The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-23
NEW YORK STOCKS.

New York, June 22.-The bears Sc
cured the upper hand in the trading
today, and accomplished a downward
range of prices which gave the ap-
pearance of extreme weakness to the
market at one time during the day.
But what with the initial rise in prices
and the rally on covering after the
drop, net changes are small in the
majority Of cases, and there is fair
sprinkling Of gains all through the
list. The market opened with an up
ward movement and with more show
of animation in the buying than mas
been the case for some time past
The foreign stock markets reflected
a much more cheerful frame Of mind
over the political outlook in France,
and there was cessation of
the selling pressure from that source
which has been a feature on several
days of the week. The railroad stocks
especially the angers-moVed up
wards smartly, and very conspicuous
gains were shown by a NUMBER of the
Nanderbilts, New York Central, North
western and st. Paul and Omaha ris-
ing from l 1-2 to 4 points. Pittsburg,
c. c. and St. Louis also recovered 5
points over yesterdays drop.
There was good buying of some of
the leading specialties, the Tobacco
stocks rallying briskly from yesterdays
extreme weakness and Sugar and
Brooklyn Transit being well taken
With the exception of the drop in
American spirits and Standard d,strib-
uting on the announced combination in
that trade, there was apparently no
weak spot in the market and IL looked
as though the bears had exhausted
their resources and abandoned their
campaign. But very marked weakness
soon developed in Federal Steel and
quickly involved other Flower stocks,
notably Brooklyn Transit eni Pee
pies Gas, as well as Sugar, Metropol-
itan Street Railway, Tennessee Coal
Rubber, Consolidated Gas, Reading
first preferred and other specialties.
Extreme declines were in Sugar 4 81,
in Federal Steel Is, in Brooklyn
Transit and Consolidated Gas ? 3-4,
and in Manhattan, Peoples Gas and
Metropolitan Street Railway, two
points or over.
The Vanderbilts, the Tobacco stocks
and many Of the railroads hcld pretty
firm, but the grangers yielded a point
or over, though their declines on the
day are only a fraction. There was
considerable activity on the decline,
and more appearance Of liquidation by
tired holders than has been apparent
before TINS week. Inc ldle Sell99
movement was based on apprehensiols
expressed by the bears of very heavy
exports of gold on Saturday. some of
the estimates put out for effect rang
ing as high as $4,000, 600, though the
only announcement was of an engage
ment of 81, 000, 000 AS a matter Of fact.
the rate for sterling exchange eascd
off IA for sight bills and IA Tor money
in London. The Bank of England has
increased its gold reserve over $50
300. 900, during the week, ard con-
tracted it's loans over $2,600,000, while
the Bank of France has added
over S3.5O0.0O0 and has contracted its
loans 6.l400 900 in the same time. Both
institutions have thus strengthened
themselves materially and reduced the
pressure on New York for gold. The
market closed firm at the rally caused
by covering of shorts. There We're one
or two yielding spots in the bond mar
ket, but prices were generally firm On