The times., 1899-05-05
DUBIOUS TACTICS
PURSUED BY BEARS
TrifliHg With Death to En-
hance Stock Deals.
Weak Holders Scared Into Selling
by Vicious Methods.
Violent Declines and Rccoycries
Mark Trading - Errafic Move
ments in Sugar Refining.

New York, May 4.-This was day of
rumors on the stock exchange and the
sensitiveness of current speculative SEN
timent was shown in the feverish move
ments in the market, even after the cor
rection of some of the false reports. Su-
perhcislly al least the market was chiefly
influenced by the aggressive attacks of a
newly organized bear party. AS a matter
of fact. 1t would appear that the declines
thus brought about were alarming to weak
holders OF various stocks, and there was
somee liquidation Of this character, but it
is probably safe assumption that the
short account was largely increased
through the days transactions. The mar
ket tactics pursued by the bear party
were peculiarly offensive and discredit-
able, since for the most part they based
their operations upon the serious indispo-
sition of a well known capitalist and
operator and they went as far as to dis
seminate rumors OF his death. Aside
however. from the wretched taste of util-
izing false rumors in this regard for spec
ulative purposes it must be admitted tha;
the market disclosed elements of technical
weakness in giving such pronounced re-
hections as it did to the bearish attacks
and 10 the days rumors. none of which
had any bearing upon the fundamental sit
uation or had any more than a transient
significance.
London was a heavy seller OF stocks in
the local market. disposing of n sufficient
amount to affect Unfavorably the general
market. In addition the substantial de-
clines shown in London for Americans
were not without weight in the early deal
ings. The weakness In the London mar
Lraan ss~aaa l.
large Liverpool operator in cotton. who
was also heavily involved in American
stocks. There was nothing whatever in
the days situation aside from the rumors
TO which the unsettIement of the market
could be referred.
Money en- call continued easy throughout
the day. The closing of the books of the
new AmRlgamated Copper Company re-
vealed heavy oyer-subscription. but
there is nc reason why there should be
any money market contraction on this ac-
count. as the sums paid on account should
be Immediately available for use in the
open market Definite news in regard to
the proposed amalgamation of several OF
the steel manufacturing companies was
still wanting. but negotiations are in prog
ress which may eventuate in the consoli-
dation of at least three of the newly organ
lied combinations and perhaps more will
effected il would seem that the utmost
limit of industrial combination will have
been reached
Sugar Refining was the conspicuous fea-
ture OF the market. dropping abruptly over
points, part of which loss was subse-
euently recovered. There was no news
or data bearing upon the stock which was
not perfectly applicable to ii when il was
80 points lower and 20 points higher than
the days mean level.
In the early dealings the steel stocks
involved in the rumored amalgamation
were strong, but they participated in the
violent declines and reeoveries that marked
the later course OF prices. The shares of
the local transportation companies fol-
lowed the same general course. The early
strength of Manhattan Railway was rea-
sonably referred 10 the favorable report
of the State Railroad Commission upon
the elevated structure. The anthracite
coal shares we're heavy throughout, notably
the Reading issues. The dealings in the
grangers and Pacific shares developed no
other feature than a sharp but maintained
advance in Burlington and Quincy, the
movement being presumably in advance
of the closing Of the books tomorrow In
the final dealings the general market de-
yeioped a hrmer tone which was COM
monty accounted for as due to the cover
ing of a portion of ihs short contracts II a. lie
earlier in the day