The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-08-23
FIERCE CONFLICT
In STOCK MARKET
Industrial SpeciaIties the Chosen
Field of Action.
CALL MONEY RATE ROSE
Bonds Were Active, With Changes
Small and Irregular-The Total
Sales at Par Value Amount
ed to 100000

New York, August PA fierce conflict
ragged all day today between opposing
speculative interests on the stock ex-
change. The industrials 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 of the stock mar
ket, and got at one time over point over
last nights closing level.
In face of this support and a rally In
International Paper from its severe loss of
yesterday, the bears turned their attention
to other stocks, which seemed for the mo-
mont to offer more vulnerable point of
attack. Sugar dropped almost Immediately
"a on account of the cut of price of re-
fined sugar by the company and the meet
ing of it 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 department of the exchange.
Later in the day Manhattan and Console
dated 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 continuous
force during the early hours of the trad
ing. Much has been hoped by the friends
of Brooklyn Transit from the publication
of a statement of the companyS finances
and estimate of earning power under the
recent consolidation The statement when
published proved to be obscure and the
estimates were so far from satisfactory
that a perfect deluge of stocks for both
accounts was poured upon the market.
carrying the price down by successive
stages to VI above par an extreme drop OF
nearly 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 decentralization in Brooklyn Transit
was shared in lesser degrees by Sugar.
which lost at one time nearly 4 points
Steel and Wire common and preferred;
Federal Steel, Peoples Gas and Metropoi-
tan street railway, which declined from to
2 points. The extreme weakness or the
specialties was ignored for time in the
railroad list, where there were early ad-
yances in Denver and Rio Grande, Nor
folk and Western, the Reading stocks,
Baltimore and Ohio and Wheeling and
Lake Erie seconds preferred, the latter
rising over 2 points. The continued and
violent decline in Brooklyn Transit caused
sympathetic depression throughout the
market earlier, the gains being mostly
wiped out and number Of standard rail-
road stocks, including the grangers, drop
piRg point or over below last nights
prices.
The rate for call money rose to per
cent. late in the day, probably not without
manipulation, but quickly yielded to per
cent, near which 1t had ruled all day
The final rally in Brooklyn Transit afford
ed strength to the whole market and losses
were partly retrieved the most active spe-
ciaIties recovering from to points. There
was a notable advance late In the day In
the Norfolk and Western stocks after the
common had reacted point with the gen.
eral list. These stocks show net gains of
29k for the common and N for the pre-
ferred London sold about $1,000 shares on
balance in this market. The bond market
was active, but changes were small and
irregular Total sales par value, 2,679Oo0
United States bonds were unchanged on
bid quotations.
New York, August 22.-Money on call
steady at 2%@4 per cent; last loan at
per cent.
Prime mercantile paper at 4A@5 per cent
Sterling exchange firm with actual bust
ness In bankers bills at $4.S61sd4S6A for
demand and a.. .S312 for sixty days.
Posted rates, $4,000. S71.
Commercial bills "a S2% @4.S3A.
Silver certificates, 60@60%.
Bar silver, 1913.
Mexican dollars, 47B
Government bonds steady.
State bonds inactive
Railroad bonds irregular.
-. rel n. Dol,,