The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-22
EINAyCIAL AND COMMERCIAL.



as is invariably the case when q sharp decline
in prices takes place. stocks have passed from
weak to strong hands. This fact was brought
out by tho Wholesale covering OF shorts, partic
ulary In Brooklyn Rapid Transit The market
for that stock was In marked contrast with
that OF the last four or five days. for II was
strong from start to finish. The flood OF stock
that has been poured upon the mar
ket since tho price declined below par
apparently became exhausted yesterday
afternoon. n circumstance that gives color to
the report that b lock OF $4,000 shares oil
the stock was sold privately by speculative
holders to an important interest late yester-
day The belief prevails In Wall street that
tho control OF the Brooklyn Rapid Transit
Company has changed hands and that the
new ownership is moro concentrated than the
old, The chances are that before tho recent
decline In the stock took place the actual
control, that is a majority OF the stock.
was held by the public. In theorlzing
as to who may control the property
now. II is worth noting that certain
capitalists identified with tho management OF
the Standard Oil Company have long had a
large interest in tho Brooklyn Rapid Transit
and that they also practically own the Brook
Ign Union GAS Company. These capitalists
have seen what the Metropolitan Street Rail-
way Company has done in the direction OF
competing with the gas com panies Of this city
by preparing to furnish electric light and heat
in almost unlimited quantities. A similar sys-
TEN OF electric facilities might readily be devel-
oped in connection with tine trolley system OF
Brooklyn to tho detriment OF tho gas industry
OF that city II done by interests hostile to 1t.
1t is possible. therefore. that the interest re-
ferred to hns thought 1t wise to protect its
Investments in Brooklyn by increasing it's own
ership in the transit system OF that city.
Another reason why this policy may have been
adopted Is tho close physical relationship be-
tween the rapid transit system and the Long
Island Railroad in which Standard Oil capital
lists are also largely interested.
This suggestion to what has taken place
10 given for what 1t is worth. for whatever the
game in Brooklyn Rapid Transit may be. those
who have been playing 1t have done 80 with
such consummate skill that as yet the street
has obtained no positive evidence as to iden-
tity OF the players or OF their purposes II Ia.
OF course. well known that certain professional
operators have been conducting n vigorous
bear campaign in the stock. but their ma
nipulation alone does not account for the enor-
nous dealings and violent fluctuations that
have taken place The entire list. with the
exception OF the tobacco stocks. Tennessee Coal
and Iron and a few of the less active issues
followed the lead OF Brooklyn Rapid Transit
toward higher level. The improvement was
nearly uniform. and averaged more than l per
cent. net on the stocks mo st extensively dealt
in. Peoples Gas was exceptionally strong and
tho advance in the Granger stocks
was also above tho average. Anaconda
rose sharply on tho declaration OF an extra
dividend. Southern Pacific was con-
spicuous feature. being heavily bought
in connection with the report that a synd-
cato headed by Mr. Huntington has
bought the holdings OF the Croker family. A
more tang ible basis for tho movement may be
found In the virtual ompletion OF the very sue
cessful readJustment OF the indebtedness Of
the Central Pacific company and the merging
OF that property in the Southern Pacific sys-
tenn
General considerations affecting values wore
the showings OF the Atchison and OF the
Jersey Central companies printed further
on in this column. q lower market for
sterling exchange and an easer call
money market. The ruling rate for call loans
was q per cent. and in the last hour the
supply wac so much in excess OF the demand
that transactions were made as low as 2 per
cent. Present indications are that the banks
will lose this week only about half as much
cash as they did last week. and that the re-
ducton in loans and hence the decrease in de- |
posits will be much larger than was shown last
Saturday. As a matter Of fact the last state |
ment hardly reflected the heavy liquidation on
the Stock Exchange at the end OF the week. The
closing OF the stock market was strong at only
slight recessions from the best prices.
New York Stock ExchnnEo-salss Sept. FL.
UNITED STATES AND STATE BONDS IN slooos,.
" OSSs
lOUS a.. r. 1907.
90 Us4s C. Observation-Disclosures.
CLOSING PRICES OF UNITED STATES BONDS.
Bid Asked. Bid. Asked.
Is2r.r Us4s-.
ttpl ofG ooH - 1925....l3o 1904
1851. 1908 US4s,c.
l0Is..... lo9H loSA lv25....l3o l3oA
IS. c. 1908 IUS5s.r,
lo1s....l oSx 1882 19o4.....lllH ll2A
1857. U s 5s.o.
loo7..".lll lllAI l9o4....lllA ll4A
bHc us 3-65s.r.
Aso1...ll3 ia 1924 DOLLY
RAILROAD AND OTHER SHARES.