The times., 1899-12-21

NEW YORK. Dec. 20.-The influence of
the chief subjects engaging attention today
was conflicting. and in consequence the
stock market was somewhat unsettled and
was altogether irregular.
The advancing London and Continental
discount rates indicated the probability of
further rise in the Bank of England dis
count rate tomorrow, and emphasized the
probability of further large expectations OF
gold at the close of the week.
on the other hand, the receipts OF cur
Tency from the interior. as a reflection Of
the rise in New York exchange at various
Western points and the satisfactory re-
sponse to the Treasury's offer 20 divert the
Governments revenues, were looked for
ward TO as likely 10 onset the foreign drain.
in respect to the money market il should
be added. furthermore, that the position
taken by the associated banks has definite
ly removed the apprehension that any such
money marke, conditions as existed on
Monday viii be repeated.
Aside from the local and foreign none
tary conditions there was little in the days
situation Of general importance 10 engage
attention. The London market was de-
pressed In the early part Of the day. but u
subsequently scored q general recovery.
The arbitraEe houses. however, sold quite
heavily in this market.
in regard TO particular movements in
special stocks. the most important We're
those recorded in New York Central and
Brooklyn Rapid Transit. The somewhat
unexpected advance IN the rate Of dividend
on the first named Was attended by sharp
advance in the stock, which. while not
fully maintained, was at least most en-
c0uragiug incident.
Security holders al large hear and see so
much nowadays about heavy corporation
earnings that IL is particularly gratifying
when corporate homogeneous recognize
that under proper circumstances the stock
holders are entitled to some material evi-
dences OF the prosperity Of the properties
in which they are interested.
The extremely severe decline in Brook
lyn Rapid Transit was not directly ac-
counted FOR in the way Of new develop
ments affecting that property. and il was
probably mainly owing as was commonly
reported. to the extensive and probably
urgent liquidation Of some particularly
heavy stockholdeT of the company. The
decline In Brooklyn Rapid Transit, to-
getber with the attendant rumOrs, was
among the most effective Influences of the
day. and ii served 10 check very thoroughly
me carrier tel4cAtE LOh ara aA4Al 1F t---sLL
that the market had shown.
Persons presumably familiar with the
affairs Of the Brooklyn Rapid Transit
Company and of The largest Interests in it
made emphatic deuiais OF the pe-sjstently
circulated rumors regarding the financial
troubles of the company or Of parties
largely interested in IL. Notwithstanding
these deniaIs. however. and the favorable
repres autaricns concerning the company 5
prospects the stock continued under severe
pressure and showed little rsIlying power
AS noted. the break in this instance
served Cne-ucally 70 destroy the ImpTov-
ing tendency that had been apparent else
where iU the market
II was creditably reported in connection
with the severe decline in Brooklyn Rapid
Transit that certain loans made by ihe
local trust company which suspended Mon
day were being HqUidated
"a events The market showed in
various quarters that the Improvement
which sci iu Yesterday with the change
iu The monetary situation was being Uuil-
ized 10 clean mp some remaining weak
spots ia the situation and il goes without
SAYING thai the status OF the whole marke,
viii be Improved when the process shall
have been completed.