The evening times., 1900-10-03

The feature IN the Stock Market this
morning was the weakness Of Tennessee
Coal and Iron which went of sharply un-
der severe pressure by the professionals.
Brooklyn Rapid Transit also snowef weak
ness selling around sc early in the day
and Sugar was soft The railway list
geneTq1Iy was fairly strong and the pro-
fessionals showed little disposition To at
tack the more stable issues There Is
nothing in the prospects of the Immediate
market that IS attractive 10 the people
who have been looking for an advance in
prices The large interests are undoubted-
ly accumulating stocks but they are not
yet ready, apparently, 10 see prices ad-
vance. The coal strike situation is not be-
ing cleared up nearly as rapidly as the
Street expected u few days ago. The in
dependent operators Who are at the meF-
cy of the railways almost as much as the
miners seem inclined tC strike now TOO,
with the advantage that the political sit
uation gives them. The financial situa-
tion in Europe and especially in Germany,
has aspects that are not FeaSSuTlng and ths
recent selling OF American securities for
London and Berlin may be continued on
larger scale il gold from the South African
mines, or relief from some other source. is
not soon available. These matters. how
ever, the conservative people of Wall Street
believe tG be OF 4 temporary nature. at
least as far as their influence on the Stock
Market is concerned. On this theory they
advise the purchase of the good railway
stocks on this decline and on every re-
cession during this month. The conserva-
tive people are not bears at present
Tie tumble in Tennessee Coal and Iron
was the worst that has yet occurred in
this recently very weak stock II went TO
49 in the first few minutes of the day
break of points after a similar slump
level the lowest in many months or since
the first big advance It is whispered that
the Hanover Bank people, who have had
the controlling interest in the stock for
a long time and who are known to be
friends OF the company, and believers in its
prospects, are the cause of this recent
break in Tennessee Coal and Iron. The
story that goes with this assertion is that
the Hanover Bank people sold out much OF
their stock above par and are now anxious
TO buy it back at as low an average level
as possible The people that tell this story
say very positively that the eIiqae is stead
lily accumulating the stock despite it's ap-
parent selling. II is not believed that the
stock will go very much if any lower, and
some of the conservatives are advising its
purchase now.
The insiders in Brooklyn Rapid Transit
are accused Of much the same market rig
ging tactics. II is said that there has been
steady accumulation of this stock while ap-
paTently efforts were being made to break
it. The Housemans are understood to have
bought 1000 shares day ever since the
price first struck 80 on its downward course
this last time.
The st. Paul gross earnings for tho
fourth week of September are somewhat
disappointing though the complete record
for the month is good. The gross for the
week shows decrease OF $62.919 and the
gross for the month an increase of $3.50. $40
When It is remembered that this system Is
the one o. which the bears have relied
chiefly to bolster up their talk Of big de-
creases in railway earnings such a showing
as it is making is Esost satisfactory-to
the bulls. Last year the St. Paul earnings
were the largest in its history by several
millions of dollars and this record is he
ing lived up TO this year. The grangers
were fairly strong this morning. but not
buoyant st. Paul sold "ex'' dividend
21-2,. for the half year this morning.
Sugar tumble6 this morning several
points on the announcement that the
trust and the independent refneries have
made a heavy cut in the price OF refined
sugars. The cut all around probably
will be a quarter of cent pound be-
fore the end of the day. The trust has
made immense profits all during the past
summer, rumor says larger profits than
ever before. Il has had a sufficiency OF
raw sugar at all times, while some OF
its rivals were Finehed. The trust was
the one to cut the price of refined this
tir.e. 1t is understood, however, that
the sugar war is over to the extent ina
there will not be again any selling CT
sugar at prices which will cause the
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