The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-28

140B, the highest of the day, and 2R
above last nights close.
The late buying of the stock was On
very large scale, blocks of q 1000
shares showing quite frequently on the
tape, Manhattan was also rushed up
in the final dealings to 116A on the an
nOuncement of the closing of contracts
looking to the change to electric motive
power. The bull leaders were evidently
in a concerted effort to make final
prices of the day the highest. The Sc
paration of the trading in the railroads
and the industrial stocks was not quite
so sharp as yesterday. Federal Steel
was conspicuous at the opening for an
advance of rs on the dismissal injunc-
ton against the payment of the oivi-
dend declared on the common stock.
Denials from official sources that any
labor trouble was impending amongst
the street railway employees in Great
er New York also gave an upward ten
dency to Brooklyn Transit and Steel
and Wire showed some sympathy with
Federal Steel since the directors of that
company had assigned the injunction
against the Federal Steel company as
reason for not declaring a dividend on
their common stock Sugar also was
disposed to move upwards. But the
early prices in the steel stocks we're
the best of the day, and in none of the
industrial stocks were last prices the
best.
The weakness of the specialties and
the hardening tendency in the money
market checked the activity and
strength in the stock market until the
final upward suprt. The days business
as a whole was, however, larger than
for some time past and was remarkably
well distributed throughout the rai-
road list, today's reports of earnings
from all sections emphaZing the effect
of those received yesterday
The movement in New York Central
separated itself more from most other
members of the Vanderbilt group thar
was the case yesterday, and the asser-
lions of the bull traders that buying
for the account of insiders was given
color by the presence in the street Ill
person of w. K. Vanderbilt an event
always made much by the bulls. The
increased speculative action can hardly
fail TO call for increased loan actions,
and this is expected to add to the al
ready unfavorbale bank return from
Saturday, in which gold exports or ST.
500. 900 already engaged will also nav"
to figure.
The heavy dividend and interest OBJ
legations to be met on July Will also
make heavy temporary demands on the
money market. The possibility OF d
squeeze under the circumstances IS
taken into account by some observers
but it was noticeable today that the
hardening of money rates in New York
resulted in fall in the rate of sterllns
exchange, although the rates for money
in London were also higher on the de-
mand incident to the stock exchange
settlement. London bought stock in
New York which was said to represent
bear covering on the settlement ana
which had its influence in lowering the
rate of exchange. But whatever tenn
porary furry may occur in the local
money market the July disbursements
will undoubtedly bring relief, and these
are estimated at $77,0O0,00O in New
York, $40. 900. 900 in Boston and Sll ooo,-
600 in Philadelphia on account o. in
terest and dividends.
The bond market showed increased
activity and strength in sympathy with
stocks. o,
Total sales, par value, $2,327000. Z.
s. Is advanced 4 and the IS Is In the
bid price.