The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-06
The Bank Statement
Shows Loss in Sur /.
plus Reserve. n.
BEARS DEPRESSING VALUES.
Market Here Is Dull and
Lacking in Sup Il. 81 q
port.

One OIL the dulleSt weeks in the his
tory Of Wall street closed yesterday
with prices weak and tending lower,
from all appearances, although it is
difficult to forecast the course of spec
ulation for the following week.
The immediate cause of yesterdays
reaction was the decrease Of 50. 700, 900
IN the surplus reserve in the New York
weekly bank statement, bringing the
reserve in excess of legal requirements
down to barely more than SS,0OO 900.
which compares with about sac, 100000
at this time last year and the year be-
fore.- The reduction in the surplus re-
serve increases the fears of a firmer
money market in the near future. but.
with deposits some $4,000, 1000 larger
than the outstanding loans, it is not
clear how money really can become very
tight.
Business on the stock exchange is
recurring very little banking accommo-
dalton nowadays, and commercial in
terests alone are borrowers to any ex-
tent. The recent heavy decreases in
AN1nAAS ASA4SSlo Tie up OF SpGCQId-
tive accounts, which also is responsible
IN some measure for the reduction in
the deposit item.
Aside from the bank statement the
pears found comfort in reciting reports
OF possible labor troubles among west
ern railroads, yellow fever rumors from
the south and crop damage by grass
hoppers In the west. That these reports
We're magnified purposely to depress
no, = '
trade conditions, business and indusl
trial prosperity and the bright outlook
for the transportation interests are the
sustaining factors upon which invest
ors are banking. The bears cannot
break these down. although they may
succeed in producing temporary reac-
tons occasionally through the distribu-
ton of current unfavorable news, the
ADVERSE influence of which will be tran
STORY as is the case with the above
mentioned instances. The railroad man
ayers are in a position where they can
not allow strikes, the yellow fever, in
the south is well under control and the
crops are far enough along to know
that any damage now viii not result
in shortage of supplies 7s3 ~ as
The market yesterday closed IA bet
ter on the average than a week ago,
but u lower than Friday. The flaetua-
nned to the narrowest limits taking the
market as a whole and averaging the
closing prices, although as is well
known, several speeialties have shown
marked strength, as in the case of the
Tobacco shares and in some OF. the Steel
stocks. These individual gains have
been offset by more numerous,5 but
smaller, declines in the general list
Yesterday the market opened hesitat-
erlxr
cue from London, where there was a
stock market holiday. The, traders
evinced a disposition to await the pub
LEGATION of the bank statement, mean
while putting out a few lines of shorts
When the bank figures came out there
was general selling movement, which
carried prices down to the lowest quo
tations of the day
The local share market was extreme
ly dull, and the only feature was the
drop in Baltic to 3d. a decline Of Z
points from last nights closing A
trader sold the stock down. The forth
coming assessment was given as O
cause for the selling. 1t has been prac-
tically certain for some weeks that the
assessment would be SO. The directors
probably will meet the tenth Of this
month, and formally levy this amount
Baltic, as one of the first of the recent
Rotations, did not start with as large
an amount placed in the treasury Ae
was customary with the later com
panies. Dominion Coal was a triffe
stronger on the Gas & Coke company s
contract with the Boston & Maine rail-
road, Changes in prices were without
significance
The following quotations were made
on the Boston exchange yesterday on
stocks held in Worcester and vicinity:
BOSTON STOCKS.
CReported by -lnnicutt x DeWitt.)
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