Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-12-08
Another Sharp Break in Tennessee
Coal Stock.
TEE WHOLE LIST WAS WEAK
Bank Statement Was Unsatisfac-
tory, as Expected.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, December s-Today's stock
market was weak during a greater part Of
the session, as the result of further sales
for both long and short account. In a
few instances stop orders were responsible
for the decline. and fears of bad bank
statement led to q general reduction Of
speculative risks. The short interest is
reaching proportions which may assist in
a temporary rally at any time.
A sharp decline in Tennessee Coal and
Iron, extending to per cent before attract
ing support, unsettled the market and en-
couraged rather aggressive selling by
traders. Rumors Of reduction in the div
idend and the passing OF the quarterly dis
bursement are responsible for the present
weakness. Officials make no attempt at de-
NAL. and the street is again In the presence
of a mysterious attack upon dividend
paying property and finds no Information
available in justification Of the movement.
The company may have been unwise in
beginning dividends at per cent, but
should 1t pass from that rate to no dividend
a all the criticism should, and probably
will, be less lenient. In spite Of the weak
ness in this property. the street stocks were
made a feature of the dealings after the
publication of the bank statement, and
rallied with surprising ease. Federal Steel
was In exceptionally good demand, and
rallied 2 per cent from It's low point under
what was said to have been excellent buy
ing.
The coming dividend on the common
stock is at the bottom Of the present move
ment. Colorado Fuel and American Smelt-
ing were strong at substantial net gains
Affairs in the steel trade are not without
promise, and there Is a suspicion that one
member OF the group has been made weak
In order that stock might be accumulated
to better advantage.
The railway 1fot trroo,,lor tho
shares selling down from lack of support
while the coal issues seemed to be we'll
taken on all concessions. Some Of the re-
Gently active low-priced stocks and the
speculative bonds Of various companies
shaded or In sympathy with the general
market.
The bank statement was variously con-
strued. but the showing was no worse than
was expected, and the loss of $4,000, 100 in
lawful money was not up to yesterdays
estimates. 1t had been hoped that the
Lending OF money by out-of-town banks
ana the liquidation of speculative holdings
might have reduced the item of loans but
instead an increase Of 944. 400 is report
ed This increase Is not significant, how
ever and was passed over as factor The
deposits are less by So, 366, 200 and, as fire.
the other changes. the reduction being
about 100000 smaller than the amount
necessary to balance the statement.
The net result of all changes is shown by
decrease Of s., 1854, $50 in the reserve, bring
ing the total surplus down to So 7O1 125
The latter item is the one feature Of the
statement which causes concern, since the
money market is certain to advance sharp
ly should another loss such as was record
ed today practically eliminate the surplus
holdings.
1t is not likely that such decrease Will
be recorded, however, since the anticipated
interest on the government debt, and prob
ably less urgent interior demands will keep
the reserve around its present amount
This year should close without the advent
OF gold shipments. and had such shipments
been avoided In 1899 during this period the
ante holiday panic would now be a less
vivid memory.