The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-04

some small declines at the close. The
bears worked hard for break nearly all
| day. but there was sufficient buying of
various kinds to defeat their object. The
| short interest was extended. but not in an
| important way. The message. when it
| appeared in the afternoon. produced little
appreciable effect. The street cons dered
the remarks on the subject of trusts
| either weak or conservative, accord
ing TO the point of view but found moth
| ing in them in any case to worry about.
| Wire common stock and Tennessee Coal
and Iron went off. but Sugar advanced,
| both movements being regarded as due to
| special causes. The advocacy of the Ship
| Subsidy bill was expected, especially aft
er the big squirt in Pacific Mail yesterday
morning, which was taken to indicate
| that some one with access to the mes
| sage had advised Wall Street friends to
buy Mail stock. Money was easy nearly
| all day. but during the last half hour of
| the session the call loan rate was ad
vanced TO per cent. apparently as the
result of manipulation. for there is no
| lack Of funds in New York. Conservative
| opinion is still divided regarding the near
| future of the market. but technical con-
| ditions seem TO be favorable to some re-
| cesscr before there is any important re-
sumption CT the bull movement. Deem
| fessional nanipulators as the month fer a
recession.
Pacific Mail was the only feature of the
market approaching TO the sensational.
The stock was very weak last week, and
on Saturday sold as low as 40 Ia, closing
At IS. Yesterday morning it opened at
46, and in three quotations jumped up to
40 1-2. Later 1t went off several points
from this top level. hut at the close it
showed q large net gain for the day. The
| disposition to connect this advance with
the remarks of the President on the Han
ma Subsidy bill was strong in the street.
and it was generally believed that there
was advance knowledge of the advocacy
| of the bill. There have been two or three
turns in the stock recently for the insid-
ers, all due TO Washington influences. A
short time ago. just before the election.
after period of dullness and inactivity,
there was spHrt. in it of twenty points
or SO to above 30. II is whispered around
the Capitol, and in few Offices in Wall
Street also, that Mr. Hanna gave the tip
to his political friends to buy the stock.
telling them that he had no doubt of MIR.
Mckinley's election, and disclosing the
fact of the Southern Pacific control. They
bought, and professional Wall Street fol-
ioNeu AS SCDU dS tUeSe people tOOh
their profits the stock tumbled in most
disneartening way, as far as the public
was concerned. 1t was then whispered
that there was little chance of the Sub
sidy bill becoming a law and that the
contract of the Pacific Nail Company
with the Panama Railway was not likely
to be renewed. Yesterday came the sec
ond big advance. based on Mr.. McKinley's
message. 1t is entirely probable that the
stock will be made football during the
next few months by the speculative-legis-
latiye clique, and that much money will
be added to its bank account What the
fate of the Subsidy bill will be is of course
very much in doubt, but it is very certain
that this sock is not a good one to specu-
late in unless one happens to be fortunate
enough to have a legislative friend in
the inner circle. The present earnings
of the company are not such as to make
its stock a particularly attractive one as
an investment.
American Steel and Wire common stock
made another break yesterday, getting as
low as 40 1-2 at one time and closing at
Il 3-4 with bad net loss. The other steel
securities declined a little in sympathy
with Wire. but not in such way as to
have attracted attention. 1t is. therefore.
reasonable to suppose that the weakness
of this Gates stock Is due to the unpopu-
larity of Mr.. Gates and his friends in the
street rather than to any fear of legisla
ton against the trust. Ii is the general
comment in the street that the deal by
which these people disposed OF their
steamship interests to the wire company
for big price because they we're direct
ors of the company and not because the
company needed the ships is fitting sub
Ject for investigation by the courts. When
it is possible for a director in a company
to induce that company to buy his per-
sonal property. or property in which he
has an interest. at his price, whether this
property will be of any value TO ii or not,
thereby converting his dictatorship into
an instrument for milking the company
instead of furthering its interests. it will |
be seen that the end of such a course must |
be bad for the stockholders. There is |
law covering just this class Of financial |
sharp practice by company director.