The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-26

Bears Appear In the
GNU Stock Market.
SUGAR is STRONG.
Realizations in Other Lines


Saturdays stock market opened
about on q parity with Fliday,s closa,
and after an early weakness important
stocks rallied, closing at about the
best figures for the day. Sugar was
the feature, With a rally from 135 to
-199
In some of the stocks the losses, We're
quite severe. But the pressure was
of very brief duration, ana the read
mess with which declining stocks were
snapped up, caused sOInc of the traders
to change front and take tie long side
The rise hesitated on the publication
@of the weekly bank statement, more
Enfavorable one than had been EXPECT
ed. 1t influenced heavy realizations,
supplemented by liberal offerings of the
bears.
The statement shows that loans have
Increased by $13,OOO,U00, and While this
Is slightly exceeded by the gain in
deposits, the recent expansion of loans
causes apprehension.
Since Jan / loans have expanded by
S5S,000000, but in the some time depos
its have increased by So7,000,000. In
7the same period surplus reserve has
risen from $19,OO0,9lO to 100000 900.
There is little cause for distrust in
such a showing, but it takes little 10
inspire q trader these days when he
wants turn on the short side.
American Steel ana Wire opened
strong yesterday, closing fractionally
below last nights close. The shares
have been exceedingly strong all the
week. Insiders are putting out roseate
accounts of the earnings. 1t is said that
the business for the year will prob
ably aggregate $50, 900, 900, and the net
earnings $9,000000 The seven per cent
preferred dividends will take $2,S00,000,
leaving for the common over II per
cent.
1t is announced, however, that no
dividend on the common need be eX-
pected before the last of the year. al
though the quarterly dividends on the
preferred will be declared next month.
Purchasing has also been made, on the
rUmor of consolidation with Carnegie
and Federal Steel. 1t is believed that
there is good foundation for this re-
port.
Federal common reached 511a; pre-
ferred, SIS. A large interest in the mar
Ket saws that Federal common is earn
ing 20 per cent. An especial feature
at this time is the heavy trading in the
stock Blocks of 1900 1900 and 1000
shares each are being bought and sold
which is unusual for this market.
A new wire company has come I'M
sight. the National. 1t has filed papers
of incorporation under the laws of Con-
necticut, with capital of 100000, full
" paid This company has purchased
the entire plant of the New Haven Wire
Manufacturing Company. G. B. Wales
of the John Wales Company of Bos-
ton, has been elected president and
the latter company will handle the New
of
Ir the mining stocks, yesterday,
Montana was lower, at 1862; Parrot,
~ lower, at 49, with rally to 50 and
closeat So 1914 net rise for the week;
Osceola lost 3, to 96, closing at 81; Old
Dominion, rs, to 80, with rally to 40%,
and close at 40; Wolverine dropped 3,
to 45, closing at i61a.
Chicago, Burlington and Quincy end
ed strong yesterday at 1441a, a point
above Fridays close 1t is rumored
on the street that parties have made
offers for large blocks Of the stock at
above $500 per share, The offers arc
believed to be In the interest of Stand
ard OIL control.
Today the street spectators are look
ing upon Quincy as the index stock in
the great bull market. and its disap-
continent over the non-refunding of
us nigh rate interest-paying bonds, is
TO be found in the fact that such a
course at this time would be a strong
bun card. aud might pave a way for
nither tnapclering of the same kind.
With resulting continuation of the ad-
vance IL the market generally
The latter will come if It is deserved
but it Is evident the railroad nam
ed VIII be managed in the interest Of
its security holders, and not for the
street. That is why investors are will
ing to pay s.price for the stock netting
them but shade over four per cent
where less than three years ago it
would net eight per cent
G. i. & Q. has been street disap-
pointment before this. 1t was scarcely
three years ago that it was called a
Second Atchison," and the passing Of
dividends and receivership was pre-
dicted, yet today the road is earning
fully two per cent per annum more than
the six per cent which it pays, after
making sinking fund payments I'M
known to the other roads.
Wall street has been happy to pay $3.50
per share for stock which it sold down
10 one-third of that price in the silver
panic. One is reminded of all this in
turns attempted on the bear side of the
market since the report Of the Quincy
directors.
Tobacco was inactive yesterday on
early dealings, selling off to 81 and rail-
lying to 1871, where it closed The
news is expressed by umrejudiced oh,
servers that Tobacco is much too high
and that it will get q bad break after
manipulation has run its course. The
advance in Tobacco shares is said to be