The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-18
IRON AND STEEL
STOCKS RISE
In Spite Of Gloomy Predictions as TO.
Future Conditions.
THE GENERAL LIST FELL OFF.
Chairman Yates Statements were We
hcmently Contradictcd by Rep
resenta,ircs of Other
Metal Companies.
THE GENERAL LIST FELL OFF.


american Steel and Wire Company, re-
sardins the present conditions and the
outlook for the future in the iron and
steel trade. occupied the attention OF
dealers in stocks and bonds to the almost
totai exclusion of all other matters TO-
diiS Decentralization and confusion was
me result II is q striking commentary
ui,en Inc way. forces work In the stock
market that the iron and steel stocks ar
market that the iren and steel stocks are
me only ones that show striking net
gains, while the net losses everywhere
else are iiadopbtediy due TO tn fars of
unsound conditions of tn iron trade and
IN The securities OF corporations in that
trade When the urgent demand for the
iron and steel stocks was perceived i'm
neolataly after the opening, there was
feeling of RELIEF reflected in a lively re-
coNery OF prices all around The first
interpretation of the buying of these
stocks was that il contradicted the
gloomy assertions of the chairman of the
Steel and Wire Company. Later the con-
Sichon seemed to gather force that this
buying might simply represent the taking
OF i'roftS by the bears who had sold in
anticipation of the recent heavy declines
IN these stocks The assertions of Chair
man Gates of oyerpfoducton in the trade
and the necessity for concessions in prices
We're met by chorus of disclaimers by
representatives of Other companies in the
metal industries and by authorities in
the trade. These disclaimers were ac-
questioning Of motive
The reinsurance derived from this
source had much to do with the general
rally after the opening, but il was not
sufficient to allay all doubts caused by
the concrte fact OF the closing down Of a
large number Of the mills of the Steel
and Wire Company. One of the authori-
ties who sought to controvert the posi-
ton OF Chairman Gates argued that II
the iron and steel industry is in as bad
condition as Mr. Gates painted it, then
fsff rfalI tor. IN
TOO high. This authority meant to en-
force his view that the high level of Sc
curities' prices and the general prosperity
of the country in themselves serve to
controvert the view that the iron trade is
linsound. but the belief is deep-rooted
among stock operators that the iron trade
is a true index of the business of the
country. The doubt case upon its I'M
seundness by so prominent an authority
proved too much for the equaniminity
of holders of stocks, and towards the
latter part of the day these securities
We're thrown upon the market by the
wholesale.
Stocks which have been speculative
fav>r1tes for a rise Were not the chief
sufferers. Missouri Pacific, Norfolk and
Western and the Baltimore stocks. WHICH
We're all comparatively well held, while
tho higher-priced stocks, which are SELL
ing high 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 g point in many cases, while the
iron and steel stocks closed 1 to , points
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 no such pres
sure manifest in the bond market as in
the stock market. and strong points We're
value, Sa,4eo,opo. United States old As
declined u and new As Is in the bid
price.
Total sales of stocks to-day We're 92s.-
GOO shares, including the following: At
Gibson. 1920: do. preferred, 1895; Bal
timore and Ohio. l4,325; Chesapeake and
,,nio. 1l,595: Burlington and Quincy, H.
90; Chicago. Rock Island and Pacific,
l1Jeo: Louisville and Nashville. $50;
metropolitan. GAO; Missouri Pacific, AS,
40: Missouri, Kansas and Texas pre-
ferred. 16.ooo; Norfolk and Western, a.
-, Northern Pacific. 1o,55o; Pennsyl-
wanna, A.. 800; Reading first preferred, 20,-
400; ST. Paul, l2,45G; Southern Pacific, 81
900; Southern Railway, $3.50; Texas and
Pacific, $3.50; onion Pacific. 5o.33o:
Union Pacific preferred, 1900; Wabash
preferred. 7,o25: American Steel and Wire.
s4.Ss0; DO. preferred, e0,950; American
Tobacco. 41,SIS; Brooklyn Transit. 1926;
I>ational Steel, 7,SI0: Peoples Gas. 30,So0:
Sugar, u, $50; Tennessee Coal and Iron,
.l,415; United States Leather, 6,O15.
MONEY AND ExcHANGE.-Money on
call steady at 3d3i@ per cent: last loan
at 3 per cent; prime mercantile paper,
a44@5 per. cent. Sterling exchange firm,
So, SIisG14 .S7+s for demand and at S4.S324
for sixty days: posted rates. S4.S4E and
"a SSH; commercial bills, S4.S3@li.S 31a. Sill
yer certificates, 6o}2q6l1.; bar silver,
59ga: Mexican dollars, 4754. Government
bonds weak; State bonds inactive: rail-
road bonds weak.