The times., 1899-07-18
THE STRIKE FOOLS BEARS
The Market Lightly Affected by the
Brooklyn Trolley Trouble.
shares of the Company Decline in
the Early Trading. But Holders
Show Little inclination to Sell and
Losses Are Quickly Recovered
Other Issues Hold Their own.

New York, July 17.-Chief among the
the Brooklyn surface railroad strike. 1t
was thoroughly discussed from every
point of view, and the generally accepted
conclusion was that its collapse was not
very far removed. Conservative men, in
view of the peculiar circumstances at
tending this strike, were inclined to ex-
, tract considerable comfort from the stua-
tion, contendig that its failure would for
some time deter professional agitators
from similar attempts in other cities and
in other branches of trade.s Naturally
expectations were rife concerning the eff
feet of the strike on the shares OF the
Brooklyn Rapid Transit Company. For
several weeks there has Notwithstanding
talk on the part of the malcontents, and
it was not without its depressing effect
on the stock in the face of market tend
ency toward higher prices. The opening
figures today ranged from 1l2 to III, a
net decline over Sunday of l rs. At the
extremes only 4,500 shares changed hands,
after which there was sharp rally to
liz. Throughout the day the fluctuations
continued comparatively narrow, and the
NOluIlt Ol lTduS WAS uu6ApeCltuly liSnI.
AS a bearish card the strike as reflected
in today's market was a distinct disap-
pointment to the bear element. There
was no decided pressure to sell, and the
expected liquidation by commission houses
and others failed to materialize. WIi.e
attention was largely centred on the
Brooklyn situation, the possibility OF the
strike extending to Manhattan Island also
received attention, and there was a SYM
pathetic declining tendency noted in Met
ropolitan and Manhattan Railroad.
Transactions in both were small, how
ever and the early morning losses were
largely recovered. Later in the day at
tention was directed to the fact that sur
rounding circumstances in Brooklyn are
of a character that makes an expansion
of the trouble highly improbable.
Second in point OF interest was the ad-
vance in the London private discount rate
from 12 to 4 per cent and the proba-
bility that the Bank of England wodld
also advance its rate ON Thursday, or
even before that time. Demand sterling
was decidedly stronger at 4.s7 3-4, re-
fiecting the firmer markets abroad. 9th
erwise the exchange market was weak,
with only light business. While theo-
retically not at the gold shipping point
foreign exchange houses were disposed to
iOOh tOl CApOl 10 llI wen" oHS
reported engagement of $l,000.000 for
shipment on Wednesday met with denial.
Talk of exports produced a recess on in
stock market prices from the opening
quotations. which were in most cases
fractional.
The changes in the standard railway
shares were in the main unimportant
Among the industrials Federal Steel was
a weak feature, on sales attributed to the
litigation instituted to enjoin the payment
Of dividends hearing in the Federal
court of Brooklyn having occurred a de-
cision is looked for this week A decline
of 1-2 in the common stock was scored.
Tennessee Coal and Iron lost 1-2 on mod
crate selling. An eTratic feature among
the specialties was Air Brake, which sold
at 215, declined to 204 i-2, and then ral-
lied to 214. A decision in pending liqui-
dation, which is expected tomorrow, was
advanced as the cause Of activity. London
trading was not an important factor during
the day, the deals footing less than 5000
shares. Opening quotations were at New
York parity and declines followed. Gail
money throughout the day was quoted at
to 4 1-2 per cent, Favorable news re-
lating to railway earnings and crops was
without noticeable influence. In the late
trading the market relapsed into mid
summer dullness. Toward the close there
was slight hardening tendency in prices,
with Brooklyn Rapid Transit recovering
nearly all of its lost ground. Govern
ment bonds were unchanged and railway
bonds were firm. The market closed dull
and firm. The statement made public this
morning in Cincinnati and telegraphed to
this city relative to an arbtratorship for
Melville E. ingalls, in respect of the traffic
of the Eastern trunk lines, is devoid of
foundation.