The evening times., 1899-09-12

The death of Cornelius Vanderbilt went
far toward completing the disorganization
of the bulls in the stock market this
morning, and turning speculation into a
wild scramble TO sell stocks. Coming at
exactly the time that it did when the
boom of prices had already received heavy
blows from the tightness OF money and
the uncertainties of the foreign situation
the suddenness of Mr.. Vanderbilt's end,
produced more effect than it would have
done at any other time, perhaps. He was
large force in the Street and Aparticu-
larly he was identified with many of~the
big railway deals and schemes OF the past
six months, and not yet completed, which
had been counted on by the important
financial people TO add to the strength of
the market 1t cannot be believed that
these plans will be given up or even re-
tarded to any extent by his death, but the
immediate effect of the event on the stock
market was certain TO be depressing if
not even disastrous. The market opened
with heavy orders to sell stocks every
where and although there were big buy
ing orders also prices tumbled steadily
in nearly all stocks during the morning
hours 1t was impossible during the
morning to form any idea as to what the
extent of the further break would be,
opinions being badly divided with a bal
money rate continued high, and there
were no promises from the banks. that it
would be lower Immediately. Buying on
quick breaks was advised, but taking prof
its quickly also. The disorsanization of
the market has undoubtedly gone so far
that it is now unsafe TO make any pred!c-
tions of permanent improvement for the
time being Frightened markets have
way of being worse than is expected some
times Nevertheless today's prices are
quite likely to be the bottom figures for
the movement.
Brooklyn Rapid Transit and Tennessee
Coal and Iron were the weakest stocks on
the list Brooklyn dragged steadily to low
er prices, getting before noon to SO IL.
There was good support of the stock
around ~. many thousands OF shares be-
| ing bought with practically no concession
| of price, but it seems not improbable that
| the slump once it has gotten below par
may go much further. Stop loss orders
| in large volume are reached at each de-
! cline of a point. The stock is one of those
! that it is we'll to keep out of no matter
which way it goes.
| Tennessee Coal and Iron surprised the
entire Street by opening nearly 10 points
| off with no quotations between III and liz
| The suddenneSs OF the slump was unac-
countable except on the theory that the
insiders wished the stock to take it's entire
| tumble at once to avoid buying it on ths
way down. The price advanced from the
| opening to 11S 1-2 Immediately and then
broke again to the opening level and was
| in every way extremely feverish. of:e
Colorado Fuel and Iron held its own ex.
eellently, declining only point or two. and
receiving good support from the insiders
1t was one of the tips to buy Colorado Fue
and Iron on the break and the prediction
that 1t would go Off very little was made by
/ excellent people. President Osgood Of thi:
company has sent to stockholders a state
ment explaining the uses to be made of tht
new stock soon to be issued. The $12, 600,
00o has been bid for at price considerably