The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-10-22
TRADING LIGHT,
Pullman Falls Back
a Few Points in
the Market.
BANKS FAVOR C0PPERS.
Railroads Do Not Like
Sleeping Car Cen
solidation.

Trading on the New York stock ex-
change was very light in volume
barely 100000 shares in the two hours
and most Of the time was spent in
specializing on the probable showing of
the bank statement rather than in
speculating in stocks. Most of the
usually prominent leaders were ne
elected, interest centering in Sugar,
which after losing =, was marked up
3& on the shor.s, within x of $50,
whence reaction took place to 149 at
the close. Now there was a very nice
little turn for a dull day-down, up and
down-just enough to maintain good
nature and to close the week amiably.
It's about all that is left in the trading
nowadays, these nice little movements,
and they keep the market from relap-
sing INTO stagnatiOn. There is little
public or commission house interest. in
it, but traders manage to keep up an
interest and as,utely to lay aside a
few profits against the coming winter
days. Pullman fell back 5, with IL
rally, net rise of just for the week;
tQqaY's closing being 2021a, against 10
at the end CT SeptembeT-a 321a rise in
three weeks, and 1872 since Aug. 81.
st. Paul and c., B. & @. were up Il
each and Tobacco q F; Brooklyn Transit
fuctuated within a 13s range, but
closed where it opened; New York
Central eased fractionally and New
Jersey Central gained a point net
Otherwise there was little feature, but
the whole list, after a softening tend
ency around II a. m, recovered lost
ground and closed strong on the ap-
pearance of the bank statement. This
exhibit really was favorable only in a
negative way. Ii is true that surplus
reserve increases somewhat but this is
caused, not by increased reserve hold
ings, but by diminished deposits. There
was an increase in legal tenders, but
this was offset by a loss six times as
large in specie. But against this net
loss of S1,37S, 900 in lawful money re-
serve, the further shrinkage of sc, 57O,-
500 in deposits reduces reserve liability
by twenty-five per cent thereof. which
reduction is S263,725 greater than the
net loss in reserve held. The banks
hold $22, 800, 600 more deposits than a
year ago, but their loans are $4S 500, 900
greater. The latter decreased IS, 1885,
600 for the weel-a million less than
deposits. The surplus reserve, with
this weeks increase, is but $1441, 075,
against an average of $50, 900 900 at this
date in the preceding five years. In
1890, reserve surplus at this date was
less than a million, and in 1889 it was
barely over that and less than today.
In 1888 it was nearly fourteen millions,
in 1891 twelve millions and in 1892 four
millions.
Boston had quiet and steady mar
ket with little new features. Banks
are understood to be disposed more Ia
yorably to loans on copper stocks. Not
sAat there is any wholesale loosening
Of the purse-strings to accommodate
supporters of various specialties, but
there is no disposition to crowd coppers
to the wall and appeals for mercy from
distracted mouthpieces of copper share
manipulators are quite unnecessary.
The banks are handling the loan busi-
ness in Boston in good, sound shape
and general business, bankers, brokers
and customers have not been treated
harshly. There has been general rec
ognition of changed conditions in mon
ey and sometimes it has been consid-
cred wholesome not to encourage over
booming in some lines. The element
of collateral value in stocks which can
shrink fifty per cent or so in six months
is doubtful, or apt to be, and common
sense dictates prudence. For legiti-
mate purposes or to an extent not be-
yond prudential limits, the banks are
willing to lend on copper shares, but
there are copper stocks and copper
stocks Some of them are handled
well in the market; no loud predictions
were made by their promoters but the
latter have handled them well, not
withstanding, and they show much bet
ter by comparison than some Of the
widely advertised and predicted adj
nauseurn SDecia ties
A New York dispatch says: The rail-
roads dislike the prospective Pullman
Wagner consolidation. The general
feeling among them is that even if the
prices they now pay for Pullman and
Wagner service are not increased the
terms on which contracts are made will
be less liberal. These companies are
so strong, SO well intrenched, that in
dependent opposition is almost out of
the question. When consolidated, they
will constitute one of the strongest if
not most independent monopolies ever
seen. 1t is believed that the ultimate
effect Of the pending consolidation win
be more railroads running their own
sleepers.