The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-21
FINANCIAL AND COMMERCIAL.
WEDNEspAY. Sept. 20.

"WEDNESDAY. Sept. 20.
There was suggestion in tho opening
market on the Stock Exchange that the i'm
provement In price that took place yesterday
might be maintained. The belief that that
might DO the case was strength ened by q high
or market for American securities in London
and an advance OF 2 points In Brooklyn Rapid
Transit. which was regarded by some persons
as indicative that the heavy liquidation In that
stock was at an end Tho views referred to
proved to be incorrect for before the
expiration Of the first half hour the
pressure upon Brooklyn Rapid Transit was
renewed and the selling movement soon
extended to tho remainder OF the list. It was
raost effective in American Tobacco. in Sugar
Rehning. the Granger stocks. Manhattan Rail-
way. Metropolitan Street Railway. Peoples
Gas and Federal Steel com mon. The decline
was accompanied by rumors OF forced
liquidation by important interests. These
and other distressing reports were evil
IDENTIFY put in circulation to accelerate
the downward movement. At the same time
cable advices were received from London
stating that tho English Government had d.
rected tho Beers to level their Notifications
and disband their troops. Money continued
at tho legal rate or / per cent better. but this
was deterrent rather than an active factor In
the decline. since the Street 10 becoming nc-
eustomed to the present rates and does not ex-
pect much relaxation In money for some little
time to come. At the same time II is evident
that conservative borrowers can obtain all the
funds they require on call at the legal rate and
At a little less than that on time.
The trading in Brooklyn Rorid Transit was
the heaviest yet. footing up 100000 shares. or
nearly a third OF the large days business. 1t
broke from S2L soon after the opening to 75h.
On the way down II rallied sharply number
OF times. Occasionally consecutive TRANSACT
lions in II were per cent apart. The buying
was almost as persistent as the selling. and at
times quito as confident A variety OF
theories were advanced in explanation
OF the extraordinary dealings in the
stock. The most plausible one seems
to be that incidental to the liquidation in It.
caused partly by the condition OF the m oney |
market. and moro particularly by the bear
campaign against it. an effort has been |
made by interests In other traction en- |
terprises to secure control OF the Brooklyn |
system. Shortly before the close the report |
became current that a block OF 10000 shares |
OF stock had changed hands at private sale. |
This was followed by jump in the price to |
S3'a and at fractional reaction upon that |
figure the stock closed "a per cent. higher |
than yesterday
No description OF the market for Brooklyn
mako some reference to tho important part !
that purely professional traders on the floor OF
the Exchange have played in 1t during the
last week or ten days Evidence that game
for enormous stakes is being played In the
stock has attracted the professional element
to 1t and various nom bors fit have frequently
traded In 25,0OO shares or more day. One
Board Room trader is credited with having
dealt in $4,000 shares one day last week.
while another nervy operator is said to have
personally dealt in over 10000 shares yester-
day. The stock has been tossed about between
these operators as II the shares were OF no
more value than the chips in an ordinary game
Of poker instead OF having a market value OF
BIS to $50 a share.
The early decline in other active stocks ex-
ended to 3rG4 per cent and naturally provoked
resh liquidation. All OF them rallied with
Brooklyn Rapid Transit In tho final dealings
It'll the majority OF the list closed lower than
The net declines. however. were
lot important except In few OF the special
les. notably in United States Flour and
Milling. issue In which the support given
by the promoters OF the enterprise were pre-
'ipitately withdrawn, resulting In net declines
II 25rS3O per cent. A few stocks closed
higher than yesterday. notably Metropolitan
Street Railway. Southern Pacific. Lackawanna.
American Steel and Wire. Southern Railway
preferred and Pennsylvania.
II Is possible that the final OVEN emit OF prices
vas influenced to an extent by late advices
rom abroad that at least S500.0OO in gold had
been bought in the London mark ct for shipment
20 this centre. The report OF the tran section
could not be confirmed here still leading
drawers OF foreign exchange said that It might
easily BIO correct. They suggested that the
money to pay for the gold was probably OBJ
tanned In Paris at 3 por cent. by the correspond
emit OF some American house which will lend
The gold here at 5 per cent. for six months.
The difference in interest for that period
would be per cent. md the loss on the ex-
change involved in the transaction at present
rates would be :. OF l por cent, leaving
\ sure profit on the transaction OF :. OF l per
cent. which might be increased before the ex-
piration Of the six months by taking advantage
Of the fluctuations in exchange within that
period. Another interesting development
to-day was fresh weakness In the foreign OK
change market. As previously noted In this
column. tho only factor that prevents the rates
for short sterling from yielding to tho gold
Importing figures is the fear abroad Of HOSTILE
ties in the Transvaal.
New York Stock Exchnnge-Snlos Sept. go.
UNITED STATES AND STATE EoNDs dN slooos,.