The evening times., 1900-09-20

During the first half hour today there
was a continuance of the weak market OF
yesterday. but before noon recovery had
begun which many in the Street heIieNed
would be a permanent one Stocks TeachNu
new low levels. but seemed to be support
ed with some persistence after their de
cline The grangers, helped by slight
break in wheat perhaps, did not go much
lower than yesterday 5 prices, ana ihen
seemed inclined 10 recover. Tennessee
Coal and Iron and other steel and iron Sc
curities generally had rather bad breaks
but were then bought III such way that
careful people inferred their friends were
willing to keep them from going lower, at
least for the present. The coal securities
went off little The news was such as
might have caused bad tumble in prices
all day if the market had not already been
on a very low level. The miners seem 10
be gaining strength daily in their strike.
Money is a trite stronger. call loans be-
ing this morning quoted at per cent as
compared with l and IA per cent the
recent level Sentiment among conserva-
tive people is now inclined to hcpefulness
and il is known that there was some good
buying for investment during the day. II
is realized that prices may go of point or
two further on the strike developments if
they are bad. but On the whole even this is
not expected. For any long period the
present level OF prices is undoubtedly low
The break in Tennessee Coal and Iron
was the largest CT the morning and other
steel and iron securities were soft Ten
nessee Coal and Iron declined to CO.
or seven points below the close of
Tuesday. The stock was attacked by
the bears on the August statement Of
the company which was not nearly so good
as had been looked for after the NEST fiat
tering talk of the insiders on a number OF
-. 1f 4T,1
company for the month was only S49,+32,
compared with Si21,6 year ago. The
statement shows that there has been a real
luIl in business and a real decline in prices
during the past summer, but as a matter
of fact there is no reason in this why the
stock should sell off permanently. The
present price of Tennessee Coal and Iron
is too low for the earnings of the company
even on the August basis, which shows the
big dividend earned on the stock and
more for the year to date. But Au-
gust viii prove to be the worst
month of the year undoubtedly and this
means that in no other month will the
company fail to pile up big surplus to-
ward dividends in future years. Many
careful market people regard this stock as
one of the best OF the industrIals, and on a
par with some OF the railway issues even.
Federal Steel, common, and Steel and
Wire, common, went of to 81 in the first
lCur-
y rather sharp advance in the price of
wheat yesterday probably helped to push
down the price OF the grangers and Pacific
securities generally Both October and
November wheat advanced more than a
cent during the day, and the close was
near the top price in each case. This
morning wheat was off somewhat and the
grangers after opening weak soon showed
Improvement.
Consolidated Gas, which had en- weak
on Tuesday, held its owH admir- by yes
terday and today. The story given
out by the bears yesterday morning
after the decline had occurred was
that Tammany is to make an at
tack on the company with a crusade
for better gas at a lower price. When
few holders of the stock yesterday sold
this alleged news the shorts of the
day before covered. There is no partieu-
lar reason TO believe the story. What
does seem entirely probable is that Tam
many is in the stock market and trying
hard to make money.
There have been a number of interest
ing stories regarding Brooklyn Rapid
Transit recently that showed evidences
of Tammany manipulation also. Brook
lyn went off TO 81 yesterday, and today
went nearly to so. The upset price" on
This stock has been whispered around as
so. a great many people near the inside
have been told TO purchase the stock at
this price. Manhattan and Metropolitan
both sold off rather badly, but recovered
later
Peoples Gas hello its own admirably and
would seem to be probable that the low
MeLlqma S0T(AEn(