The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-27
The Prices React, but
Rally Near the
Close.
EAST BOSTON LAND is UP.
Profit Taking in the Bos
ton Market
Notes.

The Wall street market yesterday
was dull and featureless.
The holiday in London might have
had some influence, but there was an
evident indisposition to trade. Prices
reacted early in the session, but short
covering caused a rally toward the
close. There was an averaging up of
outstanding contracts, which is custom
airy at the close of the week, and the
settlements practically offset each 9TH
er, as the market at the close showed
very insignificant changes compared
with last nights closing. The bank
statement was just about as expected,
loans and deposits increasing, while the
surplus reserve fell off. AS the traders
took occasion to discount decrease in
reserve yesterday, the statement was
without sentimental effect today. The
banks now hold rising $4,000, 900 over
legal requirements, on which they no
doubt can worry along during the com
ing week without advancing loaning
rates.
A few stocks showed small gains at
the opening, but they were the excep-
ton, the general tendency being down
ward. Sugar and the new stock of the
Republic Steel Company were weak
points, and Norfolk & Western and
Northern Pacific dropped a fraction
Consolidated Gas, after a fractional
rise, dropped AZ. Only a few usually
neglected stocks showed strength, the
general market being heavy. Sugar
lost 2, while Brooklyn Transit Wheel
ing & Lake Erie second preferred and
Pacific Coast second preferred yielded
from to ~. Large buying of Chicago
Great Western A preferred lifted it 8
points, and st. Paul & Duluth, Laeka-
wanna, Mobile & Ohio and American
Car preferred rose materially. Rio
Grande Western common received sup
port, gaining 8 points. Tennessee Coal
was about the only leading stock which
was in demand, and rose ~ towards
the close Of the first hour, covering in
Sugar and Consolidated Gas rallied
them l and points, and sympathetic
gains followed in the general list. Con-
solidated Gas was marked up an ex-
IRENE 715 points, and Tobacco stocks
rose over a point while Mobile & Ohio
gained nearly 3. There were advances
of a point in Great Western B pre-
ferred, Louisville, Chicago & Eastern
Illinois and Laclede Cas- Although the
bank statement was not unfavorable
the market dropped again soon after its
publication. Brooklyn Union Gas lost
nearly points, and Baltimore & Ohio
and Colorado Fuel declined a point.
The tone of the specialties became fe-
veriSh, and a sudden up-turn of 2N in
Sugar was followed by as sudden a
drop of III in Sugar and Tobacco. The
closing was unsettled and irregular, but
near the best Of the day, and at mixed
net changes. Total sales were 20S, 373.
Interest in the local market in the
morning was cemtered in East Boston
and Bonanza. East Boston advanced
"a to IL on sales of 5000 shares There
was disguised selling, while Devon
shire street house and a prominent Ex-
change building trader We're the largest
buyers. 1t is claimed that the New
York Central people already have pre-
pared plans for an extension of the
East Boston terminals of the Boston &
Albany on the East Boston Company S
land in case the lease goes through and
it is good street opinion that the lease
will go through in some form.
Bonanza sold in large lots up Il to
~. Lawson brokers were principal
buyers. 1t is gossip that favorable re-
ports have been received ON the proper
ty from the Standard Oil experts now
on the ground, and that the Amalga-
mated people will exercise their option
to take over the Cochiti grant owned by
the bonanza Company for $1,000, 900.
British Columbia advanced " to 1914
Vice-President Tichenor Of the COM
pany was in Boston today and spoke
favorably of the outlook at the mines.
Calumet sold at $40, Quincy at 100, Mon
tana at 1863 and S54, Arcadian at 1917
and a. Parrot at SO and 52% and Bing-
ham at 171s and II. Boston & Maine
was UP B. at 2O5; Mergenthaler sold at
215, and Pioneer at 2ss.
The following quotations were made on
the Boston exchange yesterday on stocks
held in Worcester and vicinity:
lRnnnrfed hN Kinnictltt & InnNNit4A