The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-05-13
Loss Of 2 - Fol
lowed by an Adj
vance of 8.
FLINT is STRONG.
General List Steady, but
Dull-News and
Notes.

Sugar was the great feature in yes
terday's stock market. It practically
absorbed interest in Wall street. and
much Of that in Boston After early
recession of ~, to 1867, it ran up to
1851, and gained in strength as the
day advanced.
The general list was steady, compar-
atively speaking, without marked fea-
ture. Early irregpiarfty gave place to
a reasonable degree of f1rmness, which
was sustained through the day. To-
bacco got down g. rallying 81 Wall
street traders took their cue from the
favorable character of London prices,
and opening transactions showed inn
provements over last nights close. The
advance in the standard stocks were
slight, but many of the specialties were
a point or so better. After the open
ing, however, trading became very err
ratio and the market eventually
sagged sharply on realizations and
bear pressure before the end of the
first hour. Sugar, Brooklyn Transit
Manhattan and the Tobacco stocks
suffered mostiJ Sugar soon rallied, and
by noon was giving a great exhibition
of pyrotechnics, ably illustrating the
idea of many that the stock always is
a purchase around $50 and a sale 20
points higher. In the noon hour it
extended its recovery from the lowest
to ~ points, and the buoyancy of this
stock acted as a very effective tonic on
the general market, where substantial
gains were common. Expectations of
favorable bank statement today
forced the shorts to cover and induced
some outside orders and purchases by
the traders who took the long side.
Boston had a light volume of bust
ness in its particular features, and in
terest in c., B. & O., Atchison and
Federal Steel was reduced materially.
Sugar led in activity. The main de-
velopment of home interest was the
further advance in the securities of the
three roads concerned in the latest ru-
mored consolidation. the Flint and Pere
Marquette, the Chicago and West
Michigan and the Detroit. Grand Rap
ids and Western. Flint preferred was
up 21A more, to Sc; Chicago and West
Michigan III, to 261a; IS az to 951a !;
North Michigan SIS 315, to S715; Detroit,
Grand Rapids and Western preferred
2. to r. Nothing beyond suggestion
has developed respecting the CONSOLE
dalton, but enough is known to give
basis to the movement in the securi-
ticcs luc west MlC1lBdn ana Inc
Grand Rapids are Thayer- Merriam
roads. Formerly and for many years
the West Michigan paid dividends on
the stock. The construction of the
North Michigan line, with bonds guar
anteed. came at the time of the 1893
panic, and it became necessary for some
years to fund coupons in part, but both
bonds now pay full interest in cash.
The Grand Rapids is the old Detroit,
Lansing and Northern, drastically re-
organized and paying dividends on its
preferred stock The advantages of a
consolidation must be manifest to any
one who looks at the railroad map of
Michigan; it must benefit the Flint
road and presumably the others. and
as all three properties are owned prac-
ttcally in New England. the combina-
ton ought to be financed favorably and
enable Flint stockholders and the 9th
ers also to get a good return Grand
Rapids IS sell at SO, or rather better
than the West Michigan IS, indicating
that in any arrangement they are sure
g due consideration.
The following quotations were made
on the Boston exchanged yesterday on