The times., 1899-08-23
BREAK IN RAPID TRANSIT
Manhattan and Metropolitan Also
on the Downward Path.
Other Stocks More or Less Affected
by Their SIump-GranGers Decline
and IndustriaIs Heavy - Sugar
Refining Conspicuousiy Weak
The Monetary Situation Unchanged

New York, Aug 22.-It was again the
course of the local traction group that con-
yerted what promised to be strong and
active stock market into rather unset
tied one. With the opening of business "a
tone of common strength was apparent, but
the market rapidly lost its buoyancy with
the appearance of renewed weakness III
Brooklyn Rapid Transit, Manhattan and
Metropolitan street railway. The specihc
explanation of the breaking in these stocks
today was furnished by the publication OF
the annual report of the Brooklyn Rapid
Transit Company. Inasmuch as the state
ment reflected the earnings for the nscai
year ending June 80, of only part OF the
present consolidated system, the showing
was of small value. although ii was perhaps
reasonably accounted very disappointing.
No reference is made TO the probable oper-
ations of the new franchise law as affect-
ing the company's net returns, and 1t was
probably this circumstance which was
chiefly effective in the very severe decline
the stock suffered.
As regarded the market, apart from
these stocks, and in view Of the sharp
losses suffered in the local fractions, a
very firm undertone could be reported,
NOTWITHSTANDING IUG utClliISo Snonh' IL
deed, the decentralization that appeared in
the local traction issues might reasonably
have been expected TO have had much
more severe sympathetic effect up
on the remainder of the market
than was shown. While the sell
ing movement In the local transac-
tions was at its height, following upon the
publication of the Brooklyn Rapid Transit
statement, the declines in the granger
11-H1 flcNf
averaged only about one point, and sell
ing of the general market was evidently
altogether in so-called sympathy with the
break in the local fractions, while the
rapid recoyeries that occasionally appeared
in the standard issues indicated that the
bulk of the selling there was for the short
account The strongest features of the
general railway list were the anthracite
coal stocks, all of which advanced on the
expectations that another advance in the
price of coal would be ordered on Septem-
Der l. and in connection with the infer
ences drawn therefrom. The industrial
quarter, for the most part, was heavy.
Sugar refining was conspicuously weak,
without any particular gossip attending
the decline there and American Steel and
Wire declined on the unsatisfactory re-
suits OF the company's application TO have
its securities placed upon the regular
stock exchange.
There was, throughout the day, an ut
ter absence of news, and no changes of
general importance occurred in the
outside situation. the money and foreign
exchange markets retaining their recent
characteristics. London houses continued
to sell here, presumably on account of the
unsettled political situation abroad, and a
lower range of prices was also reported
for American stocks before the opening
NTof+ I,al
particular effect however, prior to the
break in the local traction issues. The
matter overshadowed all the other cir
cumstances of the day. and it was impossi-
Bile TO consider the dealings at large apart
from that feature of the market.