The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-08-23
gtnamctal.
The stock Market.

\
| New York, Aug ga fierce conflict
ragged all day to-day between opposing
speculative interests on the stock ex-
change. The industrial specialties were
the chosen field, of battle and the most
violent contest ragged about Brooklyn
Transit This stock showed evidence of
support at the opening of the stock
market and got at one time over point
above last nights closing level. In face
of this support and a rally in Interna-
tional Paper from its severe loss of
yesterday, the bears turned their atten-
the moment to offer more vulnera BILE
point of attack.
on account of the cut Of the price of re-
fined sugar by the company and the
meeting of it by competing companies.
Steel and Wire lost points on the fail
ure of the listing committee of the stock
exchange to act favorably on the appli-
cation of the company for the admis-
sion of the stock to the listed depart
ment of the exchange. Later in the day
Manhattan and Consolidated Gas were
added to the objective points of the
bears.
All these stocks We're so severely ham
died as to check very materially the dis
position to buy railroad stocks, which
showed itself in continued force during
the early hours of the trading. Much
had been hoped by the friends of
Brooklyn Transit from the publication
of statement of the conpany's finances
and estimates of earning power under
the recent consolidation The state
ment when published proved to be OBJ
scure and the estimates were so far
from satisfactory that perfect deluge
of stocks for both accounts was poured
upon the market, carrying the price
down by successive stages to quarter
only above par, an extreme drop of
nearly points Only the most deter
mined support checked the decline at
that point, enormous individual blocks
being taken before the rally was eff.
fected. The stock was lifted again to
1925 and closed at 1925. The democrat
ization in Brooklyn Transit was shared
in a lesser degree by Sugar, which
dropped an extreme SIX; Manhattan,
which lost at one time nearly points,
and Steel and Wire, common and pre-
ferred; Federal Steel, Peoples Gas and
Metropolitan Street Railway, which
declined from to 2 points.
The extreme weakness of the special
ties was ignored for time in the rail-
road list, where there were early adj
vances in Denver and Rio Grande, Nor
folk and Western, the Readings, Balti-
more and Ohio and Wheeling and Lake
Erie second preferred, the latter rising
over 2 points. The continued and vio-
lent decline in Brooklyn Transit caused
sympathetic depression throughout the
market, earlier gains being mostly WHIP
ed out and number of standard rail-
road stocks, including the grangers,
dropping a point below last nights
prices.
The rate for call money rose to per
cent late in the day, but quickly yield
ed 3 per cent, near which it ruled all
day The final rally in Brooklyn Tran
sit afforded relief to the whole market
and losses were partly relieved, the
most active specialties recovering from
1 to points. There was notable adj
vance in Norfolk and Western later in |
the day after the common had reacted |
a point with the general list. These |
stocks show net gains of 25s for the COM |
mon and IA for the preferred. London
sold about 10000 shares on balance in |
this market.
The bond market was active, but !
We're small and irregular. The |
total sales, par value, aggregated ST.
$4,000.
United States bonds were unchanged |
to- day.
NEW YORK STOCK afIEnET