The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-10-29
WAS A SURPRISE.
The Clearing House
Statement Not
as Supposed.
EFFECT OF FALL ELECTIONS.
Republican Victory Will
Do Much to Restore
Confidence.

The statement of averages of the
clearing house banks Of New York this
week was a surprise to the street,
which had feared poor exhibit. 1t
Was unprepared for gain of a million
and one-half in surplus reserve, dou-
bling the latter. Again, lawful money
reserve held fell but little, loss in legal
tenders almost being offset by gain in
specie. so that the shrinkage of nearly
seven millions more in deposits tells di-
rectly in surplus reserve, reducing the
requirement by % per cent of the last
mentioned amount. The shrinkage in
deposits carries the total to the same
figures as one year ago-$761, 800, 900,
whereas loans are $2S,500 600 greater
shan year ago. Loans were con-
traeted further by nearly S5,000,000 this
week, but the excess Of deposits over
them, now $56,000,000, contrasts with
Se4.0o0,000 a year ago. While deposits
thus are the same as year ago, at the
beginning Of the return movement of
money from the interior, loans are $685.
100000 greater, and reserve held is much
less-specte S17,000,000, and legal tenders
$1,000 ,000-total $29, 900 900 less of actual
holdings of lawful money reserve. With
the reserve requirements the same,
the comparative loss in amount held
is loss in surplus today's excess of
100000 contrasting with $26,000,000 one
year ago.
This unexpected increase in surplus,
with contraction Of loans continued, at
tracted the bulls on the street and con-
founded the shorts, who hastened to
cover IN the last half hour, and ran
prices up sharply The market had
dragged UP to the appearance of the
bank statement, with scarcely any ami
nation, ana probably two-thirds Of the
traders expected a heavy closing. There
had been a good advance this week.
and prof1t-taking was natural But
what everybody seemed agreed was to
happen failed to materialize, not UNI
common development in Wall street,
and the rush to cover in the last half
hour not only permitted good profits on
realizing sales, but offset the effect Of
these, rs well as of early losses, and left
the leading stocks averaging * higher
at the close than yesterday, with net
advance of 1ss for the week, and of 5
since the month began. Indeed, the
average at the close today was higher
than at the elimination of the last bull
ish movement, early in September, and
the market has recovered the whole loss
caused by the tight money scare and
the Transvaal war, while it averages
only three below the highest of the
year.
OF course the fall elections are an ele-
ment of doubt. Remembering the effect
on the market in November. last, year,
and in 1897, of the repeated demonstra-
ton of sound money sentiment, it would
seem that little is to be apprehended
this fall, but the attempt at shifting of
the issue by the free silver party to the
question Of Endorsement Of the admin
sc4.
element of uncertainty into the canvass
in some Of the states this year. That
any appreciable measure of democratic
success this fall would be used as, an
argument in favor of free silver -senti-
ment by the extreme politicians Of that
party, and would be taken Us such by
Wall street and the investment inter-
ests of the country cannot be denied
The question, therefore, turns on I'M
munity from fear of further agitation
of this baneful propaganda next year.
Decisive defeat this year would go a
long ways towards establishing con-
fidence beyond a doubt
The Boston market was narrow and
dull, bus generally firm. The few prices
made on mining shares showed steadi-
ness, even frmness. The only feature
was strength in home railroad shares
and the telephone stocks. Boston and
Maine. at 20s; Albany, at ESQ; Lowell, at
245; New Haven and Hartford, at 2141s
Old Colony, at 206; Bell. at 3z3. and Erie.
at 119, We're strong? United A>ates Oil
rose l, TO "A; Pullman eased to 1914
There is a better feeling, as the week
ends, respecting the copper shares-not
all of them, but the proved good ones;
those with merit back of them and
with copper in them, instead OF "mys-
terry" Too much of this blind pool bus
mess has had as much to do with dis
gusting people over coppers as has dis
elimination by banks Good coppers
are all right, and have a good prospect
of Improvement, but the day has gone
by when anything and everything la
belled copper can find purchasers over
subscribing at any and every price.