Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-20
FINANCE AND TRADE
Another Break in Stocks at New
York Today.
BEARS had II THEIR own WAY
Brooklyn Rapid Transit Suffered
Brunt of the Break.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September 2o.-In the Lon
don market this morning there was no
fresh news on the Transvaal situation. but
a feeling of hope prevailed that at the next
British cabinet meeting, on Friday, concilf-
afory propositions from President Kruger
will be presented. In that market Ameri-
cans ruled firm, with prices from y to Il
| above New York parity. Southern Pacific
and Anaconda were the features of the
speculative market.
In the local market stocks were slightly
better at the opening, and the better Len
don prices, together with a little easier
feeling in money, and a somewhat better
demand for stocks by commission houses
and also some few buying orders from Lon
don, helped prices still further.
Brooklyn Rapid Transit was very erratic
again in the early dealings. The stock
opened up 1 point, lost this advance and
then rallied 2la to Sh
Tobacco opened at about yesterdays close
and rallied sharply ~ points to 127.
Metropolitan Traction opened of u and
then, on small transactions, advanced to
197-a gain of "a over opening figures.
Manhattan opened about last nights close
end sold up y. Peoples Gas opened off ~
advanced q and then declined Ia points.
The rest of the market was comparatively
strong. with an advancing tendency per
ceptible In the early trading all along the
line on the stronger feeling. At the close
or the first hours business the selling
which had been steady. became very ag-
gressfve, and the larger bears became active
sellers all around the room, the br,rnt of
the attack being 1eveled against BROOKLYN
Rapid Transit, which on the higher level
mad invited some further liquidation of
long stock, and which was quickly seized
cpon by the bears signal for a con-
certed attack. The stock yielded stub
bornly at first. but a little later gave way
for decline of nearly points from the
highest of the early morning. The rest of
the market, the Industrial issues especially.
weakened considerably on this bear drive
Chlcaso interests were said to be sellers
OF quite an amount of the Granger shares.
one cause of the aggressiveness on the
part of the bears was said to be on the
later news from London, stating Secretary
Chamberlain had cabled President Kruger
demanding the dismaltling of the forts in
the Iransvaal and reduction in the
armed Boer force, adding that certain
government officials considered war GER
tain.
The best reason. however. for the attack
on Brooklyn Rapid Transit would seem TO
nave been because of the liquidation of
lcng STOCK at the advance this morning
and also on the story that $1,000 shares of
this specially had been forced to sell at
private sale at 50 by one of the large hold
ers. who was fortunate in securing a buyer
at that price, as the stock the bear
[
noon 10000 of this stock was traded in
Another great bear factor was the story.
said to be on good authority, that directors
OF prominent trust company had de-
manded payment of loans aggregating be-
tween Sl5.HDeDo and s20.000.u0, the obliga-
tons being mainly with one syndicate.
Money loaned at 6 and during the fore
noon. Late loans at ~ per cent
There was not much pressure on The
part OF the bears in the afternoon trading
up to the hour of O'Clock. but this fact
and the scattered buying for the covering
or short stocks did not rally the general
list much, and those that did occur were
not lasting in effect.
Sugar looked weak in the late trading
caused by an announcement that the price
of refined sugar had been cut one-eighth
cent per pound. This cut, it was also
stated. had been met by all the other re-
nneries, with possibly one exception
London curb market for Americans
closed steady. at lower figures. Continent
tai bourses closed quiet and firm.