The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-24
THE MARKET ELSEWHERE,

New York, Aug. 29.-Affairs in the
STOCK market took on cheerful appear
ance from the opening today and there
was no material setback in the advance
In prices from start to finish though tba
dealings were decidedly irregular at
times.
1t became manifest at the opening
ghat the inside interests in Brooklyn
transit We're prepared to offer a, very
9eternlned resistance to any further
oecllne in that stock which thew have
not been doing for some time mast
though they have been credited with
puylhg on regulated scale downward
since the recent marked weakness de-
NsIoped IN the stock. Today the deter
tiIlll1tioh was manifest to keep the price
from further decline. 1t was never more
chan IA above last nights level and was
extremely feverish all day within a
range OF about two points. But pressure
against the stock was relaxed when the
determined nature of the support he
came evident. There was some disnosi.
tlon TO cover short contracts in other
STOCKS which have shown sympathetic
weakness with Brooklyn Transit The
cessation Of the bear campaign left the
way open for an unopposed advance
ana there was a large element inclined
70 puy stocks. The advance in Ameri-
can Iobacco was the most conspicuol1s
movement of the day. The buying of
TINS stock was on an enormous scale
A deluge of offerings was encountered
AT ABOUT every point up but after the
absorption OF these the upward move
inent was resumed The extreme rise
was over points. Continental Tobacco
stocks rose and 2 points respectively in
sympathy Sugar showed momentary
weakness at the opening but was in
creSslnSly strong as the day progressed
ana Is up s19 on the day There were
heaVy takings of the Leather stocks
winch have gained 1b and 2sk respec
lively. In the railroad list business was
exceedingly well distributed and large
number of stocks show gains between
and points. The most notable feature
Oh the trading in this department was
tne tendency to turn to the middle and
low-prlced stocks while the high priced
and established dividend paying stocks
We're almost universally left quiescent.
In fact not few Of this grade show
net losses.
The low return at present dividend
rates made by the high grade
railroad stocks and the pros
poets Of coming dividends or in
creased dividends IN lower grade
issues, owing to the continued increase
in railroad earnings were the motives
Of this development in speculation.
Common stocks of reorganized COM
panies having preferred stocks ahead of
them whose dividend claims are provid-
ed for with an accommodating surplus of
earnings beyond, were the favorites.
Some Of the southern and southwestern.
stocks which have had recent large adj
vances were held back by realizing.
With the exceptions noted, strength was
well distributed through the different
railroad groups. Net gains of 2 points or
upward are showed by Baltimore &
Ohio, Erie first preferred, Hooking VAL
ley Northern Pacific. Fort Worth G.
Rio Grande, Chicago & Eastern Illinois,
st. Paul & Duluth rose an extreme 4
points. A much more cheerful sentiment
was reflected from foreign stock mar
kets today and London was q buyer on
balance in this market.