The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-01
THE MARKET ELSEWHERE.


New York, May 31.-There was a re-
crudescence of bear sentiment on the
stock exchange today in more fornid-
| able array than at any time hitherto
since the spring reactionary period has
been in force. This sentiment met
decisive check after Mr.. Flowers
| death, when the most powerful finan-
ctal interests combined to support pri-
ces and avert a panic. 1t has but new
ly Inaugurated campaign last week,
when the decision to close the exchange
for three days left the leaders in a
rather timid frame of mind about car
rying short contracts over for so long
a period.
Today's slump in prices seemed to be
| distinctly a development of the days
/ operations. There was a small at
! tendance at the opening of the stock
| market and a seeming expectation of a
! dull day based partly on the fact Of
| the running of the Derby in England
| and the consequent neglected trading
| on the London exchange.
| Some of the stocks which suffered
| most severely in the later break
| showed signs of firmness and even of
| strength in the opening transactions
| This was notably true of Sugar, Brook
| Ign Transit, Manhattan and New York
| Central. But signs of strength proved
| of short duration, and by noon the
| bulls were in full rout, and the bears
| in complete possession of the field.
! Early declines were obviously due to
manipulation, but as the bears gained
! courage and assurance and extended
/ their raid they got richer and richer re-
| turns, and before the day was over the
! general process Of liquidation of long
| accounts had set in.
| There were several deveIOpments on
| the general situation that aided reac-
ton, but the declines seemed more a
| general acquiescence in the view Of the
bear party, that prices We're as a whole
unduly high, and that a lower level of
values must be accepted. The belief
that gold exports are unavoidable and
probably imminent played an import
ant part in the reactionary tempera-
ture of the street.
With sterling exchange at $4SS for
demand, which is within a fraction of
| a cent of the gold export point and still
rising, discounts in London continue to
| harden and call money loaning in New
| YORK today at IA per cent. 1t is not
easy TO see how an export movement of
gold is to be avoided though it is just
as difficult TO understand why such a
movement, under the circumstances.
! should excite alarm. The report of a
| case Of yellow fever at New Orleans
and the resulting guarantees against
| Louisiana gave more substantial rea-
sons for reaction in values and the rail-
roads in that section were severe suffer-
ers
Surmises as to the effect Of the New
York franchise tax bill and fear of en-
| croachment on the Sugar Company
| Invisible surplus to carry on the trade
| war were made much Of A sharp de-
cline in east bound tonnage from Chi
| cago, a disappointing statement of
! earnings for the current month by Nor
thern Pacific and net earnings for
/ April by the same road the small in
crease in Burlington surplus after
| charges for April and a denial that St.
Paul's net decrease for April was due to
any increase in operating expenses, all
served to accentuate the feeling of dis
! cOura cement over existing values Some
! of the striking declines at the extreme
low price were Metropolitan 49, Sugar
! 50, Brooklyn Transit Ga, Manhattan
| 81 and a long list Of specialties from
to points.
In the railways, Burlington, the Min
neapolis and St. Louis stocks, the
| Southern Pacific and Southern prefer
red, fell from to 3l2 points, while
a still larger number Of railroads in
| Guiding the Granger the Pacific and
the Trunk line groups, fell between ?
and points.
| In the outside market the newly
| hoated Amalgamated Copper sold at
95 against the subscription price at par.
Bonds yielded in sympathy with
stocks, but were relatively firm. Total
sales, par value, S4,465.000. United States
IS. the new As and the old As registered,
advanced Il in the bid price, while the
old As coupon declined Il. The IS coupon
sold at 1892 which is record price.
NEW YORK STOCKS.
May 81, 1899.
RAILROAD COMPANIES.
] Closing
/ Sales Stocks High. Low. Bid
| $50 Atchison ........... lei4 la LA