The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-13
THE MARKET ELSEWHERE.

New York, June 12.-There was ev-
idence of large buying by
powerful financial interests in
limited number of stocks
and of speculation to advance prices in
the others in the stock market today.
Speculation otherwise was in some
what quescent state.
MANY of the railroads ranged down.
ward within the limits of point dur
ing the early trading. There was or
ganized buying throughout the day OF
Federal Steel, which was marked up
nearly three points, and closed almost
at the top. There was some sentimental
effect exerted by this on other steel
stocks, American Steel and Wire re-
spending late in the day on covering Of
shorts. But none of the gains in the
general market were held outside OF
Federal Steel.
The so-called power stocks were all
well supported, and Brooklyn Transit
shared its strength with Metropolitan
Street Railway and Manhattan This
group of New York traction stocks
showed the effects of realizing from
time to time during the day, and Man
haitian was dragged below last night 5
close by its weight.
The CHANGERS We're taken up at one
time, St. Paul in the lead, but did not
retain all of the gain, and in some IN
| stances more than lost it. The Coalers
We're pretty well sustained also. Other
| points Of strength were c. c. Z. and 81.
| Louis, which rose in extreme OF "a,
| Chicago Terminal preferred, Denver
| and Rio C1rande issues and the newly
| issued Wisconsin Central
| Sugar fluctuated up and down during
| the whole day, but always above Sat
urday's level. 1t rose at one time three
| points, but lost it all before the close.
| There was no evidence of outside de-
mand to keep the market up, and the
| railroad group showed itself affected by
! the heavy tone of foreign stock eX-
| changes on account of the political dis
! quiet The announcement of the reslg-
! nation of the French ministry helped
| the late reaction in prices. The en-
] gagement of an additional S2,OO0,OOO OF
| gold for export tomorrow, although the
/ probability of it had been minated,
also weighed on the market.
| No effect was apparent in the money
| market, which continued decidedly
/ easy The exchange market also. al
| though it hardened a shade, continues
| a broad fraction below the point where
/ experts can figure a profit on gold ex-
/ ports. 1t IS in fact generally admitted
| that the old movement IS due to actual
DuylnS OF the SOld III lllS mar net "
! replenish the reserve of the bank OF
| England and probably also for Russian
| purposes. This is a precisely similar
| operation to that undertaken by the
/ United States government through a
| syndicate to replenish the gold in the
| treasury during the last administra-
| ton.
! 1t is to be noted that while the for
| eign money markets are thus drawing
| on New York for gold as the most avail
| able source of supply. New York banks
| are offering special inducements, such
/ as paving the expressage on bills re-
| mitted by their interior correspondents
| to secure a supply of legal tender notes
/ to meet the demand of active business
| conditions. The market for railroad
| bonds was dull and sluggish, and
| changes are mixed. Total sales par
! value. $4,000, 600. L. s. IS and the Us
/ declined Is in the bid price.