The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-13
THE MARKET ELSEWHERE,

New York, July 12.-The stock market
showed continued strength today and
buying by professional operators was
on large scale; there was a good de-
mand from outsiders through commits
| sion houses at the opening, encouraged
by the rise in prices yesterday, and
yesterdays professional buyers vGre
free sellers to realize while this last
ed The market then came to the Gus
tomary halt after such a process An
eager demand developed for Missouri
Pacific, and affected nearly all the
Gould southwestern group in synpa-
thy.
Not only the stocks but the bonds
OF this group of railroads were af-
fected. Missouri Pacific held the lead
| ership of the market throughout the
day and made a latea advance to IS ga,
an extreme rise of two points. The
motive of this buying was a rumor Of
plans for merging the various railroad
properties in the southwest in which
the Goulds are interested.
Good buying set in early for the
grangers, Paciffcs and Atchison pre-
ferred. and after midday, New York
Central was suddenly pushed up an
extreme 3-S. Large buying of Penn
sylvania at an advance of / IA, seemed
to be associated with the New York
attempt WAS
made to connect the latter with Union
Pacific and Northwestern by naniru-
lating the price of those two stocks.
All Northwestern s'-gain was subse-
Quently lost.
The manner in which the buying de-
mand progressed through the railroad
list together with the upward tendency
in Sugar, prompted the professionals to
attempt movement In fthe industrial
stocks. Leather preferred, National
Steel. Tin Plate, Federal Steel were
bid up between 1 and 2 points. and
New York Air Brake made an urwerd
dash of 10 points Mexican Central
rose quite conspieuously 2. 1-2 urder
the sentimental influence Of the OPEN
ing in New York Of subscriptions for
the Mexican funding loan.
The speculation in railroad stocks
was disposed to drop in face of this
movement in the industrials. Sugar
Manhattan and Brooklyn Transit
dropped sharply from top figures, and
many of the gains in the industrials
were practically wiped out. Prices of
the railroads sagged considerably from
the top, and the closing of the market
was decidedly heavy, net gains being
only partly retained,
Philadelphia Company and Pittsburg
Lighting and Heating Company, after
Selllng at w. suddenly dropped 70 30
in the late market Money was easier
today and confidence is felt that the
supply will become still more abund-
ant at very early date Several large
loans for the purpose of new indus
trial fotations are now released and
the banks are gaining money from the
sub-treasury. The bun traders are
talking Of very favorable bank state
ment next Saturday, although the five
PER cent rate for call loans, which held
for the greater part of today, does not
indicate a plethoric condition as vet.
The New York stock market received
some support today from London, a
sharp recovery in British consuls and
French rents late in the day the fall
in the price OF gold in London. and
the advance in sterling exchange rates
in Paris and Berlin, today, indicate a
relaxation of the money market pres
sure in London. There was a good
business In bonds today st. Louis
southwestern seconds leading the
market. Total sales, par values IS. 1856, :
600. United states 3s declined ia, the
SIS registered is. while the As regis
tered advanced is in bid price.