The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-28
STOCK MAPKGT GOSSIP
A Continuance of Mario. Specula,
ton the Expectation.
a Sustained Market or nm Import
TO He Locked FOr-HeRlthful Trade
REIMBURSEMENT in ProEress-Henry
Cicws' Review of the Situation.

NEW YORK, May 2T-The bes; expec-
tation that should be entertained, regard
ing the stock market, at present, is that
the gradual tendency of prices will be up
ward A sustained bull market or even
an important advance Immediately, is
hardly TO be looked for. That prices will
not go much lower is however one of the
general situation. A healthful trade re-
adjustment is in progress, anad pending the
q establishment of a new basis, and the COM
pletion of the present transition period
stock speculation is quite likely to remain
in its current lifeless condition. While
stock market traders are bearish almost to
a man, it is encouraging to note that
their expectations of further declines in
values and panicky market later on in
the season are based upon healthful
business reaction and politics, rather than
upon real weakness in the business and
financial situation.
1t should be borne In mind that, while
the market is not particularly attractive
for bull operations at the moment, the con-
ditions governing bull speculation are in
evidence, and give every promise OF perma-
nency. Crop reports are, as whole, good
Railroad earnings continue heavy, Sig
nificant fact in view Of the enormous traf-
fic receipts at this time last year; money
is growing easy the world over, and bust
ness reaction is not accompanied by bust
ness disturbance. The slow and orderly
change in the industrial activities OF the
country are steps that will lead to are
sumption of business on larger scale after
the fall election. The stock market is
waiting but declines brought about by the
boardroom traders are not likely to
Brighten investors out of their securities.
A sustained bull market is not in view
Just now, but securities are selling
below intrinsic values, and will be pre-
vented from going much lower by invest
ment buying.
Henry Clews. says OF the situation: THE
stock market shows good resisting quail
titles. Strong efforts have been made TO
depress values. but success has been linn
tied. The chief result was to enlarge the
short interest and create buying power
that was otherwise wanting. AT present
neither investors nor the outside public are
taking an active part in To. market; but
the real holders of stock make such dis
play OF confidence that the long expected
recessions in values do not materialize On
the contrary prices have been surprisingly
strong. considering the various uncertain
ties and the changes to be faced within the
next two or three months. The strongest
bull factors at the moment are continued
large railroad earnings. easy money and
the prospect of an early end of the Trans
vaal war. The business outlook does not
warrant any uneasiness. Some concessions
on values of merchandise would merely
bring in new orders which have been held
back by high prices; and partial cessation
OF the recent rush of orders is desirable IL
trade is to continue OF healthy proportions.
We look for less profitable, but sounder
volume OF business during the next six
months than the last. And there is no
doubt whatever that the railroads will
enjoy their present prosperity for a consid-
cradle length of time to come"