Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-14
Tennessee Coal and Iron a Feature
in Stocks Again.
ITS SHARES ADVANCED S PER Cent
Some lrreguIarity and Selling Fol-
lowed Strong Opening.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

Special Dispatch to The Evening Star.
NEW YORK. August 14.-Today's mar
ket opened strong under the leadership OF
a few specialties, such as Tennessee Coal
and Iron and Panhandle. Commission
houses were moderate buyers around the
opening. but the volume OF this bust
ness was not well distributed. After the
first outburst of buying in such properties
as are under the control of cliques the gem
eral market became irregular and very mar
row. During this quiet period 1t became
evident that some realizing was in progress
In the standard issues.
Weakness in Brooklyn Rapid Transit
helped to increase the confidence in the pro-
fessional position of working for reaction.
There significant selling. but there
was distinct increase in conservatism on
the part of the larger interests. Some cap
ital was made out of the discovery of the
fact that the large increase in specie as
indicated by Saturday s bank statement; was
largely in the gold holdings of a single
downtown bank. The deduction followed
that the Increase was due to a special de-
poSit and that the Improvement in cash
holdings was rot general
Money ruled relatively easy. however, call
rates varying from ~ to 3l2 per cent. The
present situation needs something more def
mite on the subject of time money rather
than upon the day-to-day conditions pro-
vded for in call loans.
The movement In Tennessee Coal and
Iron added per cent TO opening prices I'M
der spirited trading, in which some short
contracts were probably covered. This adj
vance was followed by a sympathetic move
n.ent in Colorado Fuel under more DELHI
crate and less artificial buying.
The settlement of the smeterS' strike
was followed by some good buying of the
common and preferred shares Of the Amer
lean company and the Denver and Rio
Grande railroad issues The railroads are
likely to profit almost as much as the
smelling companies in the settlement of
these labor troubles.
Kansas and Texas securities active
and more permanent than for tina at
ordinary prices. Earnings and general i'm
provement in traffic prospects are said to
warrant the prices.
In Panhandle the same argument that
which first put the price into the twenties
is being urged in its favor AT this time.
while the argument is old, there is grow
ing extension of the policy of seriously con-
Sidering ii and acting upon it with due ais
erection. The value of the property and its
peculiar value to the Pennsylvania railroad
has revived the ruElOrS of probable COM
promise of the proceedings to determine
its equities.
The general market, while strong in tone,
is not uniformly satisfactory. The season
is adverse and European politics may be-
come a factor, which Will demand one or
two days attention on the stock exchanges.
London is said to be already short OF Amer
lean issues and may have to cover between
now and Wednesdays settlements; but
should the weakness OF the Paris bourse
continue this short account may be carried
over into the new account. 1t is q patent
fact that the manipulated Industrial issues
are the only positively strong stocks, as
group. at this time.