The Worcester spy., 1899-12-24
MARKET ADVANCES
Firm Support by Strong Interests
Average Rise of | 3-4 in
Leading New York Stocks
FAVORABLE BANK
STATEMENT OUT
Little Feature in Boston, But
Prices Better and Sentiment
Improved-Notes

Perhaps the most remarkable week of
n most remarkable year ended yester-
day
The combination of financial strin-
gency in London with Boston's bank
troubles and New York's tight money
panic has resulted in putting prices of
stocks to the lowest avefage of the year
at time when the great benefits of the
year in business expansion are more in
evidence than. ever before.
The panic for such we have had this
week, was short-liyed, as from it's alb
normal nature it had to be. While for
the moment the magnitude of the evils
which have come to light in New York
and the seriousness of London's finan-
cial straits overshadowed all else, the
fundamental solidity of our country's
finances, trade and industry, the great
confidence of our people in the stability
of our prosperity and of investments
have asserted themselves, and a
consider able improvement has been
registered by that sensitive bar
onaeter, the stock market. The
air is not cleared entirely but
the week which began with panic ends
with confidence, and it is not too much
to say that the accounting for past mis-
takes is about ended. Even prosperity
may be ridden to death as the hobby
horse in the wild speculative race and
now that the American people charac-
teristically have rushed to the extreme
Yin the exploitation of prosperity, we
may look for a sober settling back into
the approved conservative channels of
business and of speculation.
1t has been a speculative panic, main
ly, and the general business of the
country has not been affected. Reports
from the west show no signs of the
turmoil and disaster through which we
have passed in New York and Boston.
The country generally is in a most sat
isfactory condition, financially and in
dustrially. Trade reports continue most
pleasing; volume of business is great,
commodity prices are sustained well, it
has been a wonderful business year.
Yet stocks at one time this week ruled
lower than year ago before this great
wave OF prosperity fairly had started
OF course the trouble is that specula-
tion overdid the. prosperity" argument
there has been too much creation of
securities, particularly in industrial or
trust companies, and in mining con-
Germs. Credit has been strained severely
in the latter, and we have been treated
to panic days in the midst of times the
y
suffered with the less desirable, and to-
day. after a good rally, the average in
New York is 145s under last years best
and only 11a better than year ago. In
the two hours of Wall street trading
yesterday the influence of materially
improved London conditions, of success
full passing of the fortnightly settlement
and of a good bank exhibit here caused
an average rally of IA, but this leaves
net loss for the week of nearly and
for the last two weeks of ~.
IN NEW YORK.
The New York stock market opened
buoyant: American Steel & Wire Al,
Atchison preferred 81, Burlington 116B
Continental Tobacco 2S, Federal Steel
"A, Louisville & Nashville 751a Manhat-
tan 88A Missouri Pacific 36Ia, New
York Central 1271a, Brooklyn Transit sc
to 81, Northern Pacific 50A, Peoples
Gas 96, Rock Island 1924, Sugar 123
St. Paul 115%, Southern preferred 81
Tennessee Coal & Iron 515. Tobacco
Sc, Union Pacific 42A Union Pacific pre-
ferred 70A. Great relief wasFmanifest
in the opening transactions oYfr the un-
expeetedly favorable showing made on
the London stock exchange. The period
ical settlement in mining stocks, from
which grave trouble was apprehended,
proceeded satisfactorily, and American
securities rebounded in sympathy with
other stocks. AS a consequence inter
national securities at the opening here
showed recoveries ranging from one to
over two points The bears who had
sold confidently yesterday on the pros
poets of trouble in London yesterday
rushed frantically to cover and caused
violent advances in those stocks which
they had attacked most vigorously
Friday. Sugar jumped 5 points, Metro
politan AZ, Tobacco nearly points and
Peoples Gas and Brooklyn Transit over
31s. A number of other specialties rose
between / and points and fractional