The evening times., 1900-02-23

The spcyla!tles were weak tins morning snC tlg
Standard securiJie, were inactive and ouI, sle~dy
la price. The first two hours of the session were
disappointing to those thar had expected any
revival OF speculation after she holiday The
real cause OF the tumble iu abe prices of Third
Avenue, leather. common Pe,pee Ga- and
Sugar cannot be stated Of hand. There 80, ,he
usual beaI stories aHoat, bat il b. 10y no means
certain that there vJs any important liquidation
Ia an! ui them this morning. NJuy d., inclined
to believe that short selling hey JHe smaller bears
accounts for th, movement >ufii,nr, oIJcrs
suggest that more important people and holders
ot securities. too. are allowing piice~ 70 decline
purpo-ely IN uIdcI to shake out weak holders be
fore good upward movement. A. usual intrinsic
conditions and general news ale extremely salts
factory. The situation in South Africa ls con
sidered by NAIL Street people 10 be better thsn At
any time heretofore. Money a. gel shows 30 signs
OF Tightening 10 any unpleasant extent. bank
statement showing urther loss OF cash and Of
surplus reserve is not unlikely, but il Viii hc 30
surprise and il will still leave the banks n
enviaby strong position. Adyices from the West
regarding grain and general freight business i
most encouraging. There is talk in usually we'll
informed quarters OF d higher dividend on South
,ln Railway, preferred. II is not believed by
any except the professional bears, and not by ali
Of these that the market viii remain much longer
al tht peecut low level OF prices Mr.. Cam
mack j. quoted expressing bulish views re-
gardins many securities and M. kecne : known
10 be buling Third Avenue.
Third Avenue tumbled again This morning sly-
eral points, reaching as low az - before il
O'Clock. It, price a year ago was 242, thai the
break has been nearly loo points. The latest plan
for tho rehabilitation OF The F,ropcrty Is GpStrb
ed in q circular sent cut by a prominent financial
house TO capitalists who might be expected 10
subscribe 1t proposes that So. 500 600 in notes.
bearing per cent interest by subscribed,
three years. Subscribers to. receive the paper
at 80 and the firm that gosts them is TO receive
/ per cent THE would leave tho company SOL
375.OO0 The plan IL further that the noIes are TO
he taken up before maturity by consolidated first
mortgage bonds. also to be hoated by the financial
house Bonds Of the company 10 the extent Of
80 000.000 are also he taken up. Holders Of the
notes are to he given first preference in suhscIib
ing for the bonds. The financial concern is TO
receive per cent Tor floating the bonds and II
is understood that they viii also receive $780,
600 in stock. This will give them total OF 50,
300 600 foi their services. The commission seems
to be- am extremely liberal one. but perhaps il is
moi considering the difficult nature Of the services
10 be performed. The story this morning that
Mr Keene was a heavy buyer Of the stock the
downward move lie is already heavy holder at
prices far above The present level, and perhaps he
is astute enough and rich enough to average his
entire holdings and make profit ont OF them.
Less astute and less wealthy specustors and
traders, OF whom there are many, would perhaps
scr1e th,ir interests better by letting the stock
alone