The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-01

The continued decline of the stock mar
ket beyond what conservative people gen.
orally had looked for is most suggestive
of growing fear on the part of the Wall
Street Republicans. The boom of Octo-
Der was started by the professionals to
help along the Mckinley chances. 1t was
most successful for two weeks or more,
and prices advanced handsomely. More
over the public, which follows the profess
SIGNALS at distance, was finally induced
to buy stocks, too and a broad and i'm
portant market was thus created. So far
was SO good, and II looked very much as
IL the leaders would be entirely success
full In their little confidence in McKin-
ley" game. The professionals were obliged
to sell out what they had bought. how
ever. When they began TO do this the
public suddenly stopped buying Since that
time many market people have gone short
heavily. and the number is increasing rap
idly. Yesterday prices declined. not pre-
cipitateiy. but during the afternoon, with
much positiveness and regularity. The
level at the close showed net losses all
over the list. II could be seen that a
fright among the gold people may cause
break in the market before the election.
This Is not very likely, as has been said
before. because the leaders will do all
they can TO prevent it, but it has ceased
to be considered impossible.
An especial weakness in the steel stocks
yesterday made this phase OF the market
situation particularly apparent. The rail-
way list really has nothing to fear from
the election of Mr.. Bryan more than the
selling out of few speculative accounts
may accomplish for few days. This all
conservative people realize. The steel and
iron trust stocks, however. may very
easily be tumbled somewhat badly for a
short time in the event OF Democratic sue
cess on account Of fear that charters will
be taken away and corporation presidents
put in Jail and a few other such like little
matters. These stocks have already be-
gun to decline in a most significant way
They have been soft" for several DAYS
and yesterday were almost panicky a
times. There is certainly nothing in the
news of the steel trade in general that
should cause this weakness. Talk every
where is most hopeful. Earnings have
been large and handsome. The Inevitable
conclusion is that the public is being
frightened into getting out of its stocks
at the present low prices by fear that
Mr.. Mckinley and his friends Will not be
In power after March next The public
buys on margins and is afraid of losing
its margins. II is the old skin game
again The insiders are not selling these
stocks They are buying them rather
They realize that II Mr.. Bryan is elected
the slump will only be temporary one
and that II Mr.. Mckinley is elected there
will be a big boom Immediately in the
group. The steel stocks are undoubtedly
among the best to buy around, their pres
ent level II one can afford to hold them
hard few weeks
The news yesterday was not important,
but as far as IL went il was all good. Lon
don bought American securities, though
not heavily. One Of the steamers from
Europe yesterday brought over 81. 600 600 in
gold 70 add 70 the amount already received
The bank statement on Saturday promises
TO be the best Of the season on account of
these receipts of gold, and because of the
curtailing Il loans. Call loans continue