The sun., 1900-04-16
Professional Spectators Dis
cover a Long String of
Reasons for Worrying.
TRADE CONDITIONS IMPROVE
A Long List of Depressing Trade
Predictions Prove False. This
is Notably True as
to Iron and
Steel.

Professional Wall street spectators
persuaded themselves last week that they
nad discovered long string of reasons
fnr worrying. They sold stocks short
by wholesale. Hardly one conspicuous
issue was unhammered. Lii some parts
of the market sales Of stock (which the
sellers did not OWN ran 10 tremendous
totals. This was particularly true in the
industrial list, notably as to the iron and
steel stocks, Railway shares lately buoy
ut we're also kept under extreme specu-
la i've pressure, and tales intended TO be
bnltiul we're scattered throughout Wall
street in variety. Some substantial re-
cessions were forced in the railway list,
but chiefly the damage done to market
valres was in the group of metal indus
iAlst
Wall street sentiment seems finally in
clined torespond to develop ments in the
general business world unprect dented.
" bat goes on in the railway field alone
is OF consequence enough to warrant
thorough going change in attitude upon
the part OF observers who hitherto have
been despondent or even hesitant. Prog
ress shows there of character and con-
sequence far beyond ready calculation.
In the Eastern trunk line situation ac-
tual revolution is already at work-the
New York Central-Pennsylvania alliance
having become controlling absolutely.
Some amusing reports get attention pro-
tossing to quote outlines for the absorp-
tion of this and that.and the other lesser
property; but as matter of official rec
ord it can be declared that until the re-
turn of Mr.. w. X. Vanderbilt to this
country precise lines of policy will not
be disclosed, because not until then cap
able OF final arrangement. What mean
while can be depended upon as sure is
that no important mileage in the Eastern
trunk line field is to be omitted from
Nandeabilt- Pennsyivani control
One of the earliest results of this vast
absorption scheme will appear in the
reaping of larger profits for coal trans
portation. Revenues 80 to be obtained
will represent increased proft-almost
net protit-of tens of millions of dollars
to Eastern coal transporting systems. In
anticipation of this, Baltimore and Ohio
and the Vanderbilt Pennsylvania group
OF feeders (including especially such
lines as the Chesapeake and Ohio and
Norfolk and Westerly are conspicuous in
the list OF security market favorites. And
the greater, commanding corporations
can hardly under such circumstances be
long laggard.
Trade conditions improve. Inter-
national balances are incomparably IN
spiriting.
A long list of decreasing trade pre9ic-
tions prove false. This is notably true
as to iron and steel. Much energetic
manipulative work has been done to
cause substantial recessions in the price
, OF iron products, but each reaction seems
but to induce buying orders from con-
sumers who have been holding aloof as a
matter OF tactics, not because overstocked
or without requirements. Pittsburg ad-
vices are generally to the effect that ex-
traordinary purchasing orders are likely
to be shown from this time forward at
any sign of market softness-and in the
, absence OF an early weakening tendency
such orders will soon have to be exc
cuted anyhow.
Trade condition facts like these go
+ some ways toward suggesting that specu-
! lative traders in the iron and steel stocks
/ --lubllant over having caught John w.
+ Gates napping-may Themselves be the
! ones who are caught. A big short in
a terest exists in all Of the iron and steel
J stocks, being especially extended in Mr..
4 Gates Steel and Wire Trust shares, q
, sholt interest whose chief reliance has
: been that everyb body could see that Mr.
: Gates and his Western followers were
! trying to sell out, 1t might be painful
!, to Stock Exchange room traders were il
!. Of sudden disclosed that Mr.. Gates o.
? Illinois has really got beyond Wal
: streets kindergarten stage.
In the industrial and railway Lists
:, alike the short interest reflects now tnt
: commitments not Of the big but Of tht
i lesser spectators. Reinsurance o
/ continuing easy money gives confidence
! 70 interests whose influeAce can coun
= most.