Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-12
Bear Element Had Control of Todav's
Stock Market.
SELLING FOR BOTH ACCOUNTS
Tennessee Coal and Iron Led in the
Decline.
GEN ERAL MARK EFT REPORTS


Special Dispatch to The Evening Star
NEW YORK. September 12-All depart
ments in the London stock market. with
the exception of the American shares.
showed strength and activity. In Yankee
rails business was very light. and the little
done showed q declining tendency-the
losses ranging from x to | per cent The
continent seemed disinclined to trade in
American railway stocks pending ease in
money rates here. There was an intima-
ton in the London exchange this morning
that that center may be called upon at an
early date to supply gold for American ex-
port purposes
In the local stock market the death OF
Mr.. Cornelius Vanderbilt was the upper
most topic of discussion but it was known
hat he had retired from active business
affairs after the stroke of paralysis he ex-
oerienced TWO years ago. and this knowl-
edge tended to prevent any sembiancc of
4 panic in the market
Liquidation heavier than that experienced
yesterday. however, was apparent AT the
start. This particularly so In some
Of the specialties. The sharpest of these
declines was recorded in Tennessee Coal
and Iron. which opened off 9i2 points from
asst nights closing figures, but soon after
ward rallied over points The trading in
the stock, however, became very cratic
he price changing as much as ! per cent
at times between quotations.
Brooklyn Rapid Transit came next in
point of activity and weakness, the opening
figures showing a decline of IL per cent.
followed by slight recovery. which in
turn was followed by a pressure Ia sell.
and the price reCeded to Gfi2 before the
decline was checked. The trading in this
speciality marked the most feveriSh aspect
If the general list. and the heavy sales
aScrihad To both short selling and
liquidation of long stock.
Colorado Fuel broke about per cent in
he early dealings and Sugar scored a loss
Of over a point The early losses in the
general railway list however were only
fractional as rule.
Supp orting orders We're met in various
stocks during the declines this morning.
but only in small amounts, and intended
evidently only as steadyinG influence to
the market. 1t was noticed that the trad
ers tried several times to rally the list on
the appearance of these supporting orders.
but the offerings were too heavy for them
10 dfgest-the selling seemingly coming
from all sources rather than from any one
class of spectators.
1t was stated, too, offset to the
stronger bearish feeling now prevalent. that
leading banking interests in the St Paul
railway board would use considerable effort
to have extra dividend declared on that
stock at Thursdays meeting; that the ex-
ecutive committee of the Western Union
Telegraph Company had recommended The
DECLARATION or the regular quarterly fttl-
dend of IL per cent Dit had been limited by
the bears that the dividend would be
duced). and. further that the regular divi-
dend would be declared on Federal Steel
preferred. and had been declared on Man
haitian elevated road. These encouraging
facts, as mrrored by the more enthusiast
tic bulls, did not, however, reflect the
ruling speculative temper of today. and.
while a great deal of the midday selling
was for the short account. 1t is believed by
great many prominent operators that
the market will be unsettled and possibly
work lower until the liquidation of loans
puts the banks in a better position than at
present To do this may take week
ten days. unless in the meantime the mar
ket becomes heavily oversold. in which
event a sharp rally is not unlikely to take
place sooner
Most of the banks have worked up rates
generally from to I per cent Some of
cent.
In the late afternoon trading the decline
in Brooklyn Rapid Transit was checked
around 81 by buying supposed to come
from Flower & Co. There also some
further covering OF shorts by room trad
erS, who were inclined to look for a little
easing off in the money rates on account
of several loans being arranged earlier in
the day.
Unconf1rmed rumors We're current TINT
the treasury would increase government
deposits In the banks. and that Vanderbilt
and Metropolitan interests had lent some
support to the market this afternoon. These
rumors tended to rally the market some
what, but ii was noticed that the offerings
grew heavier as prices advanced