The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-01-11
WORLD OF TRADE.
Trading IN Over Million Shares
Yesterdays Record
Air Brake Stocks Take a Sudden Rise in
Wall Street.

New York, Jan. 1O.-For the first time
in the history of the stock exchange
there was trading in over million
shares on each of two successive days,
today being the fifth million shares day
in five years.
Practically all the railways except
Atchison preferred show gains of a
point at one time or another in the day,
In the late selling movement, when the
specialties were hammered, some of the
advances were lost, and in special
cases, as in Missouri Pacific and Kan
sas and Texas preferred, the entire
gain was wiped out.
Most of the gTangers touched the
highest prices yet reached in the cur
rent movement The most conspicu-
Gus advance among the railways were
those of Great Northern preferred
which made an extreme of 81, Man
haitian over three and Readings two
each. The extreme rise among the see-
cialties was that of New York Air
Brake, 101a, while Standard Distilling,
Standard Rope and Irvine and Ray
State Gas were very strong. Sugar.
Tobacco, Federal Steel, American Spir-
its and Laclede Gas lost ground.
There was a tone of confidence at
the opening, although there was evil
dence of much foreign and domestic
realizing, which in spots brought re-
cessions, which, however, We're gene
rally quickly recovered. The prices of
most International stocks were shaded
and it was estimated that London sold
some $4,000 shares, mostly Atchisons
While there were some purchases from
that quarter of Chesapeake and Ohio
and Southern Railway. Altogether if
is estimated that the arbitrage bust
ness of yesterday and today. which on
balance were sales footing up to $780,
900 shares. A number of hig-h-grade
bonds were sold for continual account
Locally, traders and commission houses
We're considerable purchasers of some
stocks, while they realized on others.
Favorable forecasts of probable action
on the Louisville dividend, tomorrow.
brought support to that stock.
1t was said that the New York Air
Brake Company had secured the con-
tract for equipping, in part at least
the New York Central railroad with
air brakes, and to this may be attrib-
uted the sensational rise of the air
brake stocks.
Much attention was given to other
specialties and the low priced railways
The rise in Manhattan was accompa-,
MED by the story that the money for
equipping the road with electricity had
been raised, and that the Walker conn
pany would get the contract At one
time some selling resulted from talk
that the banks We're using extraordi-
nary discrimination in making loans ON
collateral. But later interviews with
bankers We're disseminated, tending to
show that the liberal terms were Of
fered on proper loans.
California shipments of money to this
center,Which had considerable influence
on the market last week, were said to
be continued. Some of the most i'm
portant interests in the street were
prominent buyers after an early reao-
ton. These purchases were large y
confined to the grsngers. This was ac-
companied by some realizing in other
quarters of the market. The advance
in General Electric was said to be on
the progress made in negotiations for a
consolidation with the Westinghouse
Company. Federal Steel was heavy
and less prominent than usual in the
days business.
transactions in bonds were almost
$3,0O0000 below yesterdays total, and
there was also an absence of violent up
ward movement. Profit-taking was ev-
1dent in some Of the minor specula-
tive issues, but high grade mortgages
were we'll maintained and advanced
generally.
Sales, IS, $50 600