The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-10
SLIGHT RECOVERY,
Market Heavy, But
Does Not Decline
Further.
SPECIALTIES WERE UP.
Tennessee Coal & Iron
Rises s More
Notes.

An unfavorable exhibit OF the New
York National banks on this weeks
averages had been anticipated in the
somewhat pronounced weakness of the
Wall street market Friday.
The actual figures, made public Just
before the close Of the market yester-
day, show heavy decreases in cash and
IN reserve surplus above the legal re-
quirement Of % per cent of liabilities.
The latter, grouped under the head af
deposits are reduced by a decrease in
that item of over fifteen millions, but
the loss of over ten millions in lawful
money reserve held-in specie and legal
stenders-leaves shrinkage of almost
seven millions in the surplus the same
diminishing by two-thifds, to but two
and one-half millions. OF course this
surplus practically is lodged with a few
banks--it almost may be said with one
institution. Such condition on the eve
OF autumn demand against crop move
ments justifies the Importance attached
TO the money market influence as affect
ing stock market buoyancy.
The effect Of the publication of the
hgures of the bank statement was not
marked. Business was comparatively
quiet in Wall street, yet of much better
volume than on many preceding Satur-
days. There were some recessons, but
these were counter balanced by gains
Tennessee Coal & Iron rising more, to
sllG5, another new high record, contrast
Ing With 9913 at the close last Satur-
day and low point of SO last January.
, One year ago it sold as low as 1854, in
1898 at II, and 1898 at 10A Sugar was
heavy today and Manhattan rose 2N
later receding L. At the close the aver
age of twenty-five leading stocks was
just the same as yesterday, and Tenn
essee Coal is not included in the COM
pilation. Thus, while the bank state
ment was far more unfavorable than
expected, the market apparently had
Z discounted it and held remarkably we'll,
9 the net average decline of the week
: being but ".
Boston trading showed continued
firmness in home railway shares, also
in telephone stocks and Mexican Cen
trail Junior securities. The weak fea-
lures Were confined to the mining group
and to but a few members thereof. All
of the mining stocks were heavy in
tone, a condition which some of the re-
marks above may explain in part al
though there are, of course, particular
causes at work in these shares, or in
many of them, at any rate. Montana
was oft 4, to 33S, rallying 2, while
United States fell 11s, to SAYS, rallying to
351a at the close. Bingham was up e,
at 1873. Central Oil receded ", to "a,
but certainly has had a brilliant begin
ming. United States Oil was " better,
at 5O1k. Erie Telephone rose TX, to 1041a,
and Mexican 11s. to 65s, closing at 6A
Boston & Maine held firm at 200; AL
bany gained 2, to 26S and Fitchburg
preferred III, to 1914. American Agri-
cultural Chemical was up Ia, at 3SA,
and preferred ". at 82ia. Mexican Cen
; traf first incomes were up rs, at 26%, a
rise Of 3B net for the week; second in
comes held at 49, stock at 151a, and as
ct 7e. Altogether, it was a very fair
market.
The following quotations We're made
on the Boston exchange yesterday on
stocks held in Worcester and vicinity:
..-...rul,.- Ar-e.sr . ..--l..rc.