The age-herald., 1899-08-16
BEARS CONTROLLED
 STOCK MARKET Quick and Violent Rally in Ten neSSee Coal 6 Iron. DEPRESSION IN MONEY Price Changes in Bonds Were Gener- ally Very Small, With Total Sales
 At Par Value Amounting
 to $2,3o4.ooo
DEPRESSION IN MONEY

New York. August 15.-The bear element was in evidence all day today in the stock market and came off with flying colors. They made vigorous attack in the morn- ing and by 2 o'clock seemed to have. ex- hausted their efforts.
 The average level of prices, including the majority of standard stocks, rose at that time to the best price of the day in sym pathy with the sensational advance of American Tobacco. In the last half hour of the trading the bears concentrated a vigorous assault upon the Brooklyn Tran- sit. They drew that stock down an ex- treme 51s to 10S11 and effectua1ly broke the market successfully overriding all efforts to support values. The industrial special ties suffered most severely and the reaction in the railroads reached point in only a few cases. A few of the railroad stocks which had shown early strength succeeded In retaining net gains. In the list of in- dustrials outside of the Tobacco stocks not a single stock of importance retained any net gain. American Steel and Wire was under pressure early in the day on account of disappointment over a published state- ment purporting to give the financial con dition and the earnings of the company. But this stock had recovered all bat 7s of the early loss when it was attacked again and fell with Brooklyn Transit to the low point of the day, 31s below last night. All the iron and steel stocks were eff 1ected in sympathy and Tennessee Coal dropped an extreme 31s and closed at last nights price, after having been 2A above in the morning. Peoples Gas also showed keen sympathy with Brooklyn Transit and lost an extreme 2ss. Sugar was a sufferer and was knocked down 3k points.
 The volume of sales at the low point was small, except for Brooklyn Transit and wire there was quick and violent rally in sugar, Peoples Gas and Tennessee Coal and Iron on a rush to cover by the shorts. Brooklyn Transits net loss is 47b, and steel and wire points. Manhattan was very weak In sympathy with Transit in the early dealings but it had rallied quite strongly and the loss was 1Ac net. The most con- spicuous movement of the day was that of American Tobacco. The stock reacted 1% before 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 taking of stocks were on an enormous scale, and it's net gain is points. The Con- tinental Tobacco stocks were strong in sym- pathy. There was notable upward moye- ment In the Iowa Central stocks on talk of heavy earnings. They show gains of 1 and 2B respectively. Colorado Midland pre- ferred Is up nearly point. There was a period Of strength also for Kansas and Texas preferred and Southern and Central
 
 out in the late decline.
 The boldness of the bears was due to the convictions that since the market refused to go up yesterday on the much improved conditions of the local money market, noth- ing Is In sight likely to give an upward im- petus to prices. The recent activity of various pools which have taken on heavy lines or various stocks in spite of the gen. eral apathy of the market also made the market vulnerable to determined attacks A Jump in the Berlin discount rate today of IF per cent, and the hardening tendency or London discounts had a depressing ef- feet There was a holiday on the Paris pourse, but the course of events in France arouses anxiety in the financial world. Call money worked easier in New York but there Is still belief that the money thus placed will be needed soon in other chan neIs. The creation of large short interest or course has strengthened the technical condition of the stock market.
 Ihere was heavy realizing in Kansas and Iexas second Kansas City, Pittsburg and Gulf first, after cratic variations closed q per cent. higher. Price changes generally were small and irregular. Total sales par value S2,S4,oO0. Government bonds were unchanged.
 New York. August 15.-Money on call steady at 21a@3 per cent; last loan 3. Prime mercantile paper 4E@5 'er Der cent. sterling excange steady with actual business in bankers bills at 4S66D 4S6A for demand, and 4S21a6r4 s2A for sixty days; posted rates 4S3h04S4 and 4S76 4.S71a; commercial bills 4.S1k; silver certiff- cates 6O1a@61h; bar silver GOA; Mexican dollars 48.
 Government bonds steady; state bonds inactive; railroad bonds irregular
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