The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-23

in Industrials ragged all day TODAY be-
tween opposing specula-iye interests on
the stock exchange. Br)oklyn Rapid
Transit was the storm centre rs for
many days past. This SO TX showed evi-
dence of support ut the opening of the
stock market and got at one time over
point above last nights closing level
In face of this support an1 If the rally
of International Paper, the hears turned
their attention to Sugar which dropped
almost Immediately 212c, ON account OF
the cut in price of refined sugar by the
company and the meeting of it by the
competing concerns. Steel and Wire
lost points on the failure of the listing
committee to admit the stock to the
listed department of the exchange.
Later in the day Manhattan and Com
solidated Gas were admitted to the OBJ
jective points of the bears. Much had
been hoped by the friends of Brooklyn
Rapid Transit from the publication OF
statement of the company's finances ana
estimates of earning power under the
recent consolidation. The statement
when published proved SO obscure that
a deluge of stocks for both accounts
poured in carrying the price down to q
above par an extreme drop OF nearly .
points. The stock was lifted again to
1925 and closed at 1925. The demon
aization in Brooklyn Rapid Transit was
shared in lesser degree by Sugar which
dropped an extreme 5A; Manhattan,
which lost at one time nearly four points,
and Steel and Wire, common and pre-
ferred, Federal Steel, Peoples Gas and
Metropolitan, which declined from l to
2 points.
The extreme weakness of the Spe-
cialties was ignored for a time in the
railroad list where there were early
advances in Denver and Rio Grande,
Norfolk and Western. the Reading
stocks, Baltimore and Ohio and Wheel
ing and Lake Erie, second preferred, the
latter rising over points. The con-
tinued and violent decline in Brooklyn
Rapid Transit caused sympathetic de-
preston throughout the market, carrier
gains being mostly wiped out and
number of Standard railroad stocks, in
Guiding the Changers dropping a point
or over below last nights prices.
The rate for call money rose to 4 per
cent. late in the day, probably not with
out manipulation, but quickly yielded to
3 per cent, where it had ruled all day
The final rally in Brooklyn Transit
afforded relief to the whole market and
losses were partly retrieved, the most
active Specialties recovering from one
to two points.
There was a notable advance late in
the day in the Norfolk and Western
stocks after the common had reacted a
point. with the general list. These
stocks show net gains of 23s for the COM
mon and III for the preferred.
London sold about 10000 shares on
balance in this market
The bond market was active, but
changes were small and irregular. Total
sales (par value) $2,67S000.
United States bonds were unchanged
on bid quotations.
The total sales of stocks today were
693, 400 shares, including Atchison, H.
430; Baltimore and Ohio. 5000: Central
Pacific, 6,050; Burlington, 9,050; Rock
Island, 1880; Louisville and Nashville,
1900; Manhattan. 26,515; Northern
Pacific, 1850; Missouri Pacific, 1850;
Pennsylvania, 600; Reading, first pre-
ferred, 26,690; Reading, second prefer
red, 6,620; st. Paul, 1850; Union Pa
cific. 1920; Union Pacific preferred,
$500; Southern Pacific, 1865; Steel
and Wire. $3.50; American Tobacco,
1870; Brooklyn Transit, 15S,475; Com
tinental Tobacco, 1910; Federal Steel,
1875; International Paper $500; Peo-
pies Gas, 9,045; Sugar, S6,420; T. G. l.,
1850; United States Leather, 6,546.