The times., 1899-09-21
THE BEARS STILL ACTIVE
Uneasiness Over the Crisis in South
Africa.
Tone of the Market Better mt the
Opening. with Monetary COndi-
tions Improved-DeDressio in Lon
don Causes FIuctuating Prices-Dc-
cline in BROOKLYN Rapid Transit.

NEW YORK, Sept, 2O.-It was, appar-
emily, the extremely critical situation in
South Africa upon which attention con-
verged today, with the effect OF producing
a further unsettled market for securities.
At all events the monetary situation,
which has heretofore engrossed attention,
afforded 10 features of a disturbing char
acter, and ample accommodation could be
secured at or slightly above the legal rate
of interest This mornings news bearing
upon the South African situation was no
more warlike than it has been OF late, bat
with the course OF the day advices were
received which indicated that the Anglo
Boer relations were rapidly approaching
crisis. 1t is only stating the matter prop
erly to say that the ultimate issue OF this
question, whether it be peace or war;, viii
come as a relief to the whole financial
community, which, as always, is more dis
turbed by uncertainty as to the event than
by the event itself. On the other hand, for
palpable reasons, war between the peo-
pies in question comprises several singular
and peculiar phases, on account of which
hostilities would have more than the ordi
nary significance While the London mar
ket was not materially depressed this
morning, foreign houses sold stocks on
balance in this market. 1t is, rather note
worthy that consoIs should have given
such a slight reflection to the South Afri-
can situation, unless the already recorded
decline in that security be regarded as
having discounted the event.
It was probably true also that quite as
much influence as was eXerted by the South
African situation was produced upon spec
alization in Brooklyn Rapid Transit, Peo-
pies Gas, and other securities identified
with the leadership of the late Governor
Flower. The liquidation in this quarter of
the market was exceedingly heavy, and
while the declines that took place seemed
to be precipitated by aggressive operations
for the short account. the stocks affected
seemed TO be wholly wanting in the sup
port that could have been counted upon
six months ago.
The movements in prices in the general
market were exceedingly erratic, rapid re-
coveries following sharp declines, and be-
ing in turn succeeded by further recesslons.
Comparative strength was shown by the
anthracite coal stocks, concerning which
the most favorable reports are in circula-
tion in regard to their current earnings,
which seem reasonable enough in view CT
the present prosperity in the anthracite
trade Inc decllneS IN the standard issues
were about equal to the advances made in
them yesterday and the dealings there de-
veloped no particular features of interest.
The industrial quarter was as unsettled as
the railway list, but the dealings there
were in relatively light volume. In the
final dealings there was a sensational ad-
vance in Brooklyn Rapid Transit, which
carried the stock above its final figures of
yesterday. Rumors that the control of the
property had changed hands attended the
advance but probably the chief factor in
the rise was the over-extended short ac-
count