The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-16
STOCK MARKET GOSSIP
Dizziness the 0aIy Characteristic
of Recent Speculation.
Outlook for yIfinintc Advances Com
sidrrcd Favorable. Eat Near Pros
meet Less Sntisfacfnr.-Profe
aIis,a in ContraI-The Chinese
situation and the Crop News.

NEW YORK, July 15.-There is pros
pect of temporary decline in prices in
the Stack Market. according to careful
observers The professional market con-
tinues. and the manipulated advance seems
TO have run its logical course. The past
three days seem to many the typical dnil
period afte. an advance and before de-
cline. During the coming few days the
market promises to respond readily &c
news developments, and inasmuch as these
promise to be unfavorable. there will be
in all likelihood lower market
Aside from enc or two speciaities IN
which they have direct interest the big
people of the street have been idle; the
Wormsers continue 10 buy their speclai-
ties, and are the only consistent bulls Iii
the market The professional traders have
been open buyers. but are credited with
considerable selling under cover of up
ward movements in Union Pacific and Bal
timore and Ohio. The outsider is deferred
from coming in by the developments IN
China the revival of Boer activity in
South Africa the danger of damage to the
corn crop. and the probability that soid
exports will be resumed. At the moment
the foreign developments and the crop re-
port are the moving factors. Advices
from China are VIGOROUSLY unreliabie, but
there is no longer any question that the
Euyoys OF the powers have been massa-
cred and that the Chinese Government mas
either lost control of the situation or is IN
full sympathy with the so-eaiied lnsurgent
Boxers.
C
probably overstates the damage done. but
Il must have its effect on a professional
market.
Wall Street is complaining about the
lack of business and bulls on the market
point to this as an argument in their Ia
yor. They say that the market is liGui-
dated; that the public has been shaken out
OF its stocks. And this is to great ex-
tent true. The little fellows, those VINO
speculate in the smaller commission
houses on from ten to twenty points mar
gin, have been shaken out Firms which
were borrowers of anywhere from sS.oOo,-
Oee to $751; 900 a few months back are
not borrowing more than 100000 TO
So 600 600 now. These are the exceptional
commission houses. and whenever there is
any business doing they get their full
share of what is going on. Weak men no
longer have a passing interest in specuia-
tion. Specialists say that whereas a lew
months ago each one, from Atchison down
to Western Union, had orders on both
sides of the market at variations in fuc-
tuations OF is per cent. they today have,
II not blank pages at least not sufficient
orders to keep their attention riveted
Specialists. in other words, men who stand
in the respective crowds watching every
change and who are supposed to be the
best posted on the buying and selling
power of the market, are almost abso-
lutely without orders. They are not buy
ing because the outside public is not pres
ent; they are not selling because the little
SPECTATORS have no more TO sell and the
big spectators are not yet frightened
enough to liquidate. This is the best of
all indications that the bottom prices have
beer reached: that there will be no more
big Declines; that the next important
movement will be upward; but it has no
particular significance in the immediate
professional market. Buying for invest
nient will continue and before very long
ii will be large enough to be effective.
Meanwhile the immediate market is not
promising as has been said.