The times., 1899-09-10

mand FOR money. And prosperity is Ger
tainly not the club with which to force
bear market, and compel the Goulds and
the Vanderbilts and the Morgans and
the Flowers and the Standard Oil crowd to
sell their securities. The general advance
in the market may be delayed. 1t is be-
lieyed to be advisable, however. to buy
stocks on any further recession.
The features of the market yesterday
were Tennessee Coal and Iron, Colorado
Fuel and Iron, and MaQhattan. All of
these securities we're buoyant and even py-
rotechnic in their advances, while the re-
mainder of the market was weak and gem
orally a reflection Of the fear of bad bank
statement and later of the statement it
self.
Tennessee Coal and Iron went to 125, the
figure predicted for it a week or two ago,
which then seemed so entirely out of the
question to the average speeulator. On
Saturday week ago the price of Tennes-
see Coal and Iron was 9S. the gross ad-
vance for the week thus being % points.
During September a year ago the low price
was 26 ga, so that the advance of a year
has been in round numbers 100 points.
Earlier in the year 1898 the stock sold at
is, and only as far back as 1893 it could
hardly find purchasers at 10. II is probable
that there has never been such a movement
in any New York Stock Exchange security.
The change of sentiment regarding
Tennessee Coal and Iron is quite as
remarkable as the advance in price.
however. When it was selling at %
it had no friends. The professionals to a
man were chronic bears on it, with talk of
the company's immense over capitalization,
worn-out plant. and dead business. The
folly of supposing that the stock would
ever again revive to anything like activity
and strength was well worn axiom of the
street AS for dividends on the stock, they
We're, of course, too absurdly out of the
question even TO be suggested in order to be
scoffed at. At present Tennessee Coal and
Iron is one of the fayorites. The present
price is entirely too low. Ii will sell with
in a short time at 200 And more than this,
it will be worth it. The earnings of the
company. the, big prospects, the increase
in the value of the mines and the real es-
tate of the concern warrant it. Such is the
enthusiastic comment now heard, one year
after September, 1898, and there are more
people in the street who make il than
there were bears on Tennessee Coal
and Iron a year ago. The op-
timistic view of the situation is evil
IDENTIFY nearer the truth than the other, but
at the same time it is probable that there
is too much enthusiasm. 1t is impossible
for anyone on the outside to know whether
the insiders are putting up the price now
TO sell the stock or because they consider
it worth the present price, but it is evident
that for the average speculator the point
of safety has been reached if not passed.
Colorado Fuel and Iron advanced quite
as buoyantly as Tennessee Coal and
Iron, although its gain was not
so great. 1t went as high as 63 L.
and closed within a point or so of that
figure The Colorado company is in much
the same position as the other as far as
small capitalization and the ability TO man
ufacture iron cheaply is concerned. II has
been taken up by important people with
abundant influence in the same way. This
leads many to believe that its boom viii
be much like that of Tennessee Coal and
Iron. Certain facts are known regarding it
that make this supposition seem plausible.
The statement was made TO the writer of
this column yesterday by an insider that
one of the great Chicago banks has an
option on the entire new stock to be issued
next month by the company. 1t was fur
ther stated that this underwater would not
sell share of the stock for less than 20.
Manhattan, which was active and strong
on Friday. continued its upward course yes
terday, with total advance of 2 points and
a net gain of i point Brooklyn Rapid
Transit and Metropolitan were also strong.
The talk of a deal between Metropolitan
and Manhattan is generally believed TO
have some foundation, although it has been
denied in various quarters. The disposition
in conservative houses is to believe that all
of these securities are likely TO advance in
the near future, though il is acknowledged
that their present intrinsic value is less,
than that Of many other Sc
curities.
The statement of the Pacific Mail Steam
ship Company, issued on Friday, was the
cause of further selling of the stock yester-
day, and it went as low as II rs. closing
al ~ l-2, with a heavy net loss for the day.