The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-04
STOCKS
Receive a Severe
Test.
BULLS IN EVIDENCE
Bond Market Did Not Dis
play Recuperative Power.

New York, Feb. 3.-Stock values re-
ceived a severe test today, the market
at one time bordering on the panicky
stage through the enormous outpour-
ing of stock from professional and
commission house sources, but the day
left off with irregular changes of a
fraction either way with the tone
strong.
Before the opening it was argued
that yesterdays market showed that
a reaction was under way, but it was
contended that the forces resisting a
decline in the absence of extremely
unfavorable news would not likely al
low prices to recede far. The absence
of decided tone to the early market
was in part due to the expression of a
prominent bull leader that the market
had a tired look, but the people did not
know what to do with their money,
and if the market rested for a week or
two ! per cent money would be proba-
BILE
The market opened irregular, the
grangers showing a moderately good
tone on st. Paurs increase of $4,000
for the fourth week in January. The
speciafties We're inclined to sag and
moderate. Such strength as there was
in the market disappeared under pres
sure. There was an absence of sup
port from large interests and realizing
set in which gave the bears encourage
ment for a vigorous demonstration
which after feeble rally. resulted in
many stop loss orders being caught.
1t was said on the floor that the
heavy selling came from Washington,
and the rumor gained currency that the
ratification of the peace treaty was in
jeopardy The market felt the effects
of the heavy realizing that took place
last week and this. The lowest prices
of the day were shortly after noon.
The grangers were down from 19s in
st. Paul to 215 in Burlington. The
coalers from liz in New Jersey Cen
trail to 212 in Reading first preferred
In the Pacifics the range was from IA
to 21R, the maximum loss in Southern
Pacific. In the specialties the decline
was even more pronounced ranging
from about two points in sugar and to-
bacco to five in New York air brake In
this group Manhattan and Tennessee
coal each lost 324, Peoples gas, Brook
Ign transit and federal steel about three
each and Consolidated gas 3%. Lake
Erie preferred dropped AZ al the pre-
ferred stocks of Great Northern and
Iowa Central about three points each.
The declines were general and en-
braced almost everything of conse-
quence as indicated by the above
details. Large orders appeared when
the bear movement appeared to have
lost its force and liquidation quickly
ceased. The bull leaders took hold of
their various specialties and helped
the recovery which continued practi-
cally to the close with only momenta-
ny slight recession of profit taking.
Traders in New York city took the
long side for a turn on the idea that
the weak held stocks had been trans
ferred to stronger interests. Among the
stocks which responded readily to the
recovery were New York city, Penn
sylvania, St Paul. Burlington, Sugar.
Reading, first preferred Atc:1ison pre-
ferred, Tennessee coal, Consolidated
gas and Manhattan. Metropolitan
street railway made a handsome gain
for the day. 1t rose a point in the in
ltial dealings, broke three and rallied
1917
The buoyancy in this stock together
with the resistance shown by New
York City on the break made them
leaders in the recovery. The advance
in Metropolitan street railway wax
said to be based on the belief that the
Metropolitan company had gained con-
troll of the Third avenue line. Standard
Oil stock dropped from $50 bid last
night to offered at Az on curb TODAY
with transactions of Ais and then rose
to 440 and closed 4S7
The opinion was entertained in some
quarters that the extra dividend on
the stock would be considerably great
er than the actual allowance of 9 per
cent. which was made. Consequently
disappointed holders, who had bought
previously in expectation of a larger
dividend, and in the absence of a mar
ket speedily brought about the slump.
The bond market yielded synpathet-
ically with stocks but did not display
much recuperative power When stocks
rallied.
Total sales, 81, 460, 900.
L. S. new As coupon declined X and
the 5s advanced H.
NEW YORK QUOTATIONS..