The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-08-16
BEARS ATTACK TWICE
Last Half Hour the Stock
Market Is All Theirs.
INDUSTRlALS WORST OFF
Only Tobacco, of That Group,
Retains Any Gain.

New York, Aug. 1s.-The bear element
was in evidence today in the stock mar
ket. They made a vigorous attack in
the morning and by 2 O'Clock seemed to
have exhausted their efforts. The average
level Of prices, including the majority Of
standard stocks, rose az that time to the
best prices Of the day. in sympathy with
the sensational advance OF American To-
bacco. In the last half hour OF the trad
in gthe bears concentrated a vigorous as
sault upon Brooklyn Transit. They drew
that stock down an extreme 81. to 1OSts,
and effectutlly broke the market, sue
cessfully overriding all efforts to support
values. The industrial specialtieS suf-
fered most severely and the reaction in
the railroads reached a point In only a
few cases. A few railroad stocks which
had shown early strength succeeded In
retaining net gains. In the list of in
dustrials outside of the Tobacco stocks
not single stock Of importance retained
amy net gain. American Steel and Wire
was under pressure early In the day on
account Of disappointment over a pub
lished statement purporting to give the
financial condition. and the earnings OF
cred all but g of the early loss when 1t
was attacked again and fell with Brook
lyn Transit to the low point Of the day.
sA below last night. AL the iron and
steel stocks were affected In sympathy
and Tennessee Coal dropped an extreme
31s and closed at last nights price. af-
ter having been "a above in the morn
ing. Peoples Gas also showed keen SYM
pathy with Brooklyn Transit, and lost
an extreme 2%. Sugar was a sufferer and
was knocked down ~ points. The volume
OF sales at the low point was small. ex-
cept for Brooklyn Transit and Steel and
Wire, and there was a quick and violent
rally in Sugar, Peoples Gas and Tennes-
see Coal on a rush TO cover by the shorts.
Brooklyn Transit's net loss Is ~ and Steel
and Wire points. The most conspicuous
movement OF the day was that of Ameri-
can Tobacco. The stock reacted ia 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
points. The Continental Tobacco stocks
were strong in sympathy. There was a
notable upward movement IN the Iowa
Central stocks on talk Of heavy earnings.
They show gains Of and "a respectively.
Colorado Midland preferred Is up nearly
a point. There was a period Of strength
also for Kansas and Texas preferred end
Southern and Central Pacific, but their
gains were almost wiped out in the late
decline. The boldness OF the bears was
due to the convictions that since the mar
ket 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 impetus 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 made the mar
ket vulnerable to determined attack.
jump In the Berlin discount of y per cent
and the hardening tendency Of London dis
counts had a depressing effect There
was a holiday on the Paris bourse. but
the course OF events in France arouses
anxiety In the financial world. Call money
worked easier In New York. but there Is
stilI a belief that the money thus placed
Will be needed soon In other channels.
This creation Of a large short interest Of
course has strengthened the technical
condition OF the stock market. Closing
prices of stocks were as follows: