The evening times., 1899-11-09

A somewhat weak opening and lower
prices during the first hour of the dag
characterized the stock market. Selling by
the bears and by the frightened small
holders of stocks continued, and there was
not much apparent disposition on the part
of the bull leaders to support the market.
The attack on Leather and the weakness in
Manhattan continued, and the declines in
these securities undoubtedly hurt the gen.
eral market to a certain extent. The out
look was good for a recovery in the after
noon or tomorrow morning, as all the in
huences in the market at present, with one
or two exceptions, are strongly bullish.
Money was lending on call this morning
at s per cent. and higher rates are almost
the only factor that can possibly cause a
much further decline in prices. The
chances in this direction are not giving
careful market people much alarm.
Two Treasury matters this week have
had their influence on the market in differ
ent ways. The decision, or semi-decisison
TO tax call loans, under the war-revenue
tax law, has been held up indefinitely, TO
await legal advice, which, it seems most
probably. will be against such tax. On
the other hand the alleged intention of the
Secretary to purchase Government bonds
in the market TO the extent of $50. .000, 900,
column several weeks ago has also been
postponed, if it was ever seriously enter
tanned. Many careful financial people are
OF the opinion that the purchase of the
high-rate bonds (say the 5's) at this time
would be an unmixed blessing to the finan-
cial interests in New York and elsewhere,
besides saving large sums to the Govern
ment in interest. One thing seems to be
demonstrated more clearly every day re-
garding the New York financial situation
money may be dear. because the banks and
other lenders wish II to be. but il is not
actually scarce. The fact that the banks
persistenuy refuse to increase their circu-
lation, and the fact that the discounting OF
interest on the Government bonds has
been Insignificant in amount, are well-nigh
unanswerable
The tumble in the price of Leather,
common continued this morning to "a rs,
with hardly momentary recovery. No
body felt inclined to advise the purchase
Of the stock even at this low price COM
pared with that Of yesterday morning. The
fact that however much Leather may de-
cline 1t will still be too high intrinsically
anywhere above s or 10. is now very easily
realized by people who a few days ago
were buying it at 35 and 40. One of the
news bureaus today put out the statement
that the dividend on the preferred stock
is to be advanced to S per cent immediate
ly. This will. of course. put the common
still further away from any possibility
of dividend.
Manhattan went off to LOG and a fraction
in the first hour of the day. The state
ment of the company for its fiscal year
was regarded in nearly all quarters quite
naturally as an unanswerable bear argu-
ment. The friends Of the company base
their optimistic predictions on the i'm
provements to be made in the system and
on the fact that the actual net earnings
for the year showed a fair increase over
the previous year, although there was
deficit for the period on account of the
larger amount OF stock In which to pay
dividends. 1t is also pointed out that the
amount realized from the lending of the
company's cash in the. market is not taken
into account as 1t should be.
Union Pacific, common. and Southern
Pacific continue to attract much attention
on account of their great strength and the
persistence of the cliques il them. 1t was
said this morning that London interests