The sun., 1899-03-21
FINANCIAL AND COMMERCIAL.
MoSpAY. March 20.

MONDAY. March 20.
Itisnot very often that Wall street lie treated
20 such an eccentric market IA 1t witnessed to-
day There were several acrobetic perform
Ances the most notable Of which were in
Sugar Refining. brooklyn Rapid Transit, and
Continental Tobacco. The maximum fluctu-
alton In the frst named was IL points. The
opening transactions we're at prices ranging
from to Y POINTS above the final
figures Of Saturday. After nuctuating rapidly
between 10 and 1870 during the forenoon the
stock suddenly jumped to 1872. BY this time
the Street appeared to be pretty firmly con.
vinced that the American Refining Company
had no. only corralled all OF its COM
petitors. but had absorbed the Gln-
cose Sugar Refining Company as well.
Crcumstantial evidence that the Glucose Re.
inning Company had been absorbed was found
in the unusually heavy trading in the stock
OF the company at an advance Of or 3 points.
Confidence IN the views referred to was
seriously impaired when the first edition
OF The EVENING SUN reached the street.
for IL contained an authoritative de-
NAL OF the reports that tho American
Sugar Refining Company has done or
contemplates doing any of the things that the
Street had convinced itself were in process OF
accomplishments The drop in the price OF
Sugar Refining from ~ To "a was not exactly
instantaneous. but it was sufficiently rapid to
give even those who were not directly inter-
ested in the stock good deal Of a sensation.
The lowest price Of the day was made at the
close and showed net loss Of points. The
total transactions in Sugar Refining were ap-
proximately 200. 900 shares. or about25 = cent
Of fairly large day business.
Brooklyn Rapid Transit. which was second
TO Sugar Refining in respect TO activity. also
fiuctnated widely. The first transactions in it
were / to > points above the final price OF Sat-
urday. and at one time it sold at t', r
cent. above that price. As in the case Of
Sugar Refining. tho advance provoked
heavy realizing sales that brought about
n reaction. During tho remainder OF the day
the stock nuctuated within a range Of or 3
points and closed -, q cent. higher than on
Saturday. The strength of the market for it
was due to the admission by both parties TO
the negotiation that the Brooklyn Rapid Tran
sit Company has secured control Of the Brook.
lyn elevated system. The terms upon which
that property has been ACQUIRED have
not yet been divulged but the price OF
Brooklyn Rapid Transit shares would seem to
Indicate that those who have engineered the
deal are confident that an important advan-
tage has been secured to the company operat-
ing the surface roads. While the early ad-
vances in tho two stocks mentioned we're
taking place and influencing almost the
entire speculation. Continental Tobacco COM
mon broke wide open The first price
for It was nearly points below the final
figures OF Saturday and. owing to the eXecu-
tlon OF stop orders and the absence Of support.
II dropped II points more to 43 In less time
than It takes to describe the fiuctuaton There
was no sale between SO and 43 and only 800
shares wero sold before tho price recovered to
30 After n setback to Al there was q recovery
to 55 and fraction and during the remainder
OF the day the stock fiuctuated between that
price and 80 and closed 3 points lower than
on Saturday. at 54A
1t is surprising that the wild fluctuations and
heavy trading in the three stocks that have
been named did not demoraze the entire list.
particularly as call money ruled at compare
lively high rates all day and at one time
loaned at . e cent. The market as a
whole. however showed great strength.
and in spite OF the final shading OF
prices because OF the activity in money
md the slump in Sugar Refining the majority
of the list closed higher than on Saturday and
a number Of noteworthy net advances were
recorded. Manhattan Railway. on unusual
ly heavy trading and at reaction of more
than a point from the highest price. closed
nearly 3 points higher than on Saturday. The
rights to subscribe for tho new stock sold at
r p cent. and closed at 37s p cent. New York
Central was feature at maximum advance
OF AZ q cent. and a net advance OF 81. y cent.
Union Pacific issues were exceptionally
strong at net advances OF l.. cent
for both the common and preferred.
though final prices were considerably be-
low the highest. Another exceptionally
strong stock was Tennessee Coal and Iron.
upon the publication OF the annual report
synopsis Of which Is printed further on in this
column. All Of the steel and iron stocks made
n good showing. namely. American Steel and
Wire corlm N. Federal Steel common and
all Colorado Fu'l and Iron issues, particu-
larly the & cent bonds. The market for these
last was favorably influenced by the statement
Of earnings for the seven months ending
jan 81. which shows that during that period
the company has earned Sl3l 900 in excess OF
its total fixed charges for the entire year. or
the less active stocks Jersey Central. Chicago
and Northwestern. Heading second preferred.
United States Rubber and National Lead
closed materially higher than on Saturday
or the active stocks Chicago. Burlington
and Quincy was the only one other
than Sugar Refining and Continental Tobacco
that sustained a noteworthy decline. 1t was
sold down tho announcement that
the management has decided to purchase
the Chicago. Burlington and Northern
Company and other leased lines and
branches In the State OF Illinois. 1t was
assumed that this transaction might be ac-
companied byan increase in the Capitalization
OF the company. Minor stocks that closed
materially lower than on Saturday were Great
Northern preferred. Pacific Mail and Consoli-
dated Gas The closing was irregular.
UNITED STATES AND STATE BONDS I'm S1.oOos)
1lUsss.o s vaF deb 2.3s
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