The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-17
Shares Average Near
~ One Point Loss
for the Day.
MANHATTAN OFF SIX.
Boston Market Was Narrow
But Heavy
Notes. za1l

The week ends with the scare over
the monetary situation at its most
acute stage.
That is while the quoted rates for
loans have declined during the week,
the conditions making for firm money,
particularly as affecting speculative
dealings in stocks, have been made
clearer and the statement of this
weeks New York bank averages re-
veals how close the situation has be-
come. The surplus reserve all but dis
appears and but $275, 45O is held among
more than 40 banks inn excess of, the.
governments requirement of 25 per
cent of liabilities. The latter, grouped
under the head of deposits, are reduced
by 5000, 900, but against this smaller
reserve liability is the loss of nearly
$6,0o0,000 in lawful money reserve held
that is, specie and legal tenders. While
the banks hold $29,0o0,000 more specie
than year ago, their legal tender hold
in8R are 100000 less; against this
$4,000, 900 net increase of lawful money
over a year ago, deposits Of S107, 000, 900
more call for $26, $50, 900 more reserve
Deposits still exceed loans by some
$TT,000.000. The weeks changes, of
course, are unfavorable, as it was ex-
pected they would be. The best that
can be said is that they make the
climax of the autumn movements. of
funds and that building up of reserve
is natural from now on: in fact most
comment on the statement points TO
expectation of substantial improvement
next week
The average loss of the % stocks in
the two hours yesterday was between
u and Is, but only one of the most
pronounced features is included, name
ly, Manhattan, which fell 6, to I0s, rail-
lying l. Metropolitan broke a. to 1917,
closing at 1874. The opening in Brooklyn
Transit was wide, $500 shares on stimuli
taneous sales going up from SSR to SO.
an extreme advance of 1%. The stock
Immediately was forced down again to
50. Fractional net losses were the rule.
but Sugar, Colorado Fuel end Pennsyl-
yania showed small fractional gains,
The appearance of the bank state
ment showing the surplus reduced to
almost quarter of a million dollars.
was the signal for throwing over stocks
IN all directions. st. Paul dropped to
LIS, leading the railroad list. The local
traction stocks fell violently, Metropoli-
tan an extreme 14l5 and Manhattan g..
brooklyn Transit held firmly at SIS until
the close, but Peoples Gas lost about
I points, Rock Island PA and Federal
Steel IL. Sugar dropped 4ss and To-
bacco 81. There were losses of from
to points among the specialties. The
railroads were not much affected. but
showed many losses of a point and up
ward. Covering by the bears caused
some feverish rallies of / to points.
The closing was furiously active and
excited, showing speculative democrat
ization, prices continuing TO drop ex-
cept where bears We're taking quick
profits on the sudden and wide decline.
Total sales for the two hours were
390,122 shares.
There was a disposition to curtaiI
ventures by the trading element, pend
ing the publication of the bank state
ment. Additional losses were made in
some instances, Colorado Ftrel, Laclede
Gas, Peoples Gas and Smelling issues
losing l@2 points in the first hour.
The industrials generally worked high
er, with American Tobacco, Sugar and
Brooklyn Transit showing the most
strength. A raid on Metropolitan
Street Railway then dropped 1t 6 points
and caused sympathetic weakness in
other local shares. Brooklyn Transit
fell back a point and Manhattan III.
The following quotations were made on
the Boston exchange yesterday on stocks
held IN Worcester and vicinity:
(Reported by Kinnicutt & DeWitt.)