The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-07
TOBACCO
Made Sensation of
the Day.
THE PEACE TREATY
Affected the Market by
Anticipation Only,

The market conditions were, in d
sense. particularly Interesting yester-
day. The news of the ratification of
the peace treaty did not reach here I'M
til after the market had closed; but
there were a few of the knowing ones
who had anticipated things and bought
on the drop in the early part of
the day, and so profited by the rise
after noon.
In the main it was a traders mar
ket, strong in fashionable stocks and
weak in others less popular There
was some disposition to buy and an
equal pressure to sell by the timid
ones.
There has been a loss in bank re-
serve. But it is not of much import
ance as the enormous increase of de-
posts and the gain in specie fully coun-
terbalance the change in reserve.
Local spectators interested them
selves most in American Steel Wire.
1t opened steady, sold down two
points on common and covered the
loss at the close. Preferred closed IS
1oWei IMAM on saturday.
The rest of the market brought losses
early in the day; but about everything
recovered at the close. Manhattan
went one point higher, Pacific Mail
was point and a half up. CoEsolida-
ted Gas climbed four points ana Pull
man L.
Tobacco made a sensational break
to SO IL, Ia points under Saturdays
close; but il rallied and closed at la.
a net loss Of one-half. sugar was
steady and well supported.
American Steel and Wire people are
particularly pleased with the action Of
shares in the market. il was feared
that in Fridays slump prices for them
would run off sharply, as they are. in
a sense, new and untried stocks. But
they stood the reaction splendidlv. not
having receded below a.. and rallied
easily and quickly on Saturday to
49 IL People who are carrying the
stocks have confidence in their future
prospects and those who know most
about American Steel and Wire are the
strongest bulls on it. They declare
there is little or no risk in buying the
common stock around prices nov cur
rent for il.
Common opened Yesterday at IS 3-4
sold at a.. and closed at 49, Preferred
opened at 80 IL, sold at So, and closed
at % L.
The first quarterly dividend on Fed
eral Steel preferred will be paid in
April on per cent basis. The first
dividend on common is not expected
until July or possibly until September
II is stated authoritatively that the en-
tire dividend on preferred for the year
Will be more than earned by July. At
r ter that common will naturally receive
due attention, and it is morally GER
tam that it will be placed on the div
idend paying list this current year.
1t is reported in New York that the
American Steel and Wire Company has
obtained contracts to fence in nearly
the whole of Australia and South AZ
RIGA with barbed wire. 1t is said that
the company is getting orders from
Japan. 1t is turning out so miles OF
woven wire fence daily, but is 80 days
behind its orders. 1t has a single con-
tract for 1000 miles of barbed wire for
Australia. is now negotiating a con-
tract for wire for railroads in South
Africa, which, when completed, will be
the largest single order for wire that
was ever known to the trade.
Quincy and Atchison preferred are IN
good demand. In the former stocks an
SS1i ~ lSLuliGAlA6 IL pCLACNEu III ny p.
The big earnings of Atchison tempt
spectators to buy the preferred, hop
ing it will be a sure per cent divi-
dend payer.
Central Pacific, as well as Denver
d Rio GTande, hold their own very
well. and they ought TO prove safe and
cheap.
The continued rush of new and un-
tain industrials, often based Oh insult
f1cient and unknown earnings, is hav-
ing it's effect upon the money lenders,
and growing discrimination is report
ed against even the best known cor
porations, such as Federal steel. Many
of the new corners on the industrial list
had better be avoided.
New York bond dealers are said to
have obtained legal advice that the
Manhattan is not a street railway with
In the meaning of the law, and that
its bonds are therefore lawful invest
ments for savings banks. The new
law provides that bonds, to be a legal
investment, must be first mortgages or
properties that for five years preced-
ing paid per cent dividends annual
ly on their stocks Last year the Man
haitian paid just per cent.
The increase of Manhattan stock to
S4S,000,000 will very likely prevent the
payment of per cent dividends during
the interval before the economies of
electrical operation can be put into eff
feet. Manhattan closed Saturday at
111ss at which figure the increased cap
ital works out a fraction under 70.
The panic in the copper market is in
London, and not IN New York or Bos-
ton. There has been a heavy French
speculation In G. M. BIS for several
days, and 1t is said that the French
men have cornered the supply abroad
or are certain of market to the traders
who have been selling futures short in
London to make the differences be-
tween the spot price and futures
Supplies have been so largely cleaned
up, and the engagements OF the copper
companies are now so heavy. that the
bear spectators find themselves unable
70 fill their contracts for spot cop
per.
There has been no great jump in the
home demand for copper. The de-
mand is still for export account N.
there is still the possibility of a rising
copper demand in this country TO foI,
low falling off in the foreign demand