The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-05

| present market is one In which the spec
ulator on narrow margins is fairly GER
| tain to go wrong. no matter what he
| does But stocks are being purchased for
investment every day by careful people.
The action of the Tennessee Coal and
Iron directors yesterday was expected by
conservative people 1t was known posi-
lively to the insiders several days ago.
Despite this fact the story that the divi-
dend would be cut in half or passed en-
tirely was circulated everywhere, and by
these inside people, who are ordinarily
supposed to be fairly honest. Yesterday
afternoon a few minutes before the close
ot the stock market ii was announced that
the dividend will be at the usual 2 per
cent quarterly rate. The stock jumped
points in as many seconds. The recent
manipulation of Tennessee Coal and Iron
| by its friends would almost deserve the
name of the very worst case in Wall Street
history If it were not for the previous rec
ord of this same stock and this same clique,
which make the present game only mo-
mentary episode.
Tennessee Coal and Iron was foated in a
rascally fashion many years ago TO the
ruin of many men and the ACKNOWLEDGMENT
dividend ii never paid another for more
years than one can remember. The price
of the stock went down from near par to
almost nothing 1t sold at Is only four
years ago. When the boom in the iron
trade began and the company began to
make money for the first time in its
history, and entirely to the surprise of the
original promoters very likely, the insiders
held the stock down until they had secured
MI Of md to
Only as short time ago as the first quar-
ter of last year the stock sold at SO. In
the third quarter of last year, six months
after, it had advanced to 1875 or 30 points,
The insiders who bought it below Sc sold
it out above par. 1t is even reasonable to
suppose that they went short of it at these
prices The magnificent story of the pros
perity of the company told year ago.
when the stock was selling at 126 per-
suaded the public to buy it voraciously.
Then the tumble began which ended early
this week at 49. Naturally the people who
sold out above par wished to buy the stock
back when IL got below so. poor earn
ings statement came out and people began
to talk again of the bad business of the
company and of the probability that no
dividend would be paid. The public sold
out their holdings and went short of the
stock at the bottom, the same public that
had been buying it a year ago at the top.
The later history OF the company has been
quite as full of ruin for the many and loot
for the few as the early record was.
Such securities are always extremely
dangerous to speculate in on margin be-
cause the game is a gamble in which the
insider deals both hands and sees both
and the public takes what the insiders
do not want. No one on the outside ever
wins except by being fortunate enough
to make the same move as the insidey,
and then 1t is only by participating in the
robbery.
The grangers all made new high prices
for this movement yesterday but lost
large part of their gains before the end
of the day. st. Paul advanced to 113 Is
and declined to 112 Ia at the close. Burl-
ington made high price of 126 "a and
then went off to I25 rs. Rock Island
got to 106 rs and then declined to 106
IA. Atchison preferred after getting to
II IA, closed off at 20 1-2. Profit taking
was ascribed as the cause of the decline !
in the afternoon. There was another /
slight tightening of the call money rate !
and the prospect of high rates, although !
ii is not very grave probability, had |
some effect on the high prices in stocks. |
Atchison preferred is considered an es- |
pecially good purchase on all recessions /
Tin Plate stock had a sharp advance !
to above 81 yesterday on the news of the |
settlement between the trust and its |
workmen.
The earnings of the Chesapeake and |
Ohio for the fourth week of September /
showed an increase of s15s. 265, and for /
the month an increase of S226,9 1t is |
one of the best records ever made by the |
company and one of the best made by any
COMPANY during the past month.
Brooklyn Rapid Transit has been work.
ed recently much after the fashion of
Tennessee Coal and Iron 1t is probable |
that the insiders have secured all the |
stock they wish for the present, as it |
seems inclined to advance. All kinds of |
stories are put out to help along the /
movement. One of these yesterday was |
revival of the talk that the Pennsylvania |
is buying the company. This story was |
denied and laughed at by Vice President |
Provost, of the Pennsylvania system, |
yesterday afternoon.
As was considered highly probable Big |
Four stock began to decline yesterday. |
II closed the day at 62 "a, with a net |
decline. New York Central opened up 10
100 and then sold off TO 129 Ia at the
close.
There was another boom in Sugar
which carried the price at one time as
high as III "a. The close was at 116 /
IA. showing a good net gain. There is
talk of the stock being cornered by the |
insiders and of a big advance in pros
pect. The same story is told of Peoples |
Gas Gas seems to be a good stock to |
let alone while the fight is in progress in |
Chicago.
Washington Sock Exchange.
sales-Capital Traction, 30G101 1-2; |
Mergenthaler Linotype. 1OG1s2, 100 |
1s1 "a, '5d1S1 1-2; American GRAPHIC |
nhone Co. Com. 125N1O "A; Pneumatic |