The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-09
Bears Attempt Raid
on Steel But
Soon Quit.
BUY THE MARKET" is THE CRY.
Lively Day on Change Con-
sideling the Hot
Weather.

For the first time in many weeks the
stock market showed signs of positive
buoyancy yesterday, commission bust
ness increasing and large operators
taking hold of certain specialties in
earnest. Enthusiastic comments came
over the wires and it is easy to see that
the Wall street mind has turned to the
bull SIDE once more. The engagement
by the National City Bank of 900
more gold for export, making $500, 900
shipped by this institution, attracted
little attention. AS no other shipments
are made, it is taken for granted that
the banks shipments are special trans
actions in every sense and by no means
indicative of general conditions. They
certainly are not considered in the re-
juvenescence of the 1899 stock market
buoyancy, for today the market GER
tainly was buoyant. Transactions in
creased materially in volume; the num-
Der of stocks traded in was large; good
gains were the rule throughout the ac-
tive list and many stocks, for long
time neglected, came into renewed
prominence. Sugar rose 8 and Brook
Ign Transit 4, the buying of the latter
by the Flower party being vigorous.
Here is a sample of Wall street Cos
sip, sent over the private wires today
radically at variaEce with the last two
months of gloom: Buy the market; it
will be higher by Saturday noon and
Sundays papers will sing a song diff
ferent from that of many weeks past
The public is still here and is all bull
ish." And here is another: Commits
sion house business is picking up and
the market is getting beyond traders
control. A lot of good buying orders
from outside is coming in today. The
market is getting under the Roadway
for a further advance"
Liquidation has spent its force, and
while the origin of this revival of course
is professional, and while it may be but
another turn" with resulting reaction
on profit-taking, it is to be noted that
each succeeding upward turn goes far
Their than its predecessor and that prices
record good net gains from week to
week. Already good average rally
has taken place since the violent reac-
ton caused by the death Of Mr.. Flower,
prices of leading stocks today averaging
fully 81 higher, The traders them
selves look more to the bull side for
profits; the market in fact has turned.
1t may not go upwards steadily now;
rather. we think, it will fiuctuate as
pIOltSSlOlldl lldIhtlS must bdth W al Us
and forwards, but the underlying SEN
timent has changed and the general
tendency is better. AS there was some
S14 average reaction from the early part
OF the year 20 a month ago, there would
seem to be good opportunity for a re-
vival Of buoyancy. particularly as rail-
road earnings hold well and general
business conditions remain as solid
bases of continued prosperity. Iron
and steel-the old-fashiOned "barome-
ter" of general business-indicate con-
tinued fair weather for American in
dustry Probably it will be found that
while there was OVerbuying early in
1899, there has been over iscounting OF
crop conditions in the second quarter
Of the year. Both extremes were toe
violent; on brought its correction in
the April and May reaction; the YiO-
lence Of the latter now is in process of
correction.
Dealings were on a fairly large scale
at the opening and We're distributed
exceedingly well, but price changes
were unusually small and did not
amount TO a point in a single instance.
The majority of stocks opened at last
nights prices and the small changes
We're divided about equally between
gains and losses. A raid on Sugar sent
it down two points in the first hour,
but the yielding tendency of the geneG-
al market soon was arrested by large
demand for Brooklyn Transit, which
advanced "a. Pretty much everything
else rose strongly in sympathy, Sugar
recovering it's loss and Manhattan, Me
tropolitan, Tobacco and Reading first
preferred being in excellent demand.
Purchases of the standard stocks were
fairly large. The CHANGERS and trunk
lines showed conspicuous strength.
Among the usually neglected stocks,
Chicago, Terminal, Delaware & Hudson
and Minneapolis. St. Paul & Sault Ste.
Marie showed marked gains.
The bears made a futile effort 10
check the rise by attacking the iron
and steel stocks. The paucity Of Of
ferings and the strength of the general
list caused an abandonment Of this
program, and covering by shorts ensu-
ed. Brooklyn Transit was the leader
but there was a heavy absorption of
Manhattan, Sugar anG metropolitan,
which rose from 21a to Az, the latter
In Sugar. Confidence in the condition
of the wheat situation was reflected In
the steadily rising prices for the wes-
tern and southwestern groups. Bonds
were moderately active and without
material change. Sales Of stocks TO
noon were 912, 494 shares, bonds 81, 261, =
000 The stocks Of the American Cont
mental Tobacco Company started into
activity and strength, rising between
two and three points. The whole mar
ket hardened IN sympathy. Brooklyn
Transit and Sugar showing conspicu-
Gus strength, and the improvement
continued through the afternoon.