The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-03

NEW YORK. May 2.-Stoek market con
ditions have reached an exceedingly in
terescing stage. To form proper Under
standing OF the conditions it is necessary
to consider the market almost exclusively
from a technical point Of view. Ever since
that distinguished addition TO the ranks
Of high finance. Mr.. John W. Gates, pro
claimed the elimination and Forthcoming
disintegration Of the commercial pros
perity of the country. the spectacle Of
sagging and oftentimes rapidly declining
prices has been witnessed in the market
Persons who before that time had beer
willing to accept the testimony Of The
mercantile agencies. and such other evil
donces as we're furnished by bank clear
ances and railway earnings as indicating
that the volume of trade was still extra
ordinary, became suddenly converted by
the utterances Of the swashbuckhng spec
ulator. and according to views everywhere
expressed in Wall Street now the country
is perilously close to the state Of things
that existed in 1S94.
II is. indeed almost impossible to fnd
among the ranks Of professional specula-
tors in and out OF the stock exchange q
single believer in the maintenance OF even
the present general level Of prices. rot
withstanding the extent to which the
average has been reduced in the past lew
weeks Furthermore. Wall Streets pro-
fessional element has by no means con
fined itself 10 lip utterance. but Il has
aggressively backed its opinions in the
stock market until there has developed
the most extensive short interest that has
existed in many months.
This has come to pass largely because
whatever the opinions Of the professional
element may be- il is plain that legitimate
holders OF securities are not only far from
being in accord with the views Of the pro-
fessionals. but, according to the testimony
OF the most substantial commission houses.
are in a position TO protect their securi-
ties to any conceivable extent. Anyone
attempting, in short, to account for cur
rent market conditions in the light OF
those outside circumstances usually gov
erning price movements brings up against
a non-sequiter
This mornings stock market was almost
uniformly weak. There was very lit e
more actual liquidation than there las
been at any time since the decline set in.
but the market was subjected 10 pr5sJs-
sional pressure. under which some severe
losses were scored.
As was to be expected the labor cub
the coutry. as set forth in this morning s
newspapers, were thoroughly exploited. as
were the engagement OF geld for export,
and even the forthcoming Presidential
campaign was dragged into the situation.
The declines in all Of the steel indus
trials were particularly severe. and synpa-
thetic and violent breaks occurred in Ten
nessee Coal and Iron, and Colorado Flcl
and Iron. Whatever may be said in re-
gard TO the state Of the steel manIfdctur-
ing industry. il is evident that the rig-
iron producing companies are experiencing
no difficulty in disposing of thJir product,
inasmuch as the Tennessee Coal and lion
Company has disposed OF virtually its en-
tire output Up TO the first OF 5Xt JaIu-
airy
The weakness Of the market vas how
ever. by 10 means limited to TIE indus
trial quarter, for a number Of ro-eW orJhy
losses were shown in the Iai way lis; also.
The market showed little effective sap
port in any quarter. which. Of cO1rse "a
cilitsted the aggressive ope ations TO- the
short account. There were few exceptions
TO the general tendency Of phi es, Sugar
Refining and Consolidated Gas being tie
most conspicuous. In 10th instances L e
strength shown appeared to rehect lie
mistaken belief that present Efforts to
settle trade conditions viii eventually Re
successful
London was not a factor OF any account
In the market.