The age-herald., 1899-09-19

to h, stock of the property and L z sttling price at anywhere from 2b points above the current quo tations. Ihe most definite statement whca any one undertook to make was that 95, ,001 shares held for short account had been bought at 150 while the closing price or Monday was around 1211a. It was said that the holders of the property had located the short interest and had made distinct inti- nations that unless the holders of such contracts settled at the terms offered the market price would be run to a much high CT figure possibly as high as 200
 Relations of brokers and clients in the Wall street market are so confidential that it was manifestly impossible to obtain actual confirmation of such reports, They were nevertheless accepted as fairly accu- rate, and, according to common assump- tion, they involved a loss to holders O. short contracts amounting close to $2,5O0,- 0Oe
 Tennessee Coal and Iron has had phe- nomenal advance in the security market. Ali through the period of business dunes. the property was held in light esteem botil for speculative and investment interests Prices one year ago ranged at 90, and had OStll 1OMcT u WdS hHON4 that when business Jagged many of the fur naces of the property were closed Revival in the iron and steel industry affected fa- vorably this property along with others of the same class. Furnaces were reopene and great activity prevailed in all the de- partments of the company In spite of the business revival, however, operators in t.Ic stock market were reluctant to believe that the company could show such prosperity as to warrant an advance in the price of the stock from 90 to 60. No dividends havc been paid on the preferred stock of $1,00O00J since 1893, although four years previous t. that time the dividend disbursements wer. per cent On the common stock the last dividend had been per cent, in 1887.
 When prosperity came the necessity arose of renovating in part the portion of the plant which had been in disuse. This involved quite an expenditure of money. The plan of distributing common stock U holders of preferred stock in lieu of divi- dends received wide attention as soon as prices began to move upward. There could be no way of doing this except by the issue of common stock in addition to the $20- 100000 already put on the market. It was explained that the company Would be under the necessity not only of undertaking ma terial renovations, but also of paying lapsel dividends on the preferred stock since 1895. It would also be under the necessity, as heretofore, of paying interest on upward of $10,O0o,000 of bonds, nearly all of them at per cent. One issue bore per cent Since interest on the bonds had been paid all along through the business depression however, this item of expense did not count for much in the estimates of stock in vestors.
 Little except talk manifested itself in the movement of the stock until July. It's open ing price in that month was 641a to which it had advanced in the last year as part of the general improvement of business throughout the country. In the last week in July the quotation stood at 72. Even then there had been little news in regard to the property except that it was sharing the general improvement in business It touched 777s on August 1. SO1s on August 4 S6 on August 12. 95% on August 19 and par on August 21.
 This was the time when it began to ex- cite the attention on the bear side of the market A selling movement began, which depressed the stock to 93 on August 2i. Slight fluctuations followed for a few days, showing that selling for short ac- count still continued But the last of Au- gust strong upward movement developed, and on September the price stood at 10S. It advanced to 1171a the following day, but the next day, under heavy pressure by holders of short contracts, it declined to 109
 From the time that short selling began on August 2i the stock had been one of the most active in the market, Violent huctua- ticns, apparent in the first week of the present month, indicated a sharp tussle be- tween opposing interests. The stock rallied on September 8 to IT. It showed further advance on September to 125, and on Moa- day 1t touched 126.
 This movement had become exciting anl perilous for the bears, and evidences ap- peared that the stock was so well held that mo speculative movement could batter it down. The quotation eased off at the close of Mondays business to 12112, and then ne- gotiations for settlement of the short ac- count came to head. Tuesdays opening at 112 indicated that the elimination of the aggressive short interest those in control of the property were willing to let the mar ket ease up. There seems to be no doubt that quotations might have been advanced to any figure which holders of the prop erty had chosen to put them.
 All sorts of rumors are floating as to per sons or interests which were caught in the settlement. The names of several persons who usually figure in large transactions in the stock market have been used in the stories of the settlement. Naturally these persons are not admitting that they were so badly caught, and the managers of the market end of the property see no reason why they should tell what the other side prefers to keep dark It is commonly known that prominent bank is the headquarters for interests which are caring for the property The personnel of such interests Is not fully disclosed, but every one under stands that they are most influential Those who engaged in the contest on the other side have had as leader, according to common report, one of the most active men in the street, and his following has l