strenuous efforts
TO eounteraot It, These efforts often took the
form OF Indignant protests and expression OF
outraged sentiments No episode OF recent
years has caused so much bitterness ana m
ycctye. Not only 10 the stock market circles,
but in the iron trade as WELL rose q clamor
Of denial Of the assertions and opinions OF
Chairman Gates. Representatives OF COM
panics and authorities in the trade were
unanimous IN contradeung INC gloomy ous-
glyings regarding conditions In the iron IN
dustry There was a chorus Of apprehension
OF the moral obliquity involved in bear
movement in stock By Insiders In tue com
taaf .A.a ina m
Steel and Wire stocks were incident 10 a bear
campaign to which large short selling or
railroad stocks was a preliminary, were cited
as convincing evidence OF the unworthy pur-
rose behind "the Steel and Wire episode.
But, whatever ground there was for all THIS
olamor the fact remained that large mum
Der OF steel mills were shut down and the
effect of the interview WAS TO cause a yielding
tendency 10 iron prices. II was proved that,
viewed simply as a tactical vancouver, no
more effective bear stroke could be devised
than 10 arouse doubts over the soundness
OF the iron trade, II brought large volume
OF securities TO market and discouraged the
buying demand even OF professional operators
who protested 10 see clearly the motive CT
the whole proceeding and TO dispsfaSe me
rood fAish and the truthfulness Of II. BUSH
ness from outside sources dwlndied to un-
important proportions reheoting the sentl-
Tneuts OF the minds OF tho business worlo.
Even foreign markets showed the effect II
served to counteraet enectually all favorable
factors making for higher prices II was tina
reneral feeling In Wall street that digestion
az Che nrofts on the rise in prices had been
pretty well accomplished and the reaction
had probably run It's course. renewed up
ward movement was expected and was IN
auEnr led VIC come confidence on Monday
when the break IN the metal stocks interrupt !
ed t. There was some apprehension thst
when the new bank note law began TO ope- |
rate tho resulting currency expansion would
result in undue speculation.
The weeks reaction 10 the stock market is |
the more notable Ia View OF the easing conoi- |
ton Of the money market under the effect
Of the new Law, The payment Of premiums
on refunded government bonds has oontri- |
buted largely 10 replenlshlng tho cash OF the |
banks on subtreasury operations. owing 10
large pension payments the governments sur |
plus OF revenues for the month thus far has
been kept at low figure. Easier money - |
reported at New England points and IN the |
Northwest the payment OF loans is said 10 DO |
in progress The local money market under
these circumstances shows signs OF becoming |
somewhat pjethorlc and the upward courEe OF
sterling exchange and the hardness OF foreign /
money markets suggests what the outlets for |
surplus funds will be- Exchange Is already !
aboye the point where II was when gold last |
went out, but at that time the Bank Of En- |
gland was paying penny an ounce higher
Tor American eagles ana was ALLOWING interest
on shipments In transit. In addition 20 easy
money conditions, statements OF earnings OF
have proved favorable.
Tho country's foreign trade shows Increased
hguEez and the wheat market hes reflected
he exoAiIent crop weather In sagging prices.
unset.les the stock market moro
~ lee Tha~n has haaa m nfhax noeiffvalv