The evening times., 1899-08-11

Inc STOCK I0aEheI idiiiy
this morning with prices in the general
list at about the level of last nights close.
The greatest activity and strength was
shown by number of the speciaities, in
cluding tennessee coal and Iron, Colorado
Fuel and Iron, American Steel and WIRE,
common, and Leather, preferred. Tennes-
see Coal advanced to above So in the first
hour and seemed inclined TO go higher still
on large buying OF the character that has
been prominent in the stock recently. The
other steel and iron stocks generally were
active The outlook OF the market for to-
morrow is good, as it is generally eblieved
that the bank statement will be good one
compared with that OF last week, and spec
ulatton is hinging this week largely on the
money situation. 1t seems probable that
gains in prices may be made before the
bank statement appears and If the state
ment shows an increase in the reserve the
close is likely to be at the highest figures
for the week.
The bank statement will reflect the re-
turn of gold from Canada, to what extent
is not known. 1t is understood that there
has been little, if any, gold drawn from
New York this week for the West. The
subtreasury has taken little. Speculation
has been dull and it is understood that
loans have been decreased. These various
and in the reserve. The general money
market situation has undoubtedly improT-
ed during this week. The cheapness of call
money has reflected a greater abundance
of money and less demand. The talk is
persistent that the West will not be OBJ
liged to draw on New York this autumn
nearly to the usual extent to move the
crops. AS a matter of fact, it is not IN the
least unlikely that the movement will be
in the other direction.
The activity of the Leather securities
causes much comment, pro and con, but
although the advance Of the preferred stock
is acknowledged to be in accordance with
the condition of the leather business and
the profits of the company it is generally
believed that the common is being pushed
UP by manipulation entirely and with Ro
foundation in any new prospects for the
stockholders Talk of the possibility that
the common stock may be cut down half
In volume and the cumulative feature of
the preferred stock abrogated, may have
something behind it, but the chance is that
ii is an emanation from the clique wholly.
There is 500, ,000, 600 of cumulative dividends
now due on the preferred stock, or about
80 per cent Talk of the payment Of this
back dividend is manifestly preposterous
while the company is not now paying and
Tennessee Coal and Iron reaches on near
ly every day new high price above any
since 1890. 1t seems not unreasonable to
expect that the price of that year, SO. may
be reached by the skillful manipulation
that is at present SO conspicuous in the
stock. 1t is difficult to learn If the public
is buying much of this stock, but it seems
probable that the fine trade reports and the
certainty that the concern is making big
profits may be causing some investment
and speculation by outsiders even at the
present very high level. This is of course
what the insiders desire. AS a speculation
of a more than usually risky nature the
stock offers captivating inducements, but
as an investment at this level it is not at
tractive. 1t seems certain that any who
buy the stock at this late date and hold
it will sell it later at very much lower
prices. As compared with intrinsic value
the present market price of Colorado Fuel
and Iron is much more nearly equitable.
The grangers were strong, but inactive,
at the level of yesterdays close. During
the morning hours it seemed probable that
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