The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-24
STOCK MARKET GOSSIP
Increase in Business Accompanies
Declining Prices.
Probability Of Developments I'm the
Coal Securities During the Present
Forced to Lfquidatc-The Money
situation Not Alarming the Street.

NEW YORK, Sept 23.-The stcck mar
ket situation is attracting more ard n re
attention. Business has been much
larger the past week than in any other
week since last spring There is every
prospect that the Improvement in this
direction will continue. The summer
dizziness is probably a thing Of the past.
So much of the situation is good. The
brokers are making more money and
probably consider even a declining mar
ket more satisfactory than a stagnant
one.
The outlook for any immediate tett-r-
ment in prices is not bright, however.
The coal strike has been much CT q
menace that the purchase of securities
by the general public is cut of the CUES
ton. Many of the pools have been reed
to liquidate. Others may follow early
this week. There will be investment by
shrewd people, but very probably it will
not cause any reaction at present or eyea
stem the downward movement.
So far, the coal stocks have bsen among
the strongest feature of the market.
Those stocks are exceptionally situated,
and have been so for long time past,
in that~eve one of them has the sup
port of speculative pools In only one
of them-Reading-h this pool or Syn
dicate interest been disturbed. in SO Tar
as any outside scrutiny can discover. In
one of the Reading issues-the first pre-
ferred stock-big blocks CT stock were
accumulated last spring for the account
of Nau Efr nd IA
who have never since been able to make
a market tor their holdings, having to
take large offerings from time TO time in
order TO keep quotations fairly stable.
The strike that nov develops finds thu
Reading pool more heavily loaded than
its original plans contemplated; thus it
is not a matter for surprise that Read
ing stock has been pressed for sale Is
the Pennsylvania news became bad.
What especially is of interest in this
particular is that the FSol managers seem
to have divided into factions-the New
York interest urging that the strike can
last but a little while. and that il mt ST
actually help net earnings through max
ing advanced prices for coal, while the
Philadelphia and Pittsburg interes.s
the pool show nervousness and insist
upon taking an early loss rather than a
heavier one later and by way of side
issue there are even threats of interven-
ing litigation.
Pools in Lackawanna, Jersey Central, and
Delaware and Hudson are probably not
much more agTeeably situated than is that
which is disturbed over Reading Lacka-
wanna and Jersey Central have for a long
time past been practically cornered. They
are always dangerous short sales. But
just now the experience as to them is that
even when stock is scarce there is not
in fo.a 81 IN,
nipulate Soom-for. whatever the in
trinsic strength, it is difficult to create a
profitable buoyancy when the public re-
fuses to give attention.
Unless some newly helpful factors ap-
pear early during the coming week. unless
there be modification of the discoura ging
situation in the anthracite region, Wall
Street may fairly expect activity of I'M
pleasant sort in most of the coal stocks.
Some worry is expressed over the
money market situation. Conservative
bankers continue to forecast a substan-
tial Tightening of rates, though nowhere
are there predictions Of any hurtful
stringency. The truth is that interest
charges are down to figures SO low that
even if a smart advance in rates were to
take place scant damage would result in
so far as real business undertakings are
involved. But Wall Street has been for
inoHliis past 50 laiIllildF Win an doncr-
mally weak money market that even an
approach toward fair charges now &C.
easions some cutlery, and spectators for
a decline make use Of even slight tight
ening tendencies as text for pessimsm.
No reason appears, or can appear in any
quarter warranting a scare over security
market values because of anything that
is happening or is likely TO happen in
the money market.
Trade conditions show small change
Effects Of reaction are apparent in NEST
branches of business. Boom prices have
generally disappeared. But what is lest
through such recessions will be f-and ul-
timately more than balanced by the com
pensation of that permanence in values
which is healthful.