The times., 1899-07-20
STRIKE SCARBS TRADERS
Wary of Brooklyn Rapid Transit
and Metropolitan Shares.
The Latter Drops n Point and n Half.
tional Decline on Light Dealings
Standard Railroad Issues Hold
Their Own-Industrin1s Unchanged.

New York, July 1S-Throughout the day
the stock market was unmistakably dull.
The tendency of prices was upward, and
the undertone strong. Outside of the local
labor situation which acted as a depressing
factor restraining the volume of business
to narrow limits there was no unfavorabie
incidents. Local transportation shares
were only slightly affected by the strike.
Cheerful cables were received from Lon
don, where prices for shares represented
in the arbitrage market were slightly
higher, closing firm on small dealings.
Doubts were expressed regarding a further
advance in the Bank OF England discount
rate in view of the subsiding money furry.
There was an easier tone to the foreign
exchange market, and the opinion was ex-
pressed that not only would there be no
exports of gold this week, but the proba-
bility of additional shipments this season
was becoming remote. Independent o.
exceptional shipments the market would
have to advance ga of a cent on the pounl
to permit profitable exports.
The statements of railway earnings re-
ceved today were uniformly favorable.
Trustworthy Western advices stated that
the gross earnings of Rock Island for June
were expected to reach 81, 10000, although
definite figures will not be available until
about August 4. The Rock Island fiscal
year expires on March 81, and the gross
earnings for the first quarter of the cur
rent fiscal year are estimated at about
S4 500. 900. Favorable crop news was also
in evidence. In the industrial group dur
ing the day there were indications OF at
tempts at manipulation which were not
entirely successful.
London transactions probably did not
exceed 1900 shares, and consisted in the
main of purchases of Northern Pacific and
Atchison and sales of Pennsylvania. When
the market opened Metropolitan sold at
219 1-2 a loss of / Ia. A decline to
21s Ia was followed by a partial recov
cry. There was no selling pressure and
the same absence Of liquidation was noted
in Brooklyn Rapid Transit and Manhat-
tan, which opened fractionally lower, raj
lied, and became extremely dull. The
grangers opened a shade lower, but sub
sequently made fractional gains, based on
moderate buying ascribed to the prosperous
condition of the Western transportation
industry. Bullish interests were disap-
pointed in their failure to respond more
vigorously to recent developments. The
industrials contributed to the irregularity
at the opening, but soon hardened, and
tain higher levels for the Tobacco issues
and Leather preferred attributed to incl
dents, resulted in moderate advances.
Federal Steel and Steel and Wire were firm
/ at higher figures, based in the case of the
former on an expected favorable decision
tomorrow in the dividend litigation. Su-
gar gained l point ON moderate buying.
New York Airbrake was the only speciality
which gave signs of animation. 1t opened
up II points on the favorable court de-
cision announced yesterday and later lost
most of the rise. Makers of call loans
found money easier in the afternoon at
3 per cent.
In the late trading Consolidated Gas and
Federal Steel developed weakness, declin-
ing and 1 "a points, respectively. Room
traders made drive at Brooklyn Rapid
Transit, which declined from the top fig
ures of the day. as did Manhattan. Repe-
titions OF strike rumors were utilized to
cause the reaction. Call money was Of
fered at 1-2d3 per cent. Federal Steel's
decline was owing to the fact that the
| court has continued the two injunctions
restraining the payment of dividends
Their character is temporary The mar
ket closed dull and steady.