The evening times., 1899-09-11

A sharp break in prices all over the list
characterized the stock market this mcrn-
ing. The opening was rather better than
the close on Saturday, but the decline be-
gan Immediately and continued steadily un-
Ill the level had dropped of in the active
securities half point to Ia point or more,
and two points in one or two sof the spe-
cialties. The talk OF the Street. was almost
entirely given over to the conditions ex-
hibited by the bank statementsof last Sat
urday and prediction of money strin-
gency were persistent land o. aggressive.
Liquidation of weak holdings was heavy
and bear selling was active, the, two factors
at one time combining to look; very much
like panic of selling 1t is insisted by con-
servatiye people that the condition of the
banks is not anything like SO serious as
such tumble in prices would suggest, and
that todays decline will most probably
mark the end of the downward movement.
The actual figures of the statement .are
worse than they have been at any time
since September, 1893, the year of the real
beginning of the financial depression but the
difference is that this lack of cash in New
York is caused by prosperity and not by
depression. Money is dearer this month
because there is great demand for it to
carry on the immense business of the coun-
try. In 1898 there were the tight money
rates of fear and now the same thing is
caused by confidence. II is certain that the
autumn is likely to witness a continuance
of sitter rates than have prevailed hereto
fore, but whether it is certain or not it is
undoubtedly believed by very careful peo-
pie that this will not prevent a strong and
active bull market The buying of low
priced dividend paying stocks is advised at
recessions.
Tennessee Coal and Iron continued to be
the feature of the market this morning. 1t
refused to be adversely affected by the sell
ing of stocks all around it and attained a
new high price 126, during the first half
| hour 1t declined somewhat from this level
| bat was at all times strong. The closeness
| with which the stock is held by the insid-
| ers is shown by such an exhibition. Mani
| festly there is no reason why Coal and
Iron should go off when it's few holders
| do not wish it to. The old question wheth-
| er the insiders are putting up the price to
| sell or not can only be answered by the
outcome, but conservative outside specula-
| tors are not buying the stock any further.
On the other hand it is manifestly not the
| part of wisdom to go short of it when the
| insiders seem quite as likely as not to force
| the price to 200 if there are enough shorts
| to make this game profitable.
| Colorado Fuel and Iron acted in much
| the same manner as Tennessee Coal an
| Iron, getting as high as 81 and holding its
/ own well around Saturdays high level
1 The stock is held in much the same man:
ner as Tennessee Coal and Iron and large
| ly by the same clique it is said. 1t looks
/ to be the better purchase of the two at the
| present level of prices.
Brooklyn Rapid Transit and Manhattan
both went off rapidly, showing nothing
whatever of the strength that character
lied their movements last week. Brook
lyn declined nearly to 102 and Manaatta-
nearly to lis in the first half hour, and
although there was some recovery later II
did not seem in the early part o. the day
| to be very enthusiastic. Brooklyn is one
4 of those stocks that might be tumbled IL
price in a tremendous way nothe insider.
should see fit to withdI aw tier support
and for this reason conservative peopl;
are not advising its purchase while there
is any uncertainty in the market situation
The chances are strong, however, that il
will advance instead Of declining.
The grangers all went on sharply. St
Paul declihd to 1873 and ID fraction, Bur
lington to 1874 7-S and Atehisoa, preferred
to "a. There was liquidation sin the high
! priced grangers and in othery high priced
securities, apparently by pfopae who fear
ed the possibility of high sateso