Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-16
Another Sharp Break in Stocks at
New York.
METROPOLITAN HARDEST HIT
Brooklyn Rapid Transit Makes
Some Slight Gain.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. September 16.-With the ex-
ception of * iffirs.'' London securities
markets presented a firm appearance this
morning. Americans were steady, at slight
advances over New York close.
In the local stock market, at the OPEN
ing, interest ceRtered principally In Brook
Ign Rapid Transit, the sales of which. at
the opening amounted to $500 shares, and
the first figures We're SSB to So the latter
price marking an advance of SIS per cent
over yesterdays close. After Fridays break
and the enormous trading in 1t efforts to rail-
~ the stock today were plainly discernibe
but these efforts were only partially sue
cessful, Notwithstanding the airot story
In the board-put out to help the rally
that the Metropolitan street railway crowd
were after control. Trading in this spe-
cialty continued very heavy, and traders
We're somewhat puzzled over the outcome
of the speculation in it.
Other Flower stocks ruled weak This
was especially true in the case of Peoples
Gas, the bears putting out a rumor of q
possible gas war at Chicago.
metropolitan street railway, In the early
trading. fell off four points to POI, on small
offerings, accompanied by talk of bad eff
feet of assessments under the Ford law.
After the first hour this stock again de-
clined sharply, and toward the close with
violent fluctuations, it reached 1911a. an
extreme decline of 142. points from the
highest of the day. This break, it was
thought by some, was intended to facii-
tate covering of shorts in Brooklyn Rapid
Transit. After this break. the stock rail-
lied to 1861.
The bank statement, although not show
ing as much loss of cash by about one and
one-half to two millions was generally
expected, had depressing influence on the
market as 1t was conceded to be a long
way from being a bull argument
summing up the situation for the day.
II was plainly seen that the bad break in
Metropolitan had demoraized the entire
list, causing fresh liquidation and encour-
aging professionals to sell all around This
demora ization at the close is likely 10 bring
in good many selling orders Monday
morning from out-of-town Spectators but
any further decline then should bring in
some good buying.
1t was thought by some good people in
the street that the action of the market
today tended to substantiate the theory
that there is big deal on in the local trac-
ton stocks.
decreased 81 1SS,475; loans. decreased 81
eof, 1oo; specie, decreased 50, $50 600: legal
tenders, decreased $3.50. 500: deposits de-
creased $1,000. 100; circulation, Increased
As will be seen by the above statement
the exact loss in cash is 81, 947 400 nearly
all in SPECIE the decrease I'm loans is also
smaiier IMAM was expected. and the two to-
gether call for a decrease of SIR sol Sio in
deposits, or about 81. 200 600 less than is re-
ported; the net result brings the surplus re-
serve down to S275,i50. Money was quoted
as low as 3 per cent. but this not being a
borrowing day in the street the lower rae
Is not significant of what NAV be expactsd
IN the way Of loaning rates next week
the demoralized condition
OF the market, as shown by the closing
prices OF a great many of the active stocks
all outside news, including trade reports.
were most favorable.