The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-03
THE GENERAL LIST WEAK
Persistent Pressure by the Bears
Causes Heavy Declines.
Pessimistfc Utterances of Gates Aid
the Shorts-Testimony of Mercan-
tile Agencies Ignored - SagGinE
Prices Rule. Except in Sugar Re-
filming and Consolidated Gns.

NEW YORK, May 2.-Stock market con-
ditions have reached an exceedingly in
teresriBg 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 been
willing to accept the testimony of the
mercantile agencies, and such other evil
dences as were 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 swashbuckling 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 1894.
1t is. indeed, almost impossible TO ind,
among the ranks Of professional speeuia-
tors in and out of the stock exchange, a
single believer in the maintenance of even
the present general level of prices, Tot
withstanding the extent to which the
average has been reduced in the past few
weeks Furthermore. Wall Streets pro-
fessional element has by no means con-
fined itself TO 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. it 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
erDing price movements brings up against
a non-sequiter
This mornings stock market was almost
uniformly weak. There was very little
more actual liquidation than there las
been at any time since the decline set in.
but the market was subjected 10 ProsSS-
sional pressure, under which some severe
losses were scored.
AS was to be expected, the labor cub
les at Buffalo and elsewhere Throughout
the coutry as set forth in this morning
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 Fuel
and Iron. Whatever may be said in re-
gard TO the state of the steel manufacture
ing industry, it is evident that the zig
iron producing companies are experiencing
no difficulty in disposing of thsir product,
inasmueh as the Tennessee Coal and zoo
Company has disposed of virtually its en-
tire output up to the first of nsxt Janu-
AIRY.
The weakness OF the market vas how
ever, By no means limited to the indus
trial quarter, for number of no.eW orrhy
Losses were shown in the railway lis; also.
The market showed little effective sap
port in any quarter, which, Of course, IA
cilitated the aggressive ope atoms for the
short account. There were few exceptions
TO the general tendency OF pr es, Sugar
Refining and Consolidated Gas being TIE
most conspicuous. Iu both instances u
strength shown appeared TO Teflsct Ire
mistaken belief that present efforts to
settle trade conditions will eventually be
successful.
London was not a factor OF any acc )unt
in the market.