The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-29
THE MARKET ELSEWHERE.

New York, June 2S.-An effort was
made to repeat the demonstration of
strength in the stock market yesterday
but it was only partly successful. Man
haitian was rushed up to final quota
ton of l1912, which was q above last
nights prices, as New York Central
was rushed up late yesterday, but the
sympathetic effect on the general list
was far below that of the New York
Central movement.
Decidedly the most significant feature
of the days trading was the cessation
Of the upward movement in New York
Central and affiliated stocks. There
was an active opening in the stock
caused by the accumulation of COM
mission house orders which were at
tracted by the recent strong upward
movement of the stock. 1t was ad-
vanced early in the day almost point
but the demand was evidently satisfied
for the time being and the movement
lacked snap. The price was allowed to
lag. There were various factors Of
strength in the days developments
which prevented a break in the price
of railroad stocks, but there was obvi-
Gus profit taking at some points and
the days net advances are small ex-
cept in a few cases. The rally at the
close did not bring prices back to'the
top level. The most potent influence in
favor Of the bulls was the favorable
disposition manifested toward Ameri-
can securities in the London market
This was in face of a tendency. to dull
ness and depression in the general mar
ket there.
The takings for London account in this
market were estimated at 35, 900 shares
or upwards, of various stocks. The de-
mand was most eager for Louisville and
Nashville, which rose nearly two points
on the London demand. Various rumors
were in circulation of an approaching
increase in the dividend rate to account
for the rise. Southern Railway pre-
ferred was strong in sympathy. The
effect Of the London buying was a drop
in the actual rate for demand sterling
to Asia, thus precluding the likelihood
of further gold exports at the present
time.
The local money market also re-
manned steady in spite of the activity
for the speculation in the stock market
Statements of railroad earnings,
which were received during the day
continued the extraordinarily favorable
showing. The cash demand for wheat
and the buying for export were sustain
ing factors in the granger group, even
though the decline in the heavy north
in.
In view of these continued strong fea-
lures in the situation an effort was
made 10 shift the speculative activity
into the lower grade of railroad stocks,
when it was seen that New York Cent
raj had become quiescent and profits
were being taken elsewhere.
Southern and western railroad stocks
We're the favorites. Finally the indus
trial stocks. which had been entirely
neglected. were taken in hand for a rise.
under the encoura cement Of the
strength manifested by Sugar and
American Tobacco, but the industrials
proved rather heavy TO lift and dropped
off in the last hour Continental Tobac-
co and Federal Steel being especially
weak. The f1rmness at the close was on
short covering induced by the final
squirt in Manhattan.
Railroad bonds were moderately ac-
tive and strong.
Total sales par value, S2,745.000.
L. s. IS declined 4 in the bid price.