The times., 1899-12-06


were sufficient causes for optimism. The
bear leaders. however. took advantage OF
the profit taking on Monday morning to
hammer stocks. They helped their selling
/ by a wholly erroneous statement as TO the
meaning OF the decision Of the Supreme
/ Court in the Addyston pipe case, and by
predictions from the people who knew
that the Presidents message would attack
( the trusts yiciously. In addition TO this
they were able TO maintain call money
rates on Monday as high as 10 per cent
The actual facts as to the Supreme
Court decision were stated in this column
accurately and fully yesterday The ordi-
nary industrial corporations are not in
jured by il in the least. There is even a
/ direct statement that such companies must
not be considered 10 be included within the
/ scope of the decision. As TO the message a
reading OF the document will prObab Y con-
vince anyone Of his mistake that sold stock
yesterday on hints that it would be a
bear document" The items of the mes
sage that logically may be considered to
/ lave bearing on the stock market are
/ the urging of a strong expansion policy"
( The recommendation of the single gold
! standard and of currency reform in gen
eral. the strong plea for q subsidy bill, and
the discussion of the trusts. As TO the
first four Of these matters, there can be
10 question that Mr.. McKinley's remarks
are entirely in harmony with the general
sentiments of Wall Street, and in this way
( viii in time exert a strong bulish effect.
Mr.. Mckinley knows, as nearly everyone
does. the evil results of the reckless form
ing of trusts. He wishes, but not more
than all conservative Wall Street men do,
TO have these evils abolished. Very care
fully he draws the distinction, however,
between what is injurious and what is
useful ana necessary in business opera
tions." The logical and sensible way 10
read his remarks on trusts, and the way
that they viii be read by Wall Street in a
very short time, is that he urges Congress
/ TO pass laws curbing just such concerns as
the Addyston pipe pool, which was de-i-ei
: against in the Supreme Court yesterday.
/ The very plain statements Of Mr.. Hanna
I recently on the question of industrial cor
/ porations in general show as clearly as one
could wish that this Administration haT-
I bors no intention of making a general on
slaught on them: If this Congress does as
much as Mr. Mckinley recommends and
makes possible the destruction of what IS
/ injurious" in the present situation, there
can be little doubt that the legitimate cor
/ porations will be benefited by its new
/ laws The reason why Federal Steel pre-
/ ferred stock is selling now at so and the
I common stock at 60 when the company is
! earning 10 per cent on the entire capi .aiiza-
/ tion, is 10 be found not in the Federal Steel
/ Company, but in the existence of such con-
/ Germs as the Addyston pipe pool.
/ It is said to be not impossible than an
I important advance may occur in the price
: of wheat Yesterdays market showed
! better tone than has prevailed at any time
recently and the prices advanced nearly
/ cent busheI. The foreign news all points
10 a heavier demand from Europe and to
! much accelerated shipments in conse-
+ Quence. It need not be pointed out that
! big movement Of wheat in the coming
month would be an excellent bull argument
+ for the grangers and the railway list in
/ general.
/ Pacific Mail was again advanced buoy
antly yesterday morning, very evidently on
a renewed confidence that the subsidy bill
viii be taken up and pushed TO passage
early in the session. 1t went to 40 and a
/ fraction before the end of the first hour
and there were general predictions that a
much greater advance should be looked
/ FOR in the near future. The decline with
the remainder Of the market in the after
noon was small and the stock is one Of not
more than two or three that now show q
net gain for the week. The Presidents
/ reference to the needed subsidy for tie
merchant marine is so direct and fOrcible
F. that there can be no question as to the in
/ tention of the Administration in this re-
gard. II is believed that Pacific Mail must
. ultimately sell much higher, but it is
/ known TO be the intention Of the impor-
tant market people to make the stock
/ football" while the subsidy bill is under
I discussion. Conservative brokers advise
! caution against buying 1t at the top OF
/ bulges with small margins.
( yesterday were New York Central, which
/ 133 3-S: Colorado Fuel and Iron, Metro
+ politan Traction, Big Four, the coaleTs,
! and Tennessee Coal and Iron. Despite the
/ declines nearly everywhere, these securi-
ties refused to tumble. showing good sup
port at all times. There is a general be-
lief that New York Central will be taken
up by its friends with the first return
Of better market conditions. The coalers
were supported by Mr.. Keene, and it is
said that he intends to advance Reading
I first IN the near future. The company
. Will pay . dividend on this stock this win
ter.
Much interest is felt in the immediate
future Of the industrial securities gener-
ally, and the iron and steel stocks in par
ticular. 1t should be noted that there was
no such break in these latter securities
yesterday as might have been expected
from the malicious eXaggeTations as 10 the
meaning of the Supreme Court decision
and the Presidents illusions TO the trusts.
The Steel and Wire and Federal Steel
common stocks have declined three points
each from their best level on this move
ment. and Tennessee Coal and Iron and
Colorado Fuel and Iron went of very lit
tie yesterday. 1t is quite within the prob
abilities that this final bear news" re-
garding these stocks may be the signal
for their long delayed advance to prices
somewhere near in harmony with their
intrinsic values. A quick upward move
ment would dislodge an enormous short
interest in some of these securities.
The annual meeting Of the Baltimore and
Ohio has been postponed for two weeks
II is supposed that this action was taken
out Of courtesy TO the new stockholders
in the company and also to prevent general
knowledge Of the scope of the new hold
. ings too soon.
, Sugar was particularly weak nearly al
q day. The attack on the stocl
was bear raid entirely. 1t Wa.
helped along by the usual story that the
s dividends on the common stock are TO bt
2 reduced, or even passed. No foundation
for the rumUr could be discovered. and q!
usual il is not credited by well-informeC
3 people. Another matter OF a very differen
nature was learned regarding the bushes.
OF the Sugar Trust yesterday The conce I
/ IS increasing its exports OF sugar enor.
mously.