The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-07
STOCK MARKET GOSSIP.
Wall street Considering the Pros
poets for an Advance ia Prices.

! NEW YORK, May 1.-THE present unut-
a mystery. and the financial world, because
| it understands the reasons for it, expects
an improvement in the near future. The
| public has been frightened out of the mar
| ket at or near the bottom prices, as 1t US
ually is, by the Gates scandal, and, as
usually happens also. the public Will not
be persuaded into buying securities again
until the level is much higher than 1t was
when liquidation occurred. The pools
many of them, also sold out at better
prices and are not yet willing 10 embark
in the market again. The interests when
must begin the upward movement are
quietly investing in securities ana com
pleting the big railway consultations that
are to make 1890 one of the most notable
years in railway history. These interests
have not yet secured as complete control
of the situation as they wish, it may Dc
inferred, or they would before this have
begun the upward movement that is to
| make their railway holdings more attrac-
tive
1t now seems probable that these deals
for the concentration of ownership OF East
ern railway properties may be completed
at any moment When they are completed
great revision of the railway map will be
in order. and quite as interesting an ad-
vance in the price of railway securities Will
be inevitable The enormous sums az capt.
tai which have already been expended by
the New York Central and by the Fenn-
sylvania Railroads in the contamination of
their schemes have far exceeded anything
which would have met consideration
single decade ago. Now the owners of
majority interest in those two companies
practically control the railroad situation
east of the Mississippi.
Investment buying, however is not con-
fined to these powerful interests. Shrewd
men with money realize that there are
many bargains in both railway md indus
trial securities at the present level OF
prices The insurance companies and other
corporations. too, are steadily absorbing
securities.
Thousands Of shares are being quietly
withdrawn from the market and locked up
In strong boxes. The policy Of the large
interests which are thus acquiring stocks
has been TO accumulate them with as much
secrecy as possible, In order TO prevent any
stimulation in value until after their pur-
chases have been completed. Some of the
larger corporations, therefore. have been
purposely exercising a bearish influence
on the market, and the fact that they have
been arrayed on the side of the operators
for decline has greatly REINFORCED the
position Of the professional bears. 1t is
a notable fact that aside from this element
the bear party is unusually weak. Few of
the large traders are active on this side of
the market at present, and while the short
interest is very large and is every day
growing more unwieldy, Il is confined al
most entirely to the room traders of limit !
ed influence and to the ''small-fry'' specu- |
lators.
The outlook is most promising one. 1t
cannot be predicted that the stupid market |
of last week will at once give place TO a |
reversed order of things. but il is much the
most reasonable superstition that turn |
will occur in the near future.