The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-02-23

standard ,ecuH-ic, were inactive aud oaI, -ie1a,
la price. The first two hours of th. session vr-e
Disappointing TO those that had expected any
revival Of speculation after tl, holiday The
real cause Of She tumble iu tHs prices Of Third
Avenue, Leather, common. Peoples Gas. and
Sugar cannot De stated of hand. There 49,, Che
usual bear stories aHoat, but 81 is 10y 90 means
certain that there Was any importan, liquidation
iu any OF them this morning. Many are inclined
20 believe that short selling by tuc smaller bears
account, for th, movement -uHi.i,nrIy OtIcrs
suggest that more important people. and holders
a securitics too are allowing prices 90 decline
pupo-cly boz order 20 shake out weak holder, be-
fore good upward movement. a, usual intrinsic
conditions and genera! news are extremely salts
factory. tn, situation in south Africa i- con-
sidered hy Wall Street people 20 be better than AZ
any tim- heretofore. Money a. Set shows no signs
ct Tightening 90 any unpleasant extent A bank
statement showing further loss OF cash and Of
surplus reserve Is not unlikely. but IL viii be- 10
surprise and il viii still leave the banks In most
eHvilbly strong position Advices from the West
regarding grain and general freight busiues. is
most encouraging. There is talk in usually we'll
informed quarters OF a higher dividend on South
en Railway, preferred. Il is not believed by
any except the professional bears. and not by al
Of these. that the market viii remain much longer
At the present low level Of prices Mr. cam
mack is quoted expressing bulIi-h view, re-
sardins many securities and Nh. Kccnc IS known
to be buying Third Avenue.
Third Avenue tumbled again This morning sey-
esl points, reaching as low a. - before II
o'clock lt- price year ago wa 242, 80 thai the
break hs@ been nearly loo points. The latest plan
for the rehabilitation OF the property is de-cri5-
ed In circular sent out by prominent financial
hcuse 90 capitalists, who might be expected 10
subscribe, Il proposes that So. 500. 900 in notes
bearing per cent interest by subscribed To- run
three years. Subscribers are TO- receive the paper
az 80 and the firm that floats them is 10 receive
] per cent. THE Eould leave the company S2l..
$4,000. The plan s further that the notes are to
be taken mp before maturity by consolidated FIRST
mortgage bonds also 90 be foatcd By the financial
house. Bonds Of the company 10 The extent Of
- oJo.OO0 also TO be taken up. Holders Of the
notes are 10 be given frsJ preference in suhscIib-
ing for the bonds The financial concern is 10
receive > per cent Tor floating the bonds, and 1t
Is understood that they viii also receive $780,
600 in stock. This will give them total OF So
300. 600 for their services. The commission seems
20 be an extremely liberal one but perhaps IL is
not considering the difficult nature Of the services
10 be performed The story this morning was that
Mr.. heene vas a heavy buyer 81 he stock on the
downward move. lie is already a t,lvy holder at
price, far above The present level, and perhaps he
is sstute enough and rich enough o. average his
entire holdings and make q profit out OF them.
Less astuto and less wealthy speculators and
traders, of whom there are many. would perhaps
sorc th,ir interests better 10y letting the stock
alone