The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-23
Attacked Every Stock Which
Showed Weakness.
RHCoUP FORMER LOSSES
INDUSTRIAL SPECIALTIES THE
CHOSEN FIELD OF BATTLE.
Many Securities Forced Down
Brooklyn Rapid Transit and Sugar
Were Especial Objects of Attack
Railroad Stocks Hold Their Own
A Slight. Rally Toward the Close.

New York, Aug. PA fierce conflict
ragged all day today between opposing
speculative interests on the stock ex-
change. The industrial sDecialties were
the chosen field of battle and the most
violent contest ragged about Brooklyn
Transit. as has been the case for many
days past. This stock showed evidence
of support at the opening of the market
and got at one time over a point above
last nights closing level. In lace or TINS
support and 4 rally in International
Paper from its severe loss OF yesterday.
the bears turned their attention to other
stocks which seemed for the moment TO
offer more vulnerable point OF attack.
Sugar dropped almost immediately z1e
on account of the cut OF the price OF re-
fined sugar by the company and the meet
ing of il by competing concerns. steel
& Wire lost 2 points on the failure OF
the listing committee of the stock eX-
change to act favorably on the application
of the company for the admission or the
stock to the listed department or the eX-
change. Later in the day Manhattan ana
Consolidated Gas were added to the OBJ
jective points of the bears. All these
stocks were so severely handled as 10
check very materially the disposition TO
buy railroad stocks which showed ltSet
in continued force during the early hours
of the trading. Much has been hoped Dy
the friends of Brooklyn Transit from the
publication of a statement of the COM
pany's finances and estimates of earning
power under the recent consolidation Inc
statement when published proved 10 De
obscure and the estimates were so lar
from satisfactory that a perfect deluge
of stocks for both accounts was poured
upon the market. carrying the price down
by successive stages to "a above par, an
extreme drop of nearly points. Only the
most determined support checked the de-
cline at that point, enormous individual
blocks being taken before the rally was
1925. and closed at 1025s. The demorali-
cation in Brooklyn Transit was shared
in lesser degrees by Sugar, which dropped
an extreme so; Manhattan, which lost
at one time nearly 4 points. and Steel *
Wire, common and preferred. Federal
Steel. Peoples Gas and Metropolitan
Street Railway, which declined from TO
2 points. The extreme weakness of the
specialties was ignored for a time in the
railroad list, where there were early ad-
vances in D. a. r. G., Norfolk & West
ern. the, Reading stocks; Baltimore &
Ohio and Wheeling & Lake Erie second
preferred, the latter rising over points
The continued and violent decline in
Brooklyn Transit caused sympathetic de-
preston throughout the market, earlier
gains being mostly wiped out, and a num-
Der of standard railroad stocks, including
the grangers, dropping a point or over
below last nights prices. The rate for
call money rose to per cent late in
the day. probably not without manipu-a-
ton. but quickly yielded to per cent
rally in Brooklyn Transit afforded relief
to the whole market and losses were
partly retrieved, the most active special
ties recovering from ] to points.
There was a notable advance late in
the day in the Norfolk & Western stocks
after the common had reached a point
with the general list These stocks show !
net gains of rs for the common and IL |
for the preferred. London sold about 90 |
D0J shares on balance in this market.
The bond market was active, but |
changes were small and irregular. Total |
sales. par value. $2.67S, 600.
L. S. bonds were unchanged on bid quo
tatiOns