The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-16
BEARS CARRIED THE DAY.
Made Vigorous Attacks on the Mar
ket and Drove stocks Down.

Made Vigorous Attacks on the Mar
ket and Drove stocks Down.
New York. Aug. 15.-The bear element
was in evidence all day in the stock mar
ket and came off with flying colors They
made a vigorous attack in the morning
and by 2 o'clock seemed 70 have exhausted
their efforts. The average .evel of prices
including the majority of standard stocks
rose at that time to the best prices of the
day in sympathy with the sensational ad-
vance of American Tobacco. But in the
last half hour of the trading the bears
concentrated a heavy assault on
Brooklyn Rapid Transit. They drove that
stock down an extreme SIS. to 10SI5, and
effectually broke the market successful
ly overriding al efforts to support values
The Industrial specialties suffered most
severely and the reaction in the railroads
reached a point in only few cases \
few of the railroad stocks which had
shown early strength, succeeded in re
tanning net gains. In the list of Indus
trials outside of the tobacco stocks, not
I a single stock of importance retained any
net gain. American Steel and Wire was
under pressure early in the day on &c.
count of disappointment over a published
statement purporNng to give the finan-
cial condition, and the earnings of the
company, but the stock had recovered all
but Is of the early loss when it was at
tackled again and fell with Brooklyn Rapid
| Transit to the low point of the day Is
below last night All the iron and steel
| stocks were affected in sympathy and
Tennessee Coal dropped an extreme S12 AMI
closed at last nights price, after having
been pa above in the morning. Peoples
Gas also showed keen sympathy with
Brooklyn Transit and lost en- extreme pa
Sugar was a sufferer and was knocked
down 3Ia points.
| The volume of sales at the low point was
small, except for Brooklyn Transit and
| Steel and Wire, and there was a quick
and violent rally in Sugar. Peoples Gas
! and Tennessee Coal on a rush to cover
| by the shorts. Brooklyn Transits net
| loss is AS and Steel and Wire points.
Manhattan was very weak in sympathy
with Brooklyn Transit in the early deal
| ings, but it had rallied quite strongly,
| and lost 1ss net. The most conspicuous
movement of the day was that of Ameri-
| can Tobacco. The stock reacted -. be-
| fore the late raid on Brooklyn Transit.
| but moved up strongly in the very face Of
| the bear raid to near the top figures. The
| days takings of the stock were on an
enormous scale and its net gain is 6 points
The Continental Tobacco stocks We're
| strong. in sympathy. There was a nota-
| bic upward movement in the Iowa Cen
| trail stocks on talk of heavy earnings They
show net gains of / and 27s respectively.
Colorado Midland preferred is up nearly
a point There was period of strength
also for Kansas and Texas preferred ana
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 movement 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
make the market vulnerable to determined
attack.
A jump in the Berlin discount to-day of
| one-half per cent. and the hardening ten
dency of London discounts had a depress-
ing effect. There was a holiday on the
| Paris bourse, but the course of events in
France arouses anxiety all over the flnan-
| cial world Call money worked easier in
New York, but there is still belief that
the money thus placed will be needed soon
| in other channels. The creation of O large
| short interest, of course, has strengthen
ed the technical condition of the stock
| market.
| There was heavy realizing in Kansas and
! Texas seconds, Kansas City, Pittsburg and
| Cuff firsts, after errauc variations closed
per cent. higher. Price changes general
| ly were small and irregular Total sales,
| par value, $2,S0i, 900.
| Government bonds were unchanged. The
| total sales of stocks We're 612, 100 shares,
| including Atchlson preferred, II $40; Chi
| cago Great Western, 6.40O; Burlington.
$500; Iowa Central 9O24; Iowa Central
preferred, 14,110; Louisville and Nashville.
| $3.50; Manhattan. 2l1O0; Missouri Pacific,
5,4O0; Northern Pacific 6 100; Reading first
preferred, 800; st. Paul, S40O Southern
| Pacific &c. 725; Union Pacific. $3.50; Aneri
can Smelling, IL, s45; American Steel and
Wire, 31,2S0; American Tobacco, 1915;
Peoples Gas 21 $50; Sugar. IL 1926; Tennes-
see Coal, 1895; United States Leather,
1920.