The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-07
THE MARKET ELSEWHERE.

New York. June Cuisines was by
far too small a scale on the stock ex-
change today to WARRANT any very we'll
defined conclusion as to the general
temper of speculation or just reflec-
ton of business and financial condition,
but there was a very notable hardening
of values in railroad securities which
was followed up as the day progressed
by a rise in prices which embraced
pretty much every railroad stock. This
strength started in Louisville, which
was very confidently bought for Lon
don account. The bidding up of the
price in this stock in the course of eX-
ecuting buying orders impaired
strength to the whole railroad group,
Southern Railway preferred and Nor
folk and Western preferred being the
first to respond, and the Changers, Pa
cifcs, Southwesterns and even some Of
the trunk lines, following this lead.
Pennsylvania and Pittsburg c., c. &
st. Louis, rose from y to IA, the lat
ter stock. however, losing all but Il Of
the advance. The motive assign
| ed by the buyers was the possibility
that a more liberal policy toward stock
! holders and less insistance upon rein
might follow the change IN administra-
| ton made necessary by President
! Thomson's death; but the trading for
| the most part was profoundly apathetic
| and there were minutes when no tape
| came from the ticker. The attention OF
professionals was ali centered on Su-
gar, and the utterly erratic movements
! Of this stock disclosed the entire UNI
| certainty regarding tOmorrow's divi-
dend action. Advocates Of the regular
! dividend and of a reduction seemed
! equally confident and equally Numerous,
SO that the stock dipped deeply below
last nights level and rebounded far
above it. The extreme range was Az
points, and the close was at a net gain
Of IA, ana within p Of the top.
The eCcentricities Of this stock are
typical of the industrial class, and go
far to explain the distrust aroused by
speculative activity in them.
Notwithstanding the regularity Of
dividends, the stock for over four years
past, the general public is utterly in the
| dark as to what resources the com
pany has in hand for the conduct of the
| current trade war, or for the mainte-
nance Of dividends. An event of the
| trading today We're large Wagers on one
hand that tomOrroW's dividend decla-
ration would be at the regular rate,
| and offers on the other hand to sell the
QlN1leIlQ On IdtE e amounts Oh STOCK Tor
less than the regular rate. The same
dstrustful attitude is maintained to-
ward iron and steel stocks uotwith-
/ standing semi official limitations as to
the rate Of coming dividend declara-
lions and informal assurances that cur
rent. earnings are far in excess Of the
proposed dividend disbursement.
Even the preferred stocks of indus
trials, however regular may have been
their dividend records. continue far
below the prices Of ordinary dividend
paying railroad stocks which make the
! same returns on money invested. This
distrust Of industrials seems to be the
most important element in the present
dullness and heaviness of the market.
A further small shipment Of gold to-
day was as wholly without influence in
the stock market as well as in the for
eign exchange market. as those that
have preceded it from the same insti-
tuition. The conviction is general that
the outflow is the result OF special con-
! ditions, and not of the general ex-
change situation. The bond market
was dull and generally firm, though
there We're a few yielding spots
Total sales, par value, S2,210,000.
United States old IS registered and
the IS advanced Is in the bid price.