The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-11
THE MARKET ELSEWHERE.

New York, July 1O.-The continued
tightness in the money market precipi-
tated liquidation of speculative ac-
counts today, which resulted in losses
in value ranging from one to three
points in all the principal active stocks
traded in. Heavy selling for London
account marked the opening on the ex-
change, and as the day progressed, call
loans were marked up to per cent
This rate forced many spectators on
the long side to close out.
There were special points of weak
ness besides in one or two prominent
stocks, which the bears were quick to
take advantage of, and which were po-
tcrt influences in the general senti-
ment favoring decline. Most con-
spicuous of these was Peoples Gas
which opened at lis against 120A on
the last sale Saturday There were
heavy offerings of this stock, but de-
termined support worked quick rally
of IA. Afterwards it fell below the
opening price, and closed with net loss
Of nearly three points.
The motive of the selling was the re-
ported plan of a rival company to or
gaIiZe a competing service upon the
expiration of a present agreement. The
demands made upon the Metropolitan
Street Railway on behalf of its employ
ees, and fears of a costly strike
caused the stock of that company to
drop SIS at one time
The dealings in it were not heavy but
the tone was very feverish throughout
the last sale, showing a net loss of 215
All of the local traction stocks were af-
fected sylnpatheticallX Manhattan
losing points, and Brooklyn Transit
over 2 on the day. Sugar also was
notably weak, the selling being credit
ed to realizing speculative holders.
The combined weakness of these in
fluential stocks was sufficient to cause
a demoralized feeling throughout the
Industrial specialties. In the railroad
list the weakness was more restricted
to the stocks which have been recently
pushed up by speculative manipulation
nayivania New York Central, Atch.
isor preferred, Burlington, Reading
first preferred and other stocks equal
ly prominent in the speculative world
were aft one time . points or more be.
low Saturdays prices.
The grangers. generally, the Coalers
and the Trunk lines, declined from t
2 points. The southern and south.
western stocks, as a rule, showed re.
sistance to the decline, and their net
losses are for the most part small
fractions.
The break in prices is due to tht
.luiscalculation of spectators as to the
period Of reliee expected in the money
market The delay in this matter
seems to be due to the uneasiness
caused in foreign centres by the con.
tinued tension over the situation in the
Transvaal Paris is very heavily in.
VOWED IN Ksffir speculation, and the
feeling there is nervous over the posi-.
bic effects Of an outbreak OF hostilities
in South Africa.
France was an eager bidder for golo
IN London today, and the rate of dis.
cornt in London was marked up a frac.
ton, although call money was easier
there The pressure on London from
Paris was reflected here in sales esti.
mated as high as $4,000 shares. The
shrinkage in values coming on the low
level of the New ! ork bank reserve
necessitated the calling 81 loans which
in many cases II was found difficult Il
replace with other accommodations
The market showed very feeble rallyine
power, and closed slightly above The
lowest.
In the early dealing there was large
demand for st. Louis Southwestern
which gained IL, all Of which was sub.
sequently lost. Bonds generally steady,
sales, par value, $2,157O00 United states
registered advanced "a, old-4s registered
rs in the bid pride. 'FFsts~-s
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