The times., 1899-09-25
the daily transactions in the stock and
the wide range in value from day to day:

The total sales of this speciality for the
two weeks were ], ,692, 100 shares, which is
more than three and a half times the total
issue of stock the number of shares being
450 GOO. On each of two days, Septem-
Der 10 and September 20, more than cne-
half of the total number of shares issued
were sold. Mr. Keene has been a bear for
some months and he has been closely
watching his opportunity to jump on the
market. He saw his opportunity to at
tack values when the stringency in the
money market began. That point being
settled, he had to determine upon some
stock which he should try to break and
use as a cudgel to depress the rest of the
list. The fact that Brooklyn Rapid Tran
sit was one of the greatest speculative
stocks on the general list and that it was
largely held upon margins made this
suitable tool In his hands. His position
was strengthened also by the fact that
the companys annual report showed as
surplus carried forward the insignificant
sum of 54,541, upon a capital OF S450o0,-
600. He found plenty of followers as soon
as his intention became manifest, and so
the market value tumbled from 104 to
70 1-2 within ten days, causing shrink
age of nearly $13, 900 900 in this one stock
alone, before the tide turned and carried
the price back to go 1-2, closing at SO IL,
thirteen points above the lowest and still
Is 1-2 points below the level which pre-
vailed before the crusade. Rapid Transit,
however, should not be considered the
worst stock on the list just because 1t
was singled out for this crusade. The
company has the largest system of steel
railways in the world, the system compri-
ing 504 miles. It's passenger earnings for
the year ending June 80 We're Sll,e3o, ,2lo.
The cost of operating the road is 629 per
cent of the earnings. When Brooklyn is
brought into shape and operating for less
than so per cent as Metropolitan Traction
of New York and Union Traction OF Phil
adelphia are now, it viii realize profits
that one dreams of.
Mr. Keene occupies much such promi-
nent position in the market now that form
er Governor Flower did before his death,
though 1t is needless to say that 1t is
very different position. He is destroyer
Of values instead of creatGr. In connec-
tion with his great raid ol the market
during the past three weeks it Is interesting
to note that he, too like Mr.. Flower, has
his own favorite securities. The two stocks
that have yielded least in the recent bear
market have been Leather common ana
preferred and Mr. Keene has been largely
responsible for this. He has not attacked
them and he has aided them frequently
when stock was Offering from some dis
gruntled bull. There is much talk or the
plan soon to be adopted, 1t is alleged, for
adjusting the accumulated dividends on
the preferred stock and putting the COM
mon on better basis The preferred Will
be fairly sure of per cent per annum
and the common is likely to get at least
per cent if the leather business continues
| good. Mr.. Keene will probably advance
his Leather If the market is in the least
| favorable. and perhaps whether it Is or not.
| An inside interest is still buying Chi
| cago and Eastern Illinois, and Its pros
| poets are excellent for a further advance
A director of the New York Air Brake
| Company is quoted as making the state
ment that the company is earning Is per
cent. He states that two large contracts