The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-10
A FALL IN PRICES,
Mining Shares Drop
Considerably in
Boston.
TUMBLE IN SUGAR OF So.
Some Rally, But a Heavy
Closing---News and
Notes.
TUMBLE IN SUGAR OF So.

The week has seen continuous de-
cine in stocks. The Addyston pipe de-
cision started a raid on the trusts,
which has lasted ever since it was an
nounced while the marking up of
money rates. particularly on industrial
share collateral, has turned the situa-
ton in bears favor. 1t has been a bear
week wherein a net average loss of a
little over 81 has been recorded in lead
ing stocks, 81 of which was furnished
by the two hours trading yesterday.
Over $4,000 shares changed hands in
Wall street in the two hours and prices
of the industrials and local specialties
tumbled sharply. Sugar was off SIS
Tobacco 4 and others 2Q3, while the
railroad stocks yielded from Y to IL.
The bank statement was a surprise.
1t was unfavorable, but much less so
than had been anticipated from the
preliminary figures of currency move
ment. The slight contraction in loans
$685., 500-Was a puzzle, probably eX-
planned by the fact that owing to the
system of averages employed in com
piling the statement the actual de-
creases in loans toward the end of the
week, mainly Friday, do not show, but
will do so in next weeks exhibit. Ac-
tual cash holdings, specie and legal
tenders, declined but $2675, 300, and
against this the decrease in deposits or
reserve liability is sufficient to make
the actual shrinkage in reserve surplus
or excess over legal requirements only
$1,677,17 The result of this statement
on the stock market was peculiar.
There was an almost violent rally,
which nearly offset early losses in some
cases, but Sugar kept right on down
wards and reached its lowest price,
1891, at the close.
Boston stocks were active generally
and at the expense of prices, but there
were some smart rallies, nevertheless.
UnitedStates Oil fell more, to "a, raj
lying to 35% and closing at 35A a net
loss Of 6A for the week Amalgamated,
as a member of the pink sheet" group
(unlisted) sold at 81@80h, closing at
S0%. Tamarack at 262 is IA off for the
week; Montana fell 61a more, to 200,
closing at 295, loss of 27 for the week
Butte fell today, to 60; Old Dominion
III, to "a, a 51a net loss for the
week; Osceola was "a lower, at 6912,
against 81 last Saturday; Parrot lost 8,
to 80, closing at 3712, a 512 net loss this
week; United States Mining yielded
q, to 30, closing at 3OA, a net drop of
for the week; Copper Range, at SO, is
off for the week; Dominion Coal fell l,
to 461a, today, closing at At, a 81 loss
for the week; Wolverine was AZ at the
end of last week, BIZ today; Trimoun-
tain is 13s lower, at s. Gold Dredging
8 lower, at IL; Isle Royale lower, at
81; Baltic 4 lower, at 201A. Cochiti
dropped B, to 12A today, closing at
1sN, a 21S net drop for the week. Mer-
genthaler Linotype was up 3, at 210.
The New York stock market opened
weak: American Steel and Wire 40,
Atchison 63%, c., B. & @. 1904, CONT
mental Tobacco 34k, Federal Steel ssh
Leather 121a, Leather preferred 77%
Louisville and Nashville 82az, Manhat-
tan 1925 Missouri Pacific ASS, New
York Central 1924, Brooklyn Transit
Sly, Northern Pacific 543z, Peoples Gas
10S1A Rock Island Ill.,, Sugar 146 to
144k, st. Paul 1872, Southern preferred
ssh, Tennessee Coal and Iron log, To-
bacco 1O9, Union Pacific 4S%, Union Pa
cific preferred rs. Prices opened lower
under the influence of lower quotations
from London and violent break in
Sugar. The last-named stock opened
wide, $500 shares selling simultaneous
ly at 146 to 1441a, against 1475s, last
nights close Support seemed forth
coming at the low point. Steel and
Wire sold down IA and losses of a
point were shown by specialties. Losses
III Tic ram OddS approached d point
in only one or two cases. The bears
had the market well in hand, and ham
mered the industrials vigorously. No
opposition was encountered, the bulls
apparently devoting their efforts to
holding uD the standard stocks Met
ropolitan Street Railway slumped 81
Union Bag and Steel and Wire pre-
ferred 31a New York Air Brake and
Tin Plate 3. and numerous Others 2
points. Omaha took jump upward
Of points, and st. Paul and Louisville
and Nashville were pushed up l u above
last night. These tactics, however, did
not benefit the list, and the market
gave way again rapidly at II o'clock,
the railroads showing more effect than
before.
The bears began to cover in antici-
patton Of a favorable bank statement,
and the unexpected lightness of the
loss in cash reserves made the demand
from that source urgent. The indus
trials rallied all the way from one to
four points, and the prominent rail-
road stocks a point or over bringing
them above last nights prices. Mime
apolis st. Paul and Sault Ste. Marie
preferred rose 8. The demand for
stocks did not extend apparently be-
yond the ranks of the shorts. The