The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-16
FINANCIAL AND COMMERCIAL.
FRIDAY. Sent. 10

FRIDAY. Sept. 10.
The osmpaignsssainst Brooklyn Rapid Tram
cit was continued to-day and resulted in q fur
thsr material decline in the price OF that stock
The dealings In 10 were upward OF quarter
OF million shares and more than third Of
the fairly large total transactions. At reoov-
cry OF only a point from the lowest price II
closed 6N per cent lower than yesterday. max
ing the total decline since Monday morning
10k per cent. and the reaction from the high
est price on April Is last q fraction less
than so points. Such movement means
that enormous liquidation has taken place.
and it was moro pronounced to-day than
at any previous time. The heaviest selling.
however. was manifestly in the interest OF the
operstors who for weeks past have been en-
deavoring TO force the stock to a lower level.
In the opinion OF the Street the chief OF these
operators 10 Q professional speculator. 1t
would not be surprising. however. II the CAM
paiRn hsd boon planned by moro substantial in-
terests than Wall strsetspeculators. and It may
have for its object something more important
than q turn in the market for profit. namely.
the control Of the property. Whavever the OUT
como msv be. the decline this week. following
che previons retrograde movement. has been
extensive enough to warrant expectation OF
recovery ofssveral points. The only news re-
aardinG the property 10 Of its steady develop
meat. and now that the rounding out OF the
syshem has been practically completed. the
results OF the various onsolidauons and aoaui-
sittoas should soon become apparent.
Tho violent fluctuations In Brooklyn Rapid.
Transn naturally upset the entire market.
YksesminGly oSsrshadowsd the monetary stu
alton. The rates for money on call did not
rise above per cent. and considerable
loans wsre mads as low as 4 per cent. Il was
: q comparatively easy market Still some ap-
prshsnG lon was felt regarding the showing
ehatthsAssooiated Banks will mako tomorrow.
Itfs estimated that the banks have lost about
$1,000 O00in cash this week. the greater part
OF Il to tase Sub treasury. and the reduction In
loans vii have to be very heavy to bring the
deposits down to figures that will leave the
banks any surplusrsserve. The foreign stu
alton was also an unssttlinG factor that was
emphasized by sales Of stocks here for London
aoeount The stocks that suffered most were
Bt. Paul conamon. Peoples Gas. Federal Steel.
Nenhattan Railway. the tobacco stocks. Sugar
Refining. Chicago. Burlington and Quincy.
Hock Island. and Tennessee Coal and Iron.
Theonly Issues thatwers conspcuously strong
were Laekawanna. Jersey Central. U. 8.
Lcathsr issues and U. 8. Flour and Milling
In the final DEALINGS there was some covering
of short eontractsthat.rallied prices from the
lowest hgures
Whllo wall btfeet nus Doen ABUSING lto
offatrp TO changed mon stery conditions. the
business OF the country has forged steadily
ahead This is indicated by bank olearances
for the week. which are % per cent. larger
than last week. 2s.7 per cent larger than In
she corresponding week Of last year. and SO
Der cent. lager than in 1892. Railway traf1o
returns gro also exceedingly satisfactory. being
for the first week in September OF Per
cent larger than q year ago. and IS per
cent larger than in 1892. Complete returns
for July were 1919. and partial returns for
August 1877 per cont. larger than for tho same
months OF last year. The statement OF our
foreign trade for August shows that exports
are again running heavily In excess Of imports.
and the most gratifying feature Of the state
mont 10 the fact that exports OF Manufactured
articles are constantly increasing and form an
important item In our foreign trade. Prices Of
commodities are we'll maintained. and there
appears to be practically NO speculation In tho
various principal staples. All OF the conditions
mentloRed bid fair to continue for months
to como. That this Wow 10 hold by corporation
managers IL indicated by the unusual number
OF dividends that have been declared this week.
the payment Of which must add materially to
the volume Of funds seeking Investment.