The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-16
THE NEWS OBSERVER WEDNESDAY MORNING. AUGUST &c.

overriding all efforts to support values.
The Industrial Specialties suffered most
severely and the reaction in the ralirQau
stocks which had shown early strength
succeeded in retaining net gains. In the
list of lnduStrials outside of the Tobacco
stocks, not a single stock of Importance
retained any net gain. American steer
and Wire was under pressure early III
the day on account of disappointment
over a published statement purporting
to give the financial condition and the
earnings of the company, but the stock
had recovered all but * of the early
loss when it was attacked again and fell
with Brooklyn Rapid Transit to the
low point of the day, 31s below last
night. All the iron and steel stocks were
affected in sympathy, and Tennessee
Coal and Iron dropped an extreme 312
and closed at last nights price, after
having been 2A above in the morning.
Peoples Gas also showed keen sympathy
with Brooklyn Rapid Transit and lost
an extreme 23s. American Sugar was
a sufferer and was knocked down 3
points.
The volume of sales at the low point
was small, except for Brooqlyn Rapid
Transit and American Steel and Wire,
and there was Il quick and violent rally
in American Sugar, Peoples Gas Ten
nessee Coal and Iron on rush to
cover by the shorts. Brooklyn Rapid
Transit's net loss is as and American
Steel and Wire points.
Manhattan Eelevated was very weak in
sympathy with Brooklyn Rapid Transit
IN the early dealings but it had rallied
rrtt e.I.
most conspicuous movement of the day
was that Of American Tobacco. The
stock reacted 1al before the late raid
on Brooklyn Rapid Transit, but moved
up strongly i'm the very face of the bear
raid 70 near the top figures. The days
takings of the stock was ON al enormous
scale and its net gain is q points. The
Continental Tobacco stocks were ssrong
i'll sympathy. There was 4 notable up
ward movement in the Iowa Central
stocks ON talk of heavy earnings. They
show net gains of / and 25s respective
". Colorado Midland preferred is up
NEARLY a point There was period of
strength also for Kansas and Texas pre-
ferred and Southern and Central Pacific,
but their gains were almost wiped out
in the Late decline. The boldness of the
bears was due to a conviction that since
the market refused to go UP yesterday on
the much improved conditions of the
local money market nothing else is in
sight likely to give an upward move
ment to prices. The recent activity Of
various pools which have taken ON heavy
lines of various stocks in spite of the
general apathy of the market also makes
the market vulnerable to determined at
tack.
A jump in the BERLIN discount today
OF - per cent and the hardening tenden-
cy of London discounts had a depressing
effect. There was holiday ON the Paris
Bourse, but the course of events i'm
France arollses anxiety all over the fl
nancial world. Call money easier in New
York, but there is still belief that the
money thus placed will be needed soon
in other channels. The creation of n
large short interest of course has
strengthened the technical condition Of
the stock market.
There was heavy realizing in Kansas
and Texas seconds. Kansas City, Pitts
burg and Gulf firsts, after erratic fuct
nations, closed 2 per cent higher. Price
changes generally were small and irregu-
lar. Total sales of bonds (par value ST.
S04, 000
Government bonds were unchanged.
The total sales of stocks were G12 100
shares, including: Atchison preferred, H.
90; Chicago Great Western, 6,40O; Chi
cago, Burlington and Quincy, $500;
Iowa Central. 9,024; Iowa Central pre-
ferred, lilo; Louisville and Nashville.
$3.50: Manhattan Elevated, 21,100;
Missouri Pacific, 5,400; Northern Pacific.
6,120; Philadelphia and Reading first
preferred. $500; Chicago Milwaukee and
st. Paul, S,400: Southern Pacific, 90
725; Union Pacific, $3.50; American
Smelling and Refining, 1885; American
Steel and Wire, 81 $50; American Tobac-
co, 1886; Peoples Gas, 1880; Amer
lean Sugar, ,325; Tennessee Coal and
Iron, 1885; United States Leather.
10,&A0.
5UND5.
y. s. 2's. reg..... 1907 NIX q 2ds -. 6s%
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