Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-07-21


In Boston and New York, on Saturday.
there was regular panic in the stock mar
ket, 1t had been gathering and growing all
the week, and finally eliminated AT any
rate, as it was not supported by any really
substantial reason, a reaction must follow,
which may become perceptible before the
week is out. The heavy spectators who
have operated to produce or heighten the
panic, have probably served their purpose,
and will now very likely operate to secure an
improvement. The prices of government Sc
curities have been rushed downward most
largely, although the panic has had some eff
feet on some of the railroad shares and bonds.
Let those who hold treasury notes and bonds,
and other depressed securities, hold on quiz
city. They will soon see the current moving
the other way. The interest on government
securities is paid in gold, and they are sure to
go up again.
While some things in the market feel this
panic unfavorably, few others have steadily
advanced. Boston and Worcester railroad
shares have gone up to us l-2. Such a de-
preston in prices many securities have suf-
fered during the past week can not be MAIN
tanned while money is SO plenty, with so little
pressing demand for it.
Small change is becoming very scarce, and
yet there is no good reason for this. There is
just as much of it in the country now as there
was a year ago; but it has been withdrawn
from circulation by being boarded and sold
to the brokers for premium. The post Of
fee department is about to issue stamps on
thick paper, to be used in making change, and
this will interfere with the business of selling
small change at premium. The whole cent
making capacity of the mint is now employed
in coming nickel cents, the demand for which
is very great. This demand had become so
great, last Friday, that the supply was ex-
hausted, and the mint was obliged to suspend
paying them out. But this suspension is only
temporary, and ere long we shall have small
change enough in the shape of cents and the
thick postage stamps. The Philadelphia Led
ger of Friday gives the following account of
the rush for cents at the mint:
''The difficulty among small shopkeepers,
provision dealers in the markets and the citi-
zens generally in making change, has caused
an extraordinary demand for cents, and all
that can be coined at the mint are eagerly
bought Yesterday being one of the days as
signed for the exchange at the mint of nckels
for United States treasury notes, the doors
were besieged with an anxious crowd before
seven o'clock, and by twelve o'clock, the hour
set apart to commence the exchange, there
were several hundred persons present. men,
women and boys. Lines were formed of the
men and boys on one side of the building, and
of the women on the other, the former ex-
tending half square along Juniper street.
j MANY of the boys were provided with small
order posse of the reserve police were in
attendance, but their services were not re-
quired. Though many of those who desired
cents stood in line for hours, waiting an op-
portunity to get into the MINT they had to go
home without them, as the supply on hand
was exhausted before half of the applicants
were accommodated. We understand that
two thousand dollars worth of cents are
coined daily at the mint, making twelve thous-
and dollars worth week. About two-thrds
OF the coinage goes to New York, Boston,
and other cities, leaving but four thousand
dollars worth week for distribution in Phil
adelphia. But five dollars worth are given
to each applicant at the mint, but it is said
that boys are employed to stand in line, and
by tins means raise large amount in cents"
New YORK, Saturday, July 10, 6 P. NJ
Stocks were in better demand to-day, with the
exception of governments, which were sold
down this morning, by prominent operator,
to 96 II for the coupon skies, ard 100 l-2
for 7.30 notes. They subsequently rallied
and in the afternoon SO IA was bid for the
skies of 1881. The general market was all
better. After the board the market was stea-
dy. There was no regular session of the
board in the afternoon, but several members
met informally in their room, and reported
the market stiff at the best prices of the
morning.