The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-13
MONEY is STRONG.
New York Stock Mar
ket Is StillSlump-
ing.
BEARS BREAK B. R. 7.
Boston Coppers Soften I'm
der Selling Pres
sure.
BEARS BREAK B. R. 7.

Money in New York ruled at 6 and
per cent, on the stock stock exchange
yesterday. with per cent the ruling
rate, the hardening tendency increasing
as the day progressed.
Stocks fen further, liquidation being
pronounced. From weak to strong
hands seems to be the current move
1ment. Men able to hold stocks are
taking advantage Of the opportunity
to get them at low prices. The pinch
in money does not affect much more
than the most superficial speculative
interests. Most houses saw the firmer
monetary situation coming; certainly
there were enough indications, and they
provided funds, borrowing on time and
reducing call loans. This is so to a
marked degree in Boston. In view of
the fact that it is by reason4of the enor-
nous business expansion of the country
that money is in demand, hence that
rates are higher, instead of as the re-
suit of distrust as in former years,
there really is little cause for troubling.
Speculative markets suffer for the mo-
ment; liquidation of weakly held specu-
lative accounts is in progress, a good
thing in its way.
Today the declines in New York while
pronounced all around, We're most
marked in the speculative group. Thus
Tennessee Coal & Iron came down ~
and Brooklyn Rapid Transit 514. Fede-
raj Steel vas off 21s, Sugar 8. Chicago,
Burlington and Quincy 49, st. Paul 15S
and Rock Island 2. These samples will
suffice to show what was going on
The death of Cornelius Vanderbilt oc-
rurred so early in the morning that
there was opportunity for some pre-
70
Sequence, the inroads made upon values
were restricted mostly to fractions.
New York Central, after opening down
only 81, quickly rallied q A few of
the specialties suffered severely, Ten
hesseee Coal showing a drop OF 9 points
on the opening transactions, but the
price was quickly lifted, a point at a
time to 117R, a rally of 81 points
brooklyn Transit, under a pressure of
$500 shares Unloaded in a lump, broke
par and dropped to 991a. Very deter
mined support was forthcoming for this
stock, and it was lifted again to par.
Through flood of offerings of 1000
share lots and upwards the price quick
ly fell again to 49,
Continued support was evident in the
market after the opening, but offerings
were large. Attempts to raid the gen
eral list were frustrated owing to the
aggressive support evident in sensitive
spots, Recoveries approximated a point
in the leading specialties, and the
standard stocks improved largely on
covering. Immense blocks of stock APP
peared in Brooklyn Transit. This de-
feated the attempts at support else
where, and values fell again all around
below the previous low point. Liquida-
ton became very heavy toward noon.
Stop-loss orders were reached in all the
principal properties. The Flower issues
were most affected. The drive culmi-
mated owing to the eagerness of the
shorts to cover at the lower plane.
Brooklyn Transit recovered about ~,
and rallies of equal Importance We're
made in other industrials. Railways
sympathized less strongly and showed
a disposition to yield readily on light
offerings. The market was hesitating
and unsettled at noon.
Large takings of United States Leath-
er caused a gain in that stock, and
some of the specialties rallied a point
after noon, but liquidation was renewed
before 1 o'clock, and the whole list
broke anew. On the decline the Flower
group suffered most severely, Brooklyn
Transit dropping to 95. Federal Steel.
Peoples Gas and International Paper
dropped to points below Monday
night and Rock Island led the decline
in the grangers. Sugar fell below 14S
The calling of loans dislodge very heavy
Eocks on the decline.
The following quotations were made
on the Boston exchange yesterday on
stocks held in Worcester and vicinity
(Reported by Kinnicutt & Dewitt
bankers.)