Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-21
Bears Successfully Raid Traction and
Industrial Stocks.
GRANGER SHARES WERE STRONG
The Market Was Decidedly Weak
at the Close.
TIL E q ERAL REPORTS

Special Dispatch to The Evening Star.
NEW YORK. August 21.-London's re-
turn to business this morning was marked
by lack of appreciation for American
shares at the higher New York level.
Prices in the foreign markets were gener-
ally lower. the international list showing
declines varying from u to q per cent ana
the miscellaneous department suffering
more severely, on account of the disorders
at Paris.
In spite of these adverse influences the
local market opened strong and we. sup
piled with commssion-house business. in
a few of the spec.alties the initial trading
was fiagrantly manipulatve. and early
prices We're frequently the best.
Tennessee Coal and Iron was made to sell
at par during the first few minutes ana then
reacted per cent AT the decline some
realizing was permitted, but during the
afternoon the price again adva lced.
Southern Pacific sold up over H. but found
plenty of stock at that price. and the brok-
ers for the clique again supported the price
instead of aggreSsively advancing 1t.
A concerted attack on the traction stocks
was the feature of the days business. This
attack was made in the hope of forcing a
general decline in the interest of an out
standing short account. Brooklyn Rapid
Transit was the center of this selling and
was made to appear very weak, about
per cent being conceded from early prices
W udteNeI De tit IlelllS OF the ConlFD-
versy between the friends and the enemies
of these shares. the latter have resortea 10
some very questionable methods in their
efforts to fulfill their pessimistic predic-
tons
Anonymous communications and dis
play head advertising have cheapened an
argument which has much real merit at
bottom The price of the stock Is high for
a non-dividend payer, with Its heavy sub
urban traffic approaching its final rush.
The price has been high for a long time
however. and the REIMBURSEMENT. while GER
tain of coming. might come more legiti-
mately than IS q present proposed.
The industrial list was noticeabIv weak
throughout the day, several issues in that
department lacking support. International
Paper shares were conspicuousiy weak
and the Steel and Wire issues were freely
hquidated at times. The selling through
out this department prompted by the
strength IN the general list, and was re-
garded as oDportune time for attacking a
class Of stocks which will be mere or less
a topic of political discussion during the
entire fall and winter. 1t will be fortu-
nate II these stocks can be liquidatcd in
advance of the antitrust campaign and
the general situation cannot fail to profit
by their descent from an unwarranteL
height.
The Granger stocks. a class. were
strong and did remarkably well. in view of
the weakness in the Traction stocks. Rock
Island and st. Paul were taken in round
amounts. Increased dividends and a pos
slble extra disbursement are the influences
working behind the movement in these
shares. The buying of Atchison preferred
was most aggressive in character and this
weeks statement 3 relied upon to vindi-
cate present purchases.
The coal stocks gave some indication of
new activity, but the day was not on the
Whoie. propitious to new ventures Realiz-
ing was resumed during the final hour under
the further weakness in the Traction
shares. and the market demonstrated its
s'rength In its capacity for alb sorbing
rather than in positive Improvement.