The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-09

a calamity the coming OF the Presden-
tial campaign, which the bear organs insist
must mean lower prices all of these
things have been played by the profes-
sional spectators against the actual facts
| of good business conditions, record break
ing railway earnings, industrial prosperity
abundant and cheap money, and the pro-
fessionals have won up to this point. The
fierce attacks on the Ice Trust in New
York have helped the last slump, and SO
also have the refusal OF Mr.. Gates to re-
syn from the Steel and Wire Company
ana the designations of Mcssrs. Seligman
and Strauss. The threatening labor irou-
bles have added fuel to the distrust In the
minds of small security holders. 1t has
done little good for conservative critics
of the situation to point out that the
lowering Of prices in the steel trade and
in other directions was really necessary
to the continuance of prosperous coEdi-
tons. and that there is certain now to be
an immense demand for the lower priced
articles that people refused to buy at the
inflated level. And it has been of as little
avail to show that the exports of gold
mean that this country has more than it
needs, and is lending on the other side,
and piling up its trade balance.
The immediate outlook Is most uncer-
tain, but careful opinion seems to favor
the idea that reaction is due and may
occur at any time. The early afternoon
yesterday saw a slight rally but during
the last half hour the decline began again
and the close was at the bottom. 1t seems
probable that the opening this morning
will be at further decline, from which
there may quite easily be turn. The
entire street is taking the short side. The
public is becoming enthusiastic on the
short side. The little people that have
held stocks before are now selling them
out 1t is the usual omen on which the
professional bear leaders cover their
shorts.
The steel securities which have been
so weak for the past month were among
the best supported yesterday, though they
declined somewhat too under the influ-
once of selling by new bears. There were
excellent evidences that the important
shorts were covering. Steel and Wire
common opened at 3s, sold as low as
sc 1-2, and closed at 81 as. The pre-
ferred opened at rs 3-s. and closed at
76 1-2. Federal Steel common opened at
IS SIS. sold as low as 81 1-2, and closed at
81 IS. The preferred opened at 81 ga
and closed at 81 Ia Tennessee Coal and
Iron sold off two points to a and closed
near the bottom. and Colorado Fuel and
Iron dropped from 40 to So rs, and closed
at 81 Ia, these two securities being the
weakest Of the group.
The trial of Mr.. Gates will take place
today. 1t was understood at first tina:
the hearing would occur yesterday, but
this proved to be mistake. The belief
in the street is that the case will be dis
missed and Mr.. Gates exonerated from all
blame Wall Street cynics yesterday sug-
gested that even this 'vindication' Of the
gentleman would be welcome If it would
lead TO his resignation. Apparently, how
ever. there is little chance of this. Steel
and Wire securities have been hurt badly
by what Gates has done The public will
never have as much confidence in them
again. And worse than that, all other
steel securities have been damaged also.
AS it becomes apparent to the public. how
ever. that these concerns are continuing
to prosper and to earn and pay dividends
they Will all be bought again. Unfor-
tunately for the public they will be at
much higher prices than at present when
this occurs.
News was meagre yesterday. The Pa
ific Mail Steamship report for March wa,
published and 1t was generally consid
cred poor one. The stock sold off point
to 81 1-2, and closed at the bottom. The
net earnings for the month showed a de-
crease Of $4,000.
The full figures OF the New York Central
gross earnings report for April were pub
lished. 1t lis a curious commentary on the
foolishness OF such q market as the pres
ent to compare the course of the New York
Central stock yesterday with the wonderful
figures of this report. The gross earnings
of the Central and its leased lines for the
month were 81 53, 600 an increase of more
than half a million dollars. The increase
in gross earnings for the ten months of
the fiscal year to date has been nearly &c.
100000. The figures are as follows:
New York Central and leased lines
Month Of April. si,e5s,Sel Inc. $685. JIG
The earnings of the Fall Brook system
for April, 1899, were s145,346; deducting
this, the actual increase for April, 1900, is
1857, 1859.
From July l......... si5,297,s2s Inc. s5,s74 ,s3s
for ten months TO April 30, 1899, were
s1,701, 515; deducting this, the actual in
crease in 1900 is s4.173,322.
Central stock sold off to 131 5-s and
closed at 131 ga.
The Pacific securities were all tumbled
In price, though less than some other rail-
way securities. Northern Pacific was the
strongest of the group owing to a fine
statement of gross earnings for the last
week of April. The increase for the week
was ssS,411; for the month the increase
was s373,491 and for the fiscal year to
date 1904 100. The stock sold off to Sc 1-2.
closing at the bottom price. Despite pres
ent earnings at the rate of about per
cent on Union Pacific common that stock
cold down to SO 1-2. closing at the lowest
price. Missouri Pacific, which has been
held strongly heretofore by its pool, tuna
bled even more rapidly than the other
Pacifcs yesterday. scoring a net loss of
more than points.
The grangers sold off all day despite
some good investment buying. St. Paul
was especially weak, as il has been for
several days. 1t went as low as lis 1~2
and closed at lis "a. Rock Island sold
down to 105 ga and closed at 1G6. Burling-
ton dropped to 123 1-2 and did not recover
from that level.
One Of the best financial authorities
makes the statement that plans are devel-
oping for the actual consolidation of the
New York Central and the Pennsylvania
systems. II Is said that more than the
alliance which now exists is contemplated,
full combination into one corporation
The tendency of the developments between
these two systems is known to have been
in this direction for some time. Pennsyl-
vania stock was quite as weak as New York
Central yesterday, getting as low as 13l