New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-09
BIG DAY FOR THE BEARS.
SELLING ALL ALONG THE LINE IN WALL
STREET.
OBSERVATION-DISCLOSURES ASSAULT ON
THE FLOWER STOCKS

1t was dismal and a disastrous day yester-
day for the small operators in Wall Street. and
for some OF the big ones as well While II was
not day OF panic the feeling was not far from
being pancky. The bears. elated and aggressive
from the success OF their last weeks campaign
and powerfully reinforced by the fact Of Satur-
days unfavorable bank statement and the gen
eral uneasiness caused by the prospect OF the
securities OF a gigantic steel combination being
brought into the market, started yesterday
morning selling the whole list no effort to check
the decline being made by any important specu-
iative interest The market opened well below
the level Of Saturdays close, and the down
ward course OF prices was accelerated from time
to time BY the uncovering of "stop-loss' orders
from distressed spectators and dismayed opera
tors. The market was at It's lowest from about
1890 to | o'clock, when II looked as though
the bottom had dropped out" Then came
rally, due to profit taking by shorts. and to pur-
chases for the long account at the low figures
reached. In the last half-hour another serious
recession occurred the market closing weak.
with prices, as a rule, not much above the
lowest Of the day. There is no stringency in the
money market and the bank statement Of the
coming Saturday will be reinforced by the In
clusion Of SIS 900 900 of the Spanish indemnity
lions continue satisfactory and the crop pros
poets not unfavorable. But the tone or the
market Is timid and uncertain. and the bears
have seen In that fact an opportunity TO uepress
prices in the hope and expectation that all
weakly margined holdings will be forced out on
the way down The Flower stocks were the OBJ
jects of especially vigorous assault yesterday,
but the grangers and the industrals generally
also suffered, and few stocks on the list re-
NAMED steady. oooon
The total sales were more than l,Un'oVo
shares, the issue the transactions In which were
the largest, Brooklyn Rapid Transit. OF when
1S5.6S5 shares were sold being also that which
suffered the heaviest loss. 1t opened at l261s.
pa points below Saturdays last quotation, and
after touching 127% in the first half sold
away down to 1904. closing at l2O%. net loss
for the day Of 81 per cent. Federal Steel COM
mon ranged between GA and 80, closing at oil,
net decline OF go per cent Federal Steel pre-
ferred was as high as S3A and as low as %, the
close being at S0i2, net loss OF 3A per cent
Peoples Gas touched 124as and 1lS rallying
from the low level to 1904 at the close. loss
for the day OF 80 points. Rock Island was
fairly steady closing az 1129s a net decline or
only u per cent. Metropolitan lost points in
the course OF tie day, the close being at go.
Burlington closed at 1875. loss OF 21s; Atchi-
son preferred at %. decline. rs; American
Smelling at 42h loss, 27s: Steel and Wire, at
65h loss 2i5: Tin Plate at 417s loss, 81; Ma
tional Steel at 30. loss. 3; Tobacco at ia. loss,
?K; Continental Tobacco at DIS, loss 39s Ana
conda opened at 80, rose to GIN, dropped to o41a
and closed at 56s, net decline for the day OF
points.