The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-08-23
THE MARKETS.
Wall Street Review.

New York, Aug. ga fierce conflict
ragged all day today 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, as has been the case for many
days past This stock showed evidence
of support at the opening and got at
one time over point above last nights
closing level. In face of this support.
and rally i'm international Paper from
its severe loss of yesterday, the bears
turned their attention to other stocks
which seemed for the moment to offer
more vulnerable point of attack.
Sugar dropped almost Immediately 2h
on account of the cut of the price of
refined sugar by the company and the
meeting of ii by competing concerns.
Steel and Wire lost points on the
failure of the listing committee of the
Stock Exchange to act favorably on
the application of the company for the
admission of the stock to the listed de-
partment of the exchange. Later in
the day Manhattan and Consolidated
Gas were added to the objective points
OF the bears. All these stocks were so
severely handled as to check very ma
terially the disposition to buy railroad
stocks, which showed itself in con-
tinued force during the early hours of
the trading. Much had been hoped by
the friends of Brooklyn Transit from
the publication of a statement of the
company's finances and estimates OF
earning power under the recent con-
solidation. The statement when pub
lished proved to be obscure and the
estimates were so far from satisfac-
tory that a perfect deluge Of stocks for
both accounts was poured upon the
market, carrying the price down by
successive stages to quarter above par,
an extreme dror of nearly six points.
Only the most determined support
checked the decline at that point
enormous individual blocks being taken
before the rally was effected. The
stock was lifted again to 1925 and
closed at 1925 The demoraliza tion in
Brooklyn Transit was shared in lesser
degree by Sugar, which dropped an
extreme 5si: Manhattan, which lost at
ono time nearly points. and Steel and
Wire common and preferred, Federal
Steel. Peoples Gas and Metropolitan
Stree Railway. which declined from
to 2 points The extreme weakness OF
the spccialties was ignored for 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 Wheeling and Lake Erie second
preferred, the latter rising over two
points. The continued and violent de.
cline in Brooklyn Transit caused SYM
| pathetic depression throughout the
market. earlier gains being mostly
wiped out and a number Of standard
railroad stocks including the Grang-
ers, dropping a point or over below
last nights prices. The final rally in
Brooklyn Transit afforded relief to the
whole market, and losses were partly
! retrieved, the most active specialties
, recovering from l 10 points There
was notable advance late in the day
in the general list. Total sales, 500, 400
The bond market was active, but
changes were small and irregular.
Total sales par value, 81 67S, ,OOO. United
States bonds were unchanged on bid
quotations.
Quota tiOns furnished by CARRINGTON
CCSACk. stock and bond brokers'
rooms 40 and al Connell building Scran-