New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-19
BIG RUSH TO SELL STOCKS.
,rrACK on BROOKLYN RAPID TRANSIT
LEADS TO A SLUMP ALONG THE LINE.
WEAK HOLDERS POUR OUT THEIR STOCK
MD THE SALES EXCEED ONE MILLION
sHAREs-MoNEY TIGHT AND FOR

,untins for the margins. In good many cases
che margins we're not forthcoming and the &C
counts we're closed, not with a sickenng thud.
,ut with a snap ike the meeting OF the Jaws
a, a hungry wolf; in other instances detected
.,Acrlators sadly gave the word TO SELL and in
these instances the operation was something IN
the nature OF dull thud.
There were twelve stocks on the Stock Ex-
change list in which there gains in price.
The other 147 stocks in which there were deal
,ngs showed losses. some OF which were very
heavy.
For the first time since the activity in the
spring the sales on the Stock Exchange ex-
caeded 1.O0Oo0 shares. II was a slump IN
values and enforced liquidation that made the
transactions so large. There was no panic. but
there was rush to sell that resulted in a great
pung up Of losses.
The efforts Of the bears 70 break down prices
were facilitated by a stringency in money.
cept for which, probably, the bears would not
have accomplished much. AS It was the diff
Guilty IN effecting loans with which TO carry
stocks enabled them 10 do practically as they
pleased.
The chief object OF attack was Brooklyn Rapid
Transit stock. This stock which closed on Sat
urday az IS opened at So and declined almost
without interruption 10 1884 which was reached
,ust before ! o'clock Between and o'clock
there was a recovery 10 STA with a subsequent
decline 70 S01S az the close. which made the loss
in price Cor the day rs There were other stocks
in which the losses were larger but none in
which the trading was heavy as in Brooklyn
Rapid Transit
NO REASON TO WARRANT THE ATTACK
Brooklyn Rapid Transit seemed 70 have been
selected as target by the bears because II was
widely distributed. In taking this consideration
into their calculations they were wise. They
counted on their ability 10 shake out" weak
holders and holders lacking IN courage. and in
this they were not disappointed The lower the
price went the more stock ii seemed 20 bring on
the market
There was no pretence on the part Of the bears
that they were seeking 10 lower the price OF the
stock because Of anything in the condition OF
the company. II was known that the companys
earnings were showing increase over last
year. and that its financial condition generally
was showing improvement. The undisguised
purpose Of the bears was 10 make holders OF the
stock sell out, in order that they might make
profit on their short interest in the stock. Many
heavy losses were sustained by people who had
bought the stock for above par or 100. The
price Of the year-77s4. on January g. on April
Is the stock sold at 1874. About one-ffth of the
total sales on the Stock Exchange were of
Brooklyn Rapid Transit
MANHATTAN AND METROPOLITAN
The stock next in extent Of dealings was Man
haitian Railway; yet the dealings in this stock
we're only one-third those in Brooklyn Rapid
Transit The price Of Manhattan fluctuated be-
tween 105 and 1OS'a. and closed at 1918. the loss
hr the day being but three-eighths per cent.
4anhatsar derived strength from the belief that
the capitalists identified with the Metropolitan
Street Railway had become large holders OF the
stock. and that the elevated railroads which
are owned by the Manhattan company would
soon be leased 70 the Metropolitan. A raid Was
made on Metropolitan stock and it sank Gls
points to 1874. II rallied TO 1919 at the close
60 that the loss for the day was reduced 10 2l2
per cent.
SUGAR TRUST TAKES A TUMBLE
The stock Of the American Sugar Refining
Company. otherwise the Sugar Trust, was an
other stock which the bears picked out 10 make
an assault upon. They carried it down AS
points 142@4 but il moved UP at the close TO
145 Accordingly the days loss was 21s.
There was fall Of 1O13 points in Buffalo,
Rochester and Pittsburg preferred on a sale Of
100 shares. In Chicago and Eastern Illinois
there was a fall Of Oh points on sales Of 200
shares. These declines. while larger than any
others, attracted no attention because they were
sustained by Inactive stocks.
Active stocks. in which there were losses Of
per cent and more were American Smelling
IL; Steel and Wire, IA Tin Plate rs; Ameri-
can Tobacco IL; Anaconda Mining, rs; Balti-
more and Ohio, Il. st. Paul, ia Consolidated
Gas .: Continental Tobacco preferred, pa; Den
yer and Rio Grande, l; Federal Steel, is; Fed
eral Steel preferred IA; Glucose. "a; Great
Northern preferred. 27s; International Paper
preferred 2l2; Kansas and Texas preferred, =
National Steel, l; Norfolk and Western pre-
ferred *; Northern Pacific, l; Pacific Coast
p; Pacific Mail /; Tennessee Coal and Iron
IL; Leather preferred. IL. The stocks which
gained in price were Steel Hoop. q; Atchison
preferred. 4 st. Paul preferred, Il Lacka-
wanna, ! New-York Central Is; North Ameri-
can. : Reading first preferred, 4 Union Pa
eiho preferred y Leather. Is; Wabash 81
Wabash preferred. Is. and Western Union 4
MONEY on CALL TIGHT.
Money On call on the Stock Exchange opened
a. per cent and got up a high as 10 per cent
There was fall 70 s per cent and an advance
a, the close 20 : per cent. Most Of the days
loans We're made at and per cent. A good
many loans were called and some difficulty was
experienced in making new loans. Lenders were
exactiug as 20 collateral There was discrimina-
uon against several stocks. and TINS caused
Reputation IN these stocks.
The anticpatOry payment OF the interest que
October ] On the United States per cent DonQs
OF 1917 was begun yesterday at the SuD-Ireas-
ury The interest on these bonds amounts 10
SS20D about three-fourths Of which VIII be
paid through the New-YOrk Sub-Treasury. COD
Certificates IN denominations OF SO so ana
slOO 10 the amount Of $3.50 600 were received at
the Sub-Treasury from Washington. Certncates
aggregating S22 292 800 had previously been re-
eelVed and distributed among banks. These Ger
uhoates have not increased the amount OF
money a. they have been issued in exchange for
certificates Of larger denominations