The times., 1899-09-26

Two weeks ago the ''opinion" that the mar
ket was on the upturn for good and that
stocks might be bought for big profits
was expressed all through the street Since
that time there has been a break of three
to fifteen or more points in the active
stocks, and now these same advisers are
full of forebodiug. Even last week, when
the sharp tumble had occurred and good
advance was as near certain as anything
can be in the stock market, traders were
advised to keep out and wait" They
waited and the market had its advance
Your professional giver of news may make
mistakes once in while and honestly ad-
wise buying when prices are at the top
and selling when they are at the bottom
but when he always does it people ought
TO begin after a time to suspect that per-
haps he is not entirely disinterested in his
advice. The insiders, as a matter of fact,
do not, as general thing desire to have
the public buy stocks at low prices. 1t
is at these times that the insiders buy
stocks themselves. Else how could they
stay in business and make money? The
public is needed to take securities off the
hands of the insiders at the top. Stocks
, may go lower this week. and perhaps even
next week, but the very large chances are
that conservative buying on scale down
from this time, or on scale up either will
result in good profits before the end of the
year. Such. at least, is the opinion of
shrewd people who do not write profession
al gossip.
One of the pretty stories heard in GER
tain quarters yesterday regarding Pacific
Mail is worthy of comment The stock
has been declining in price in away that
has been most unpleasant to people who
| bought it months ago in the expectation
of good advance This decline has been
ascribed to the somewhat disappointing
statement of the company showing less
profits than it earned last year. 1t is said
now, however, that there has been a sys-
tematic raid on the stock by the insiders
in order that IL may be selling at a low
price when Congress convenes. The idea
seems to be that it will, perhaps go as
low as 80, or at least TO 35. The objects
of this raid, it is said, are two-frst, TO
make a poor showing when the subsidy is
asked for, and second, to give certain in
| huential Legislators a chance to buy 1t
cheaply. Then, the knowing ones say
there will be big advance in the
stock. If the subsidy bill passes
there will be every reason for high price
| for it. and even if there is to be no sub
| sidy law it is worth much more ON its
earnings and prospects than 35, or even
| 40, the present price. 1t is even limited
| that the dividend on the stock may be
passed to help this project along. The
| only trouble with this story is the fact
| that it has become known, which imme-
| diately throws suspicion On its authen-
ticity.
| Brooklyn Rapid Transit was the strong
est stock on the list yesterday after an
| opening off a point or more from Satur-
| days close. While the remainder of the
market was declining steadily all day il
moved up nearly three points to 81 IA
and even at the close, after quick break
| it was much better off than the majority
of stocks. 1t was suggested that this fac
| lends color to the theory that new crowt
has actually obtained control of the stocl
in such way that the bears are afraic
| to touch it. This idea is not a good one
to buy Brooklyn Rapid Transit very
heavily on, however. Manhattan went OF
to 10S. closing at the lowest price for th'
day, and Metropolitan also tumbled ant
closed at the bottom, 1913.
President Miller, of the st. Paul, hai