The evening times., 1900-09-24

There Was more strength in the Stock
Market This morning than had been looked
for generally after the rather weak clos
ing OIL Saturday. Brooklyn Rapid Transit
broke below ~ and Tennessee Coal and
Iron sold off two points or more below its
previous low price. but the list in general
held very steady and even showed a ten
dency to advance. The graEgers opened
at about their closing level on Saturday
and before eleven O'Clock had advanced
half point or more each. The coalers ad-
Vanced fractionally as did the Pacific and
the Southern securities Sugar held its
own firmly and the Steel stocks with the
exception OF Tennessee, Coal and Iron ad-
Vanced from the opening prices. The sell
ing seemed not to be very good and there
was quite heavy covering of shorts. After
considering the situation over Sunday the
bears seemed not to be so confident that
the prices are destined TO go of many
points further Many conservative broker
age houses are now advising their custom
ers to invest in the railway securities es-
pecjally- They say that the worst likely
10 occur in the strike was discounted in
the prices Of last week and they point TO
the fact that dividends, well assured, now
make Investments in even the most gilt
edge u these railway securities pay from
4 30 per cent
There was little new in the lle sit
uation, but the Street seemed TO take
rather more hopeful view OF it this
morning. There was. of ecu: Sc, m re talk
OF higher money rates. bur cons seryatiYe
hnanciering men while predicting
moderate advance il rates. say that
there is no possibility OF a money
squeeze. 1t was said at one tine this
morning that Mr.. Keene was s, Hing tn
market short. but there was little eyI-
dence CT keene business. the short sc /
ing in fact being rather weak and in
consequent. The possibility of a Strike
among the steel mill men on October /
was discussed in the Street but there
is little information which to base
predictions regarding the probability Of
such an event. The gossip is that the
Steel Trust wishes to cut wages on that
Gate, on the ground that prices and prof
IFS have decreased materially since the
present scale went into effect.
The coaIers did little better than hold
their own There is less talk regarding
the outlook for this group. but at the same
tine there Is also investment buying
Brooklyn Rapid Transit was one of the
most interesting securities this morning
1t opened above so, but quickly broke be-
low that level and before the end OF the
first hour had declined to 3S and fraction
GOOD support was given around 49, and To
many il seemed probable that this morn
lng's break would be the last in the stock !
1t was noted by many of the semi-profes-
siOnal traders. however, that the tip re-
garding the low price of 30 and a quick ad-
vance from that level had not been full |
filed This made many small people bear |
ish the stock.
Apparently the reason for the further |
break in Tennessee Coal and Iron Was tT,a |
rumor that the directors of the company |
will not continue the dividend on the stock !
a. the per cent rate One statement was
that the meeting of the directors was to
occur today, and another was that it will
not be held until later in the week The
stock broke to So and during the morning
hours showed little disposition to rally
from that level. There was, however. some
good investment buying during the morn
ing by people who are convinced that the
prosperity of the company is not all in the
Imagination of its very confident officers.
St Paul and Atchison. common. were |
bought by careful people and there was
little apparent disposition to sell them I
for either account. People who nave held |
st. Paul as an investment for two or |
three years are entirely satisfied with
the condition of the company's busI" &C
and with their own outlook for dividends
II is the fact for instance that iris com
pany has a larger surplus over the dlvl-
dend on its common stock than almost
any other system in the country has Tor
its preferred stock. AS to Atchison pre-
ferred, it is selling below 20 while the
company is earning . per cent. on it and
paying per cent.
sugar has been one of the steadiest Sc
curities on the list during the break.
Washington Sack Exchange.
sales-Capital Tractian: 5oQ1o1 ii.
Washington Gas: 5105S Is; Mergenthaler