The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-10
MARKET NOTES.

The Incorporation of the tobacco firm
OF Buchanan & Lyall, it is said, is in
tended to afford the nucleus for a con
solidation Of the principal manufactur.
ers of plug and smoking tobacco, who
are not now included in the Continental
Tobacco company.
The commissioners of Worcester
county have awarded to Briggs, Todd 6
Co., Cincinnati, for $500 premium
$4,000 81 per cent Swear 2-3 months
notes.
Sugar was again quite a card in the
market this morning, which did not
otherwise show any positive feeling
The tendency is to wait till the money
situation clears up. though the idea is
growing that the fear of any squeeze
has been rather overdone.
There are Indications that the move
ment of the minority Pan Handle stock
holders against the Pennsylvania r. R.
will assume fresh life in a few days.
Wheat showed very little rallying
power with not altogether favorable
crop news from the northwest, and good
clearGnces. The weak features were the
large winter wheat receipts, and the
Unexpectedly large increase in the Wis
ible supply of over 100000 bushels, ac-
cordiLg to the Chicago Board of Trade.
Chicago, 10 a. m.-Curb wheat,
6S5s @6S%
The copper market reflects the pre-
ponderance of favorable factors, all
operating to contribute marvellous pros
perity to thu industry Producers are
now reaping the full benefit of profits
based on an 1S12c market, and it is a
subject of remark that with profits of
10 to II cents per pound negotiations
proceed with about the same amount of
elaboration and caution as when the
price was 12c. Buyers find it vain TO
search the market for 1870 lake, and
producers refuse to trade on those
terms with pretty much the same nom
chalance as they used to refuse 10c.
New York banks have taken 50, 100 ,000
in gold certificates from the sub-treas-
ury to Tuesday night.
Tie possibility of tight money has
been so extensively advertised that
there is little probability that we win
see such a condition, at least to any
serious extent" says prominent
banker. Panics and money crises al
ways come unannounced when nobody
anticipates any trouble about the cloud
bursts. We have been told for weeks
that a money scarcity was imminent
Higher rates of interest have been pre-
dicted, and liquidation of stocks was
TO result. FOfeWarneQ is IOTearmeQ.
Borrowers have prepared themselves
for any emergency by taking on heavier
lines than their present necessities war
rant. know in the case of my own
institution that many of our customers
have increased their loans, while they
are carrying ample deposit balances
They have no present need for the adj
ditional funds, which are simply added
to their balance at the bank. They will
probably not need the money for weeks
to come and perhaps not at all. They
are preparing to meet a money strin-
gency, if it should come. There is nc
reason for, being disturbed over the out
look; as I have said before, the only
danger lies in lack Of preparation to
meet the conditions. That IS not th5
case now. Everybody has had ample
time to put his affairs in order. The
money question will soon come out all
right, and will leave no bad effect upon
the market. Rates are not high now.
In Boston we have plenty of money,
actually more than we can comfortably
loan at current rates"