The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-05-26
The Stock Market
Develops a Bet
ter Tone.
BOSTON TRADING WAS QUIET.
More Interest in the Mining
Shares-News and
Notes.

Stock market trading turned towards
the bull side and Wall street recorded a
fair rally yesterday, the better tone
lasting through the day with some
good gains in leading specialties. For
some days there has been continued
selling and with the dealings narrowed
to professional trading operations it
followed that a short interest was
found, inviting proft-taking by the
successful bears and a turn to the long
side after their sales in order to make
up prices on the less agile. There are
no positively unfavorable elements in
the general situation; the market fair
ly may be said to have discounted crop
disappointment in its average decline
Of S12 or $14 from the highest of the
year in the late unsettlement; every
indication points to an easy money
market this summer, and the fiotatlon
of new companies does not bother as
it did recently; the easy manner in
which the Amalgamated Copper Com
pany payments were financed has
caused much admiration as. well as
sense of security among those who look
to the money market as the keystone in
the speculative arch. AS the earnings
of the railroads, notably of the granger
lines, and particularly of the Chicago,
Milwaukee and St. Paul-the only one
reporting weekly-continue to show
substantial gains over an active period
of large earnings a year ago, and as
general trade volume is sustained at a
high level there are reasons enough to
look on the bright side.
At 2 D. m. yesterday twenty five
leading New York stocks averaged just
81 higher than at the close Wednesday.
That tells in a few words the story of
today's market The market gathered
animation and turned upwards imme-
diately after the opening, after slight
declines in a number of important rail
road stocks and specialties. Sugar
yielded only a small fraction and raj
lied strongly and Brooklyn Transit
was bought heavily, lifting the price
nearly two points. Atchison preferred
and a number of other leading railroad
stocks showed sharp fractional gains.
During the first hour purchase Of all
classes of shares were made with
marked confidence. Stocks which had
been depressed theoretically recently
were most favored. There was large
buying of Anaconda, Sugar, Brooklyn
Transit, St. Paul and Atchison pre-
ferred. improvements approXimating
a point were numerous and dealings
were quite large. Prices of some spe-
cialties yielded after time on real
izing, but the railways held well. Air
Brake lost five points. Dizziness de-
veloped towards noon, which tempted
the bears to offer down the active
stocks. The losses, however, were
trivial and there was no vigorous pres
sure against any particular stock.
Higher prices ruled for bonds, with the
inquiry centering in the new issues
The market turned upward and touched
a new high level all around in the noon
hour. The bulls became aggressive
and marked up the coalers IL to
points. The high level invited profit
taking, and there was a recession Of
points in Third Avenue and weakness
in American Smelling. Offerings were
light, however, and the market soon
steadied and became dull.
The following quotations were made
on the Boston exchange yesterday on
stocks held in Worcester and vicinity:
DAT D0An CSONFp A MING