The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-22
Lively Contest Between Bulls and
Bears In New York.
FORMER HAD ADVANTAGE
ENTRENCHED BEHIND DISTRIB-
UTED DEMAND FOR STOCKS.
Bears, However, Attacked Vulner-
able Spots and Succeeded In Wip-
ing Out Majority of Gains That
Had Been Achieved In Railroads
and Materially Reduced Others.

New York. Aug. 2l.-There was a battle
royal between the bulls and the bears
on the stock exchange today. The bulls
had somewhat the advantage of position.
as they We're entrenched behind long
and well distributed demand for stocks
of all varieties. Commission house bust
ness was on very large scale and the
movement of prices in the majority OF
the list was varied throughout the day
realizing going on in liberal way at one
portion OF the list while prices Were
marked up in another. One or two stocks
showed conspicuous strength. but the ten
dency to advance in the railroad list was
surprisingly uniform and took in all
grades of stocks from the highest TO the
low priced issues.
But there were spots in the industrial
list which proved exceedingly vulnerable
and the persistent determination with
which the bears rafded these resulted in
wlping out the majority OF gains which
had been achieved in the railroads and re-
dIced practically all that remained 10
fractional limits. Brooklyn Transit suf-
fered the severeSt attack from the bears
all day long. ltwas offered DOWN through
successive stages, each drop bringing out
a deluge of long stock. and copious stop
loss orders. The success OF the bears with
this stock encouraged them TO extend their
attack TO other members of the so-called
Flower group. They forced down Inter-
national Paper an extreme points and
Federal Steel suffered 10 the extent of 3ss.
People 5 Gas lost over points and Rock
Island a point. The extent of the decline
invited hasty covering and there were
rallies of l to points in the group. Man
haitian. Metropolitan Steet Railway and
Third Avenue showed wide declines in
sympathy ranging from 21s to ~ in the
case of the first two named. Sugar was
also vulnerable after an early gain of
point and dropped nearly points Steel
and Wire showed a markedly dropping
tendency. and other iron and steel stocks
were also heavy.
The influence of this weakness on the
GT &c ina tad nv 1nr 70
marking up of call loans TO 3l2 per cent.
after having ruled at and below 3 per
cent during the early part of the day.
The fact remains that a large portion of
the days business in the list was done at
prices above Saturdays.
There was an enormous absorption of
stock from the opening in spite of the
rather heavy tone reflected from foreign
stock markets on account of disorders in
Paris and the uneasiness over the polti-
cal situation and the spread of bubonic
plague. Tennessee Coal rose buoyantly
"A per cent to par in the first few minutes
OF trading. Ii went back during the day
TO 81. but closed at 80. Louisville con-
tinued in active demand and sold up TO s35s
A number of low-priced stocks. notably
D. & r. G. and \. & w. were in good
demand and the large organized buying of
Southern Pacific was continued. This
stock was held back by realizing and did
not at any time rise more than a small
fraction over Saturday.
Stocks of railroads in Colorado were uni
lOIlliy SlTOlS on lIe improved cOnultlOnS
in the mining industry of that state
Atchison preferred. the grangers. the
ccalers. B. * o. stocks and Union Pacific
were in large demand Very little re-
mains of the early gains in these stocks
which reached point or over in a num-
Der of cases. American Tobacco ends
with a gain of nearly points. There were
a nunber-o of other more obscure stocks
that showed strength during the day.
The bond market showed Increased ac-
tivity in sympathy with stocks. There
were conspicuous gains in Southern Pa
cific As Colorado Midland Is and AtchiE
son As. Total sales. par value. 81 l2S 600.
L. S. IS advanced 4 in the bid price.