The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-16
Bear Element In Evidence On New
York Exchange.
MADE VIGOROUS RAIDS.
CAME OFF IN EACH INSTANCE
WITH FLYING CoLoRS.
Outside of Tobacco There Was Not a
Single Industrial Stock of ANY
Importance That Retained Any
Net Gain-Few Railroads Held
Their Own-Wheat Market

New York, Aug. 15.-The bear element
was in evidence all day today in the stock
market, and came off with flying colors.
They made a vigorous attack in the morn
ing and by 2 o'clock seemed to have eX-
hausted their efforts. The average ieNel
of prices. including the majority OF stand
ard stocks rose at that time 10 the pest
prices of the day in sy mpathy with the
sensational advance OF American l Tobacco
in the last half hour of the traulnS the
bears concentrated a vigorous assault
upon the Brooklyn Transit 1hey Grew
that stock down an extreme Us TO lVo32,
and effectually broke the market, sue
cessfully overriding all efforts to support
values. The industrial SpeclaitleS sur
fered most severely, and the reactlon IN
the railroads reached a point IN only q
few cases. A few of the railroad stocks
which had shown early strength sue
ceeded in retaining net gains.
In the list of industrials OUTSIDE OF the
Tobacco stocks, not a single stock OF I'M
portance retained any net gain. Alnerl-
can Steel d Wire was under pressure carry
in the day on account OF disappointment
over published statement purporung to
give the financial condition and the
earnings of the company. But the STOCK
had recovered all but IS of the early loss
when it was attacked again ana Tell with
Brooklyn Transit to the low point of the
day 3H below last night. All the iron
and steel stocks We're affected IN sym
pathy and Tennessee Coal dropped an eX-
irene 81. and closed at last nights price,
after having been ~ above in the morn
ing. Peoples Gas also showed keen
sympathy with Brooklyn Transit and lost
an extreme 23s. Sugar was a sufferer
and was knocked down 80 points. There
was a quick and violent rally in Sugar,
Peoples Gas and Tennessee Coal on 4
rush TO cover by the shorts. Brooklyn
Transit's net loss is rs and Steel & Wire
3 points.
The most conspicuous movement of the
day was that of American Tobacco. The
stock reacted "a 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 takings of
the stock were on an enormous scale end
its net gain is 8 points. The Continental
Tobacco stocks were strong in sympathy.
Colorado Midland preferred is up nearly
point There was a period OF strength
also for Kansas * Texas preferred and
Southern and Central Pacific, but their
gains were almost wiped out in the late
decline.
The holiness of the bears was due to
convictions that since the market re-
fused 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. A
jump in the rate of discount of = per cent
and the hardening tendency of London
discounts had a depressing effect. The
have taken on heavy lines of various
stocks in spit of the general apathy of
the market, also made the market Vul
ncrable to determined attack. Call money
worked easier in New York. but there is
still a belief that the money thus placed
will be needed soon in other channels.
There was heavy realizing in Kansas &
Texas Ends. Kansas. PittSburg x Gulf
lists, after erratic variations. closed per
cent higher. Price changes generally
value. 81 $4,000. Government bonds were
unchanged.