The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-10-20
THE MARKET ELSEWHERE,

New York, Oct 19.-The stock mar
ket showed signs of continued strength
during the early hours of the trading
and the covering movement among a
large outstanding bear interest con-
tinued in active force. The professional
opponents of the bears did all they
could to take the market away from
them by bidding up prices, picking out
individual stocks for that purpose to
increase the appearance of strength in
the market. AS the demand from the
bears fell off later in the day, the fact
began to emerge that there was no very
eager demand for stocks among the
public at large and prices began to
slip downward. Seeing the hesitancy
of the advance, the bears took renewed
courage and put out new short lines.
The fall in prices was considerably
accelerated during the last hour and the
demand to cover at the decline was
sufficient to cause only a feeble rally.
The closing was barely steady and the
earlier gains were practically all wiped
out The fall in prices from the top
level reached a point or over in
large number of prominent railroad
stocks and in some of the industrial
points.
The railroads running through the
southern region came into prominence
late in the day on account Of the gen
eral activity and prosperity of bust
ness in that locality and the relatively
larger increases in earnings shown by
it's railroads. Illinois Central Louis
vile and Nashville Southern railway
preferred, Norfolk and Western pre-
ferred and Chesapeake and Ohio all
showed benefit from this cause and the
gains established were better main
tanned than at other points. Individ
ual strength was shown also by Colo
RADIO and Southern first preferred, Ten
nesSee Coal, the International stocks,
Northern Pacific, the Hooking Valley
stocks, New York, Chicago and ST.
Louis first preferred, American Car,
American Linseed Oil and Chicago Ter
minal Pullman reacted sharply after
its prolonged advance, receding an eX-
treme points and losing Az net. Con-
solidated Gas fell Az, but partly re-
covered. The local traction stocks and
Sugar were sharp sufferers in the late
weakness.
The reaction was as much without ex-
PLANTATION as yesterdays advance and
could only be attributed to the closing
up of professional operations. Call
money ruled at 5 per cent for most of
the udys nut Sllll6Il6u " o per C6lll DG-
fore the close. The coming bank state
ment is the subject of surmise and OBJ
servers are unable to figure on any
improvement. The movement of money
to the interior shows some falling off,
but still continues in that direction on
balance and the course of New York
exchange at several important points
continues downward. With no gain in
cash resources from any source, the
condition of the banks can only have
been strengthened by a further con-
traction in loans. The actual rate for
demand sterling bounded up a full "
cent today.
Cotton bills continue exceedingly
scarce and the demand for exchange
quite large. This demand is attributed
in part to the requirements for remit
tance on account of the conversion of
Central Pacific securities. The posi-
bility of gold exports depends on how
much further this demand shall extend.
The rate for demand sterling is now
only a cent under that at which gold
went out earlier in the year.
There was a notable broadening in
the bond market. many quiescent issues
coming into activity. The tone was
generally strong. Total sales par value
50, 120,O00.
United States IS advanced u in the
bid price.