The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-16

NEW YORK, Aug. 15.-The bear ele-
ment was in evidence all day today in
the stock market and came off with fly
ing colors. They made vigorous attack
in the morning and by 2 o'clock seemed to
have exhausted their efforts. The aver
age level of prices including the majority
of standard stocks rose at that time to
the best prices of the day in sympathy
with the sensational advance of American
Tobacco. In the last half hour OF the
trading the bears concentrated a vigorous
assault upon the Brooklyn Transit. They
drew that stock down extreme SIS to 1887
and effectually broke the market, sue
cessfully overriding ali efforts to support
values The Industrial specialties suffered
most severely and the reaction in the
railroads reached a point in only a few
cases.
few of the railroad stocks which had
shown early strength. succeeded in re-
tanning net gains. In the list of indus
trials 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 ac-
count of disappointment over a published
statement purporting to give the financial
condition and the earnings of the COM
pany. But the stock had recovered all
but 70 Of the early loss v hen it was at
II
Transit to the low point of the day, 3B
below last night. All the iron and steel
stocks were affected in sympathy and
Tennessee Coal dropped an extreme 3l@
and closed at last nights price, after hav-
ing been 2A above in the morning. Peo-
pies Gas also showed keen sympathy
with Brooklyn Transit and lost an ex~
IRENE 29s Sugar was q sufferer and was
knocked down S1A points. The volume
Of sales at the low point was small ex-
cept for Brooklyn Transit and Steel and
Wire and there was a quick and violent
rally in Sugar, Peoples Gas and Ten
nessee Coal or a rush to cover by the
shorts. Brooklyn Transit's net loss is AS
and Steel and Wire 8 points Manhattan
was very weak, in sympathy with Transit
in the early dealings, but it had rallied
quite strongly and lost only IA net.
The most conspicuous movement of the
day was that of American Tobacco The
stock reacted 81 before the late raid on
Brooklyn Transit, but moved up strong
" in the very face of the bear raid. to
near the top figures. The days takIngs
of the stock were on an enormous SCALE
and its net gain is points. The Con-
tinental Tobacco stocks were strong in
sympathy. There was a notable upward
movement in the Iowa Central stocks on
talk of heavy earnings. They show a
gain OF l and rs respectively Colorado
Midland pfd., is up nearly point There
was period of strength also for Kansas
and Texas preferred and Southern and
Central Pacific, but their gains were
almost wiped out in the late decline The
boldness Of the bears We're due to con-
Viction that since the market refused 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. The recent
activity of various pools which have
taken on heavy lines of various stocks,
in spite of the general apathy OF the mar
ket also made the market vulnerable to
determined attack.
A jump in the Berlin discount today and
the hardening tendency of London dis
count had depressing effect There was
course of events in France arouses
anxiety in the financial world. Call mon
ey worked easier in New York, but there
is still a belief that the money thus
placed will be needed soon in other chan
nels.
There was heavy realizing in Kansas
and Texas I'd, Kansas City, Pittsburg
and Gulf lists after erratic variations
closed 2 points higher. Price changes
generally were small and irregular Total
sales, par value, $780, 900. Government
bonds were unchanged.
STOCKS.
The following were the fluctuations of
the leading railway and industrial shares,
furnished by G. H. T. Smith & Co. mem
bers of the New York stock exchange
and Chicago board of trade: