Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-15
FINANCE AND TRADE
Irregularity Was the Feature in Stock
Market Today.
TOBACCO WENT UP AND STEEL DOWN
Slump in Brooklyn Rapid Transit
at Close.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. August 15.-Todays market
was a duplicate of its immediate predeces-
sors, professionalism and irregularity be-
ing its pronounc d characteristics. The de-
mand conferred largely in the industrial de-
partment during the opening hour, the To-
bacco shares being taken in round amounts
for inside account. The rumored purchase
OF another Independent plant was used to
assist the manipulation in the American
companys shares. Continental Tobacco
con. mon and preferred moved up under a
sim ar demand, the preferred shares being
in favor because of a more satisfactory
dividend prospect.
While the tobacco issues Were positively
strong and We're holding the industrial list
fairly steady, liquidation and professional
selling became conspicuous in American
Steel and Wire and Brooklyn Rapid Transit.
The former stock sold off very rapidly as
the result of a less favorable estimate of
the significance of yesterdays report of the
company's condition 1t had been noised
abroad for weeks that the statement would
counterfeit the recent dividend disappoint-
ment and reinstate the shares in favor with
the speculative community
The company is doing a good business,
but the figures submitted do not warrant
hasty action in sacrificing known values
in order to invest the proceeds in such a
property at the present level. The reac-
ton in the stock this morning can do no
harm. either to those who sold with the
intention Of locating their risks elsewhere
or to those who sold in the hope Of buying
cheaper stock for a manipulative campaign
under the cover of a strong general condi-
ton.
In Brooklyn Rapid Transit there was
determined selling on the part Of the room,
which has come to consider the price as
having outrun the merits of the property.
There was open buying of the stock during
the morning by friends of the property but
this conspicuous bidding led to the belief
that other brokers were selling for the
same account However this may be, the
result of the support was negative, the
price losing ~ per cent under liberal vol
ume of business
The standard railway shares move about
1rregularly and do not hold gains very
well: This action is due as much to ne
giect as to any one influence. At their
present level. however. they have antici-
pated future developments to a very con-
siderable degree, and there are but few
new arguments to apply to them. 1t is
Well that they should be allowed to shift
for themselves perhaps, and stocks of the
middle class be taken into the prominent
positions.
Lowprice1 stocks under the influence of
strong basic conditions and in the presence
of a not over-dehnite money market are
logically the safer risk. Carrying charges
are less. The capital required is less and
the discrepancy between price and value
Is often greater than in the standard shares
Southern Pacific has long been regarded
as one of the more likely of the low-prtced
stocks. and today a new demand was de-
veloped for its shares. Under the influence
of liberal buying the price was advanced
about ~ per cent. the banking interest
identified with the property being reported
among the buyers. The stock was supplied
literally at the advance but the demand
vas equal to absorbing it at a substantial
advance over the prices of the morning
Weakness in Brooklyn Rapid Transit was
a feature of the first hour. the lowest prices
of the day being recorded during this pc
rod. If there is any merit in the bear po-
sition at all 1t should be disclosed by their
limit of success in the attack upon these
shares.