The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-08-23
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks
Metal Quotations-Wool Pricss and
Movements-Grain and Pro-
duce-Review of Trade.

New York. Aug. "a fierce conflict
ragged all day to-day between oppos-
ing speculative interests on the stock ex-
change The industrial specialties were
the chosen field of battle and the most
violent contest ragged about iBrooElyh
Transit, as has been the case Tor many
days past. This stock showed evidence
of support at the opening OF the mar
ket and got at one time over a point
above last nights closing level. In the
face of this support and a rally in In
ternational Paper from its severe loss of
Yesterday the bears turned their atten-
ton to other stocks which seemed for
the moment to offer a more vulnerable
point of attack. Sugar dropped almost
Immediately 2ls points on account of the
cut of the price of refined sugar by the
company, and the meeting of 1t by COM
pe,ing concerns. Steel and Wire lost
two points on the failure of the listing
committee of the stock exchange to act
favorably on the application of the COM
pany for the admission of the stock to
the listed department of the exchange.
Later in the day Manhattan and Consoi-
dated Gas were added to the objective
points of the bears. All these stocks
were 30 severely handled as to check
very materially the disposition to buy
railroad stocks, which showed itself in
continued force during the early hours
of the trading. Much has been hoped by
the friends of Brooklyn Transit from the
publication of a statement of the COM
panys finances and estimates of earn
ing power under the recent consolidation.
The statement when published proved to
be obscure and the estimates were SO
far from satisfactory that perfect del
uge of stocks for both accounts was
poured upon the market carrying the
price down by successive stages to Ac
above par, an extreme drop OF nearly
points. Only the most determined sup
port checked the decline at that price
enormous individual blocks being taken
before the rally was effected. The stock
was lifted again to 1925, and closed at
1025s.
The decentralization in Brooklyn Tran
sit was shared in lesser degrees by sugar.
which dropped an extreme u, Manhat-
tan, which lost at one time nearly four
points, and Steel and Wire, common and
preferred Federal Steel. Peoples Gas
and Metropolitan Street Railway, which
declined from l to 2 points. The ex-
treme weakness of the speclaties was
ignored for time in the railroad list,
where there were early advances in Den
the Reading stocks. Baltimore & Ohio
and Wheeling & Lake Erie second pre-
ferred. The latter raised two points.
The continued and violent decline in
Brooklyn Transit caused sympathetic de-
preston throughout the market, earlier
gains being mostly wiped out and num-
Der of standard railroad stocks, includ-
ing the grangers, dropping point or
over below last nights price. The rate
for call money rose to per cent. late III
the day but quickly yielded to per
cent. near which it had ruled all day.
The final rally in Brooklyn Transit af-
forded relief to the whole market and
losses were partly retrieved, the most
active specialties recovering from l to :
points.
There was notable advance late in
the day in the Norfolk & Western stocks
after the common had reached a point
with the general list These stocks show
net gains of 25s for the common and ~
for the preferred. London sold about
10000 shares on balance in this market
The bond market was active, but
changes were small and irregular Tota1
sales, s2.65S000.
L. S. bonds were unchanged.