The times., 1899-10-02
The situation in the Transvsaal was tenn

The situation in the Transyaal was tenn
porarily the ruling factor in the stock mar
ket this morning. Indications were very
strong from the opening Of the market that
hostilities would begin at any moment and
almost certainly before the end of the day
1t could not be expected that prices would
advance under these circumstances, especi-
ally when the other matters influencing
the market were none of them in any better
shape apparently than they were last week
The opening was at material declines all
over the list, but especially in the inter-
nationally listed stocks like St. Paul, the
Pacifies and Louisville and Nashville, in
which there has been declines on Friday
and Saturday of last week, while the New
York market was closed. The first hour
or two of the day showed a continuance of
the weakness of the list and there was not
much promise that there would be rally
during the day. For the moment and tenn
porarily people that insist on speculating
on small margins would much better take
the short side of the internationally listed
securities in particular. The outlook is not
by any means dismal one. The outbreak
of war will probably be followed by quick
decline in prices and it is quite probable
that the now prices reached on this tumble
will be the bottom level for the decline.
The war has been discounted heavily and
the bears will undoubtedly commence to
cover as soon as hostilities begin.
Aside from the foreign situation, it can
rot be said that the conditions are dis
couraging in any way except perhaps to
people who have been specializing on mar
row margins. The banks are likely TO call
in more loans this week TO better their re-
III hat flrrr-tV
the early part of the week at least money
is likely to remain tight Later, however,
the favorable items in the outlook will be-
gin to exert themselves. The October in
terest and dividend disbursements are M
mense, the flow of gold from Europe has
begun and will continue without doubt
if this country needs the gold, the ship
nents of money to the interior are over,
generally speaking, and finally 1t cannot
be doubted that the visitors to New York
last week and this will have spent large
sums of money that will go toward helping
the New York banks. So much for the
money situation, which is by far the most
! important general influence on the stock
market from the bear point of view. 1t is
| of course needless to state that the gem
| eral prosperity of the country is growing
| continually, and that it is now greater
| than ever before in many directions. The
| VOiuIne OL DuSiHeSS as proven uiIeCtiy hiu
! absolutely by the increase of exports and
! imports, by the clearing house figures, and
/ by railway and industrial earnings, has
! increased immensely, and prices in every
| direction are higher.
| The grangers were among the weakest
| of the standard railway issues this morn
| ing, largely on account of the fact that
| they are dealt in on the London exchange
| and have been hammered during the past
three days there. st. Paul opened lex
9 1-2 per cent, and early in the day went
even lower than the dividend deduction
| called for. Before noon it was selling al
| 123 1-2 Atchison preferred sold below g.
and the others of the list were off in pro
| portion There was some good buying al
! these prices. 1t must not be forgotten tha
] for every seller of stock at these prices
| there is also a buyer, and there are fe"
! who will doubt that the investment pur-
| chasers at this level are the ones that VIII
| profit by the transaction. The sellers are
the belated longs, who bought with insuffi-
cent margins during the past weeks ano
months.
Louisville went as low as 76 and frac-
| ton, which is the lowest price in recent
| weeks, or since the big advance OF tbs
| stock 10 above 80. Louisville has he'd III
stubbornly while the remainder OF thS
market has been tumbling, and 1t seems
probable that important holders may bi
letting go stock now which may mean q
decided tumble in price.
Tennessee Coal and Iron opened off
| full points at the first quotation and wen
| to 109 in the first few minutes OF the day
| Ii rallied or points then, but seemed
| not particularly strong. Ii the market Il
| to be weak this week it is not in the leas
| impossible that this manipulated stoci
| may have bad tumble. TIE record OF tn'
entire stock market for the first nin'
| months Of the calendar years shows Tenn
| essee Coal and Iron TO be in the lead II
its advance, something like so points, ans