The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-18
FINANCIAL AND COMMERCIAL.
MONDAY. July II.


Operators on the Stock Exchange who ex-
peoted q material decline in Brooklyn Rapid
Transit IN consequence Of the formal ordering
Of strike Of the employees OF the Rapid
Transit system By professional labor agitators
must have been seriously disappointed in to-
days fluctuations in the stock. The trading In
II was unusually heavy. but the fluctuations
were comparatively narrow. The maximum
decline from the final price OF Saturday was
an points and from the lowest figure there
was q steady recovery to within an eighth Of
/ cent. OF Saturdays closing. Just before
O'Clock the stock was offered down
from 112k to 112. at which figure IL coeed.
sustaining net loss Of y n cent. The news
that the Chief OF Police had withdrawn two
thirds OF the force that he had transferred
from this borough to Brooklyn did not reach
the Street until after the close Of business. II
10 apparent from the above description OF the
market for Brooklyn Rapid Transit that the
efforts to bring about a strike Of the employees
OF the com any had been fully discounted be-
fore the opening OF the Exchange this morn
ing. II Is a question whether the collapse OF
the strike has been similarly discounted. The
chances are that II has not and also that large
short interest in the stock still exists
The narrow and professional speculation was
largely Influenced not only by the possibility
OF labor troubles In Brooklyn. but by the
strike OF railway employees at Cleveland and
reports OF discomfort on the part OF railroad
employees In New England. Another factor
that depressed prices was the possibility OF a
renewal OF gold exports suggested by the
higher rates for money at London and a
stronger market for sterling exchange here.
The fact that the higher rates for money at
London have begun to attract funds from the
Continent and the lowering OF the Bank Of
England's price for gold were apparently
overlooked by the speculative community.
1t is possible. however. that the Bank Of
England may be tempted to offer the necessary
inducements to bankers here to ship gold.
particularly should call money be temporarily
manipulated to lower rates than are war;
ranted by prevailing monetary conditions.
Shortly before the close Of business transac-
ton In call money at y cent. was reported.
Tho bulk OF the days business. however. was
done at 4t04k v cent. In the present condi-
ton OF business and OF bank reserves at the
principal commercial centres money on call
should be worth at least half the legal rate.
and will probably command that figure or
better for some time to come Lower rates
are obviously undesirable. since they would at
once invite a transfer OF a part OF the barely
legal reserves OF this city to Europe.
The news OF the day was in the main favor
able consisting in addition 10 the collapse OF
heavy railway traffic returns and the decision
OF the Supreme Court OF Colorado. declaring
the eight-hour law. recently passed by the
Legislature OF that State. unconstitutional.
This last paves the way for a resumption OF
activity In many industries in Colorado. a cir
oumstance that was reflected in higher prices
for American Smelling issues and for Colorado
Fuel and Iron. The extraordinary gross
receipts OF the st. Paul system for the
second week In this month. they being
1921 900 larger than for the corresponding
week Of last year. confirm various adj
vices from tho West as to the immense
volume OF both freight and passenger traffic
that the railroads In that section are handling |
Evidence upon the same point is found in the
enormous receipts Of grain at Western CEN
tres The strongest evidence in support OF es-
Inmates that this years production of staple
cereals will be well up to the average Is found
In the unusually heavy shipments OF last years |
yield to primary receiving centres. The only
noteworthy net declines in stocks other than
that in Brooklyn Rapid Transit were in Metro
politan Street Railway. Manhattan Railway.
New York Central. Tennessee Coal and Iron
and Federal Steel. The remainder Of the list
suffered only fraotionsy The closing was
steady at . recovery from the lowest prices.