The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-14
STOCK MARKET GOSSIP.
Continued Success of the Bears De-
spite FavOrablc Conditions.


NEW YORK, May 13.-Sueh a stock
market as the present emphasizes the fact
i that there are times when it is out OF the
question to foresee what is to happen next.
There is a contention between the actual
facts on the one hand and the bear specu-
lators on the other, with large aid TO
the bears in the fear of the small holders
of securities There are few careful and
| intelligent people in the financial and bus
mess world at present that see
any thing alarming in the general sit
uation. II is known that prosperity con-
tinues and that the outlook is excellent.
Despite this fact the downward course of
stock market prices continues from day TO
day and from week to week, and there is
no sufficient reason to believe that there
will be any change during The coming
week.
The bears began the downward move
ment aided by the Gates scandal, and as
ii progressed the holders of securities on
slim margins have been forced to sell
out or have been frightened into selling
when they need not have done so.
And as always happens in such
a market, every day of such bear selling
and liquidation makes another day easier.
The end only comes when the powerful
interests decide that the decline has gone
far enough and begin themselves TO buy
up stocks not only for investment but to
force up prices. Then the boom is easy,
as the bears run to cover quickly.
The question that is unanswerable is
when the large interests will decide to
take the bull side actively. 1t may be dur
ing this week or it may not. That an
upward movement of vigor and import
ancc will come at some time in the near
future cannot be doubted. however And
neither can it be doubted that investment
buying of securities at the present level
of prices will prove most profitable before
the end of the present calendar year. 1t
is even believed by some of the shrewd
est market people that speculative pur-
chases on good margins may be made on
the dips in prices with good results to be
realized before the Republican Convention.
The Vanderbilts and the Rockefellers
and the Pennsylvania interests have been
purchasing securities steadily during the
entire tumble in prices. They have not
tried to turn the tide as yet. Possibly
even they have been entirely willing to
allow prices to seek lower level for their
own purposes of accumulation. Neverthe-
less this buying means that when the re-
bound comes the market will be in very
unpleasant position for the bear interests.
The supply Of securities is being ex-
hausted and the bears are selling what
they do not possess.
There Is a tremendous game in progress
for the enhancement of intrinsic values.
The Pennsylvania people have been among
the foremost in this game. The officials
of the Pennsylvania are shrewd sharp
business men who never gave away dol
lar of the company's money unless they
knew that the company would make many
times the sum expended out of the invest
ment. They have, in their recent expendi-
lures gained property which will not only
pay its own way, but has already enabled
the Pennsylvania to make an advance In
the freights on soft coal which will net
that company more than 20 cents per ton
on 30 0Q9, 600 tons after making allowances
to all subsidiary roads.
There is no varnish in this story. The
Pennsylvania certainly nets now at the rate
OF 81, SOC. 600 per annum on its coal tonnage
more than II did at the corresponding time
last year, with every chance for another
advance in soft coal freights. Is 1t to be
supposed, however. that the Vanderbilt-As-
tor Rockefeller Morgan clique have per-
mitted the Pennsylvania to gather in this
large assortment of plums without having
some similar scheme for the benefit Of the
hard-coal roads in which they already own
a practical control? 1t is not reasonable,
especially as the Vanderbilts are known to
have assisted the Pennsylvania in many
portions of their deal. The clique men
toned now owns a very large proportion of
the Delaware, Lackawaana and Western,
the Delaware and Hudson, the New Jersey
Central, the Reading, and the Erie, besides |
fair amount of Lehigh Valley, and it is |
safe to assume that some lively times will |
take place in that sextet of hard-coal roads |
during the coming three months.