The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-13
Wall Street Rallies
On the Bank
Statement. ,.,.
IhDUSTRIALS MOVE EACH WAY.
Realizing Sales Response
BILE for Boston's
Weakness.

Anticipations of another unfavorabla
bank statement caused weakness in the
Wall street stock market at the open
ing yesterday, which also was innu-
enced by lower London quotations in
the morning.
When the bank figures came out,
however. there was scramble on the
part of the shorts to cover outstanding
contracts for the decline, solely on ac-
count Of the increase of six millions in
the bank S surplus reserve, bringing
that item UP to $4,000, 900. From q
Wall street point of view, it was a ia.
vorable statement; hence the smart
rally in prices during the last thirty
minutes OF the two-hour session. From
the standpoint of the banks the state
ment hardly could be called favorable.
The increased surplus was made
through reducing the loan account
similar amount, deposits remaining un-
changed This means that the banks
have Increased the amount of idle
funds on hand, and that, on a four
per cent basis, their income is reduced
$1,000 per week or at the rate of $780,
600 per annum. 1t may be argued that
the banks have added six millions to
the available supply of loanable capt.
tai, but it might be questioned what
benefit do the banks get from having
more capital to loan when they have
to cancel loans already outstanding,
ana drawing interest, in order to OBJ
tain the additional capital.
Renewed anxiety over the aTransvaal
situation and the fears of tight money
depressed prices in London, and this
was reflected in Wall street, the inter
national shares losing fractionally. In
the industrial list prices moved in.
both directions. Sugar lost point ear
ly, but rallied later, while Tennessee
Coal and Iron added 8 IA points 20
fridays closing, running up to &c.
National Steel common yielded a.
point, but the preferred was notably
firm. The bears sold the market and
made vigorous attacks on the granger
shares. A slight reaction, however,
served to bring in orders to cover short
sales, which rallied the market After
the first hour the market became dull
at about Fridays closing prices, but
closed higher and more active, the re-
ceipt Of the weekly bank figures, buying
for both accounts, advancing the mark
ket brjskly. At the close, 20 active New
York stocks averaged IA higher than
Friday, and 1-2 above the closing a.
week ago yesterday. AS in the week
previous, the trading the past week was
sional element.
Realizing sales were responsible for
the weakness in the Boston stock mar
ket. In addition to liquidation in those
shares which have enjoyed a good rise
recently, stop orders were reached
which materially affected prices for
brief period. Dominion Coal opened off
IL at S. and then lost to "a IA, but
rallied to Sc before the closing. Area
dian dropped from rs to 70 34 but rail-
lied fraction. Tamarack was steady
at 228 and Old Colony Mining at o.
Quincy was off at 155, and undoubt-
eddy was influenced by the statement
of director that the stopping ground
was running poorer than usual Bos-
ton Quicksilver sold at IL and United
States at rs. Baltic lost from 81 ga to
~ 1-S. Arnold sold at IA ga and Santa
Fe at 13 5-S. Isle Royale last l. to
so IL, and Centennial IA to 81. Utah
sold. at A, Parrot at So IA and Bing-
ham at IA "a. British Columbia was in
demand around H. In the railroad list
there was impressive inactivity. Eleva-
ted sold at 1913 IL, West End preferred
at 113 and Albany at 255. Maine Central
was 100 bid and 165 asked against 167
bid last Monday. There have been no
sales of this stock since the Bar Har-
Dor accident. United States Oil sold
at 40 ga and AT IL, Mergenthaler at
205, Bell Telephone at 345 and Erie
Telephone at 81 IL.
The following quotations We're made
on the Boston exchange on stocks held
in Worcester and vicinity:
BOSTON STOCKS.
Aug. ~, 1899
(Reported by Kinnicutt & Dewitt \