The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-03

Yesterdays stock market saw a strong
opening and later decline in nearly all
parts of the list ranging from a fraction
to a point or more. This was what had
been looked for by careful traders. The
general belief among the professionals is
that a bull clique of some Importance has
been formed 10 put up prices between now
and election to help the Republican party,
but this need not prevent natural reac
tio1s on profit taking, and II was such a
reaction that occurred yesterday 1t would
seem probable that the decline might ex-
tend somewhat further today. There will
be good buying on the recession, and It
IS not probable that it will go far or last
for long. Good traders are advising the
purchase Of the railway securities on all
declines, both for speculation and for in,
vestment. II is not unlikely that the pres
ent bull clique will sell out in the course
OF a month or so if it succeeds in boosting
price, and speculative traders viii perhaps
do well 10 take profits on few points adj
vance People who invest at the present
level may not wish to sell out for some
time to come, as no matter how the i'm
mediate market goes it is very certain
that the ultimate level Of prices will be
much higher than the present.
The news yesterday was not important.
Money is uile tighter, but there is not
yet any such advance in rates as many
have been predicting. Careful market peo-
pie are of the opinion that importation of
gold from the other side will take place
as soon as rates become high, and that
this will automatically prevent any ten
dency toward tightness. London owes this
country an immense balance that can be
called in without much trouble when
ever 1t is needed. The strike news is
hopeful, according to the street view. but
It is not of the same definite and positive
character that was given out a few days
ago. The coal stocks generally reflected
this fact yesterday with generally lower
quotations. The story of the New York
Central-Big Four deal is confirmed semi
officially, and this caused the securities
TO be the strongest on the list. The Aug
ust report OF the Southern Pacific Rail-
way is one OF the few that-kave not shown
an increase in net earnings.
There was big buying OF New York Cen
trail and Big -Four and of Vanderbilt Sc
curities generally yesterday, and 1t was
said In the street that the Vanderbilts
were responsible for large part of It,
The public, too shows its interest in the
deal between tbs Central and the Big
-Four by buying sparingly OF both stocks
Big Four, which has been one of the
strongest stocks on the list during the
recent decline. advanced to SO 1-2 yester-
day, and closed at So, with a good net
gain. New York Central advanced from
132 LIZ at the opening TO 1873 1-2, the
highest and closing price. The story 81
the deal as 1t is now told is that the
Central will lease the Big Four and guar
antee the securities the dividends that
they are at present receiving. and 8
per cent annually.
Tennessee Coal and Iron was again yes
terday the weakest stock on the list with
decline to 81 Ia, and close at the low
est price OF the day. II is said that thers
is selling Of the stock by insiders. but no
reason for pessimism regarding 1t can be
learned. All the reports regarding the bust
ness Of the company have been good, ex-
cept that the last monthly earnings re
port was not as satisfactory as had been
looked for. Some of the conservative street
people advise the buying OF the stock on
this break, The other steel and iron Sc
I11l t,r- Nh