The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-28
UP TO- 20 Per CENT.
Call Money StillRules
High in New
York.
MORE GOLD FOR IMPORT.
But Little Feature in the
Boston Market
Notes.
MORE GOLD FOR IMPORT.

Stock market trading continued
small in volume, a genuine holiday
dullness" prevailing.
The rates for money at the New York
stock market exchange ruled from 10 to
20 per cent. This does not mean that
mercantile accommodation is suffering,
on the contrary, the banks are looking
after business needs with all due care.
and only in the more highly speculative
stock market specialties is the pinch
seen. Bank men deny that there is any
pinch in money apart from the specu-
latiye side of certain stocks AS the
first of October approaches, with its
heavy interest and dividend disburse-
ments, it is natural that the banks
should be conservative, the more so by
reason Of the recent depletion of re-
serve surplus in New York and the
continuance of demand from the west,
usual at this season. The gold imports
movement seems fairly under way
$750,0O0 more having been engaged by
the Seligmans for shipment from Eu-
rope, Saturday. in addition to Lazard
Freres 81 600, 900 announced yesterday.
The weekly statement of New York
clearing house banks averages will be
MADE up tomorrow, Friday and Satur-
day being legal holidays in New
York state, and the general idea today
was that the exhibit is likely to be UNI
favorable.
However, as last Saturdays state
lnent is believed to have been made OH
rising averages, and as the banks are
known to have been fully as conserva-
tive this week as heretofore. the only
thing apparently making against a
good statement on the average Of the
nrst four days this week is the slack
ening of speculative LIQUIDATION in
stocks. Neither the 20 per cent. cali
money late on the stock exchange, nor
the and per cent. rates on ordinary
street business, affected stock market
fluctuations today; even the hints of
poor bank statement and the acute
stage of the Transvaal crisis, with out
look for an advance in the Bank Of
England rate of discount tomorrow
had little influence, and barring a few
of the specialties most sensitive TO the
money rate of the moment, the general
market in Wall street held well in fact
some substantial gains were recorded
after an early recession Even the
speejalties, like Brooklyn Transit. Ten
nessee Coal, Sugar, Federal Steel ana
Peoples Gas, recovered well and the
market, while decidedly narrow and
dull maintained a tolerably firm an
pearance from the first hour or so.
AS 10 the immediate outlook, it can
not pc denied that now that liquidation
has been brisk and general. eliminating
much of the weakly held stock. there
should be good basis for improve
ment after the holidays and the October
,ff ~.
find its way into the banks and ulti-
mately into the stock market, to the
pettering of the condition of both.
Again. it seems that there is a good
sized short interest basing its position
on present monetary and Transvaal
conditions, which guarantees a good
upward impetus in the by no
likely event of these factors.
one or both, disappearing from
the situation This much is certain:
The money market is active simply by
reason of the country's general bust
ness prosperity, and as there is no
Tightening of accommodation for gem
eral business or even for borrowers on
good collateral it viii be difficult to
maintain bearish argument on that
fact, the more so that the gold imports
DID fair TO restore the equilibrium.
AS to the Transvaal crisis and the
heaviness in London's stock market. 1t
is not beyond hope that war may be
averted. If II comes, there will be SELL
ing OF American securities, but we have
asslmllated Tar more than there is any
prospect of pressing on us now in far
less prosperous times On the whole.
the market, after welnigh month az
liquidation. gives signs of being about
ready for turn on the other side. n
is in a much stronger position than a
month ago; stocks are held much bat-
ter, and all of the general conditions in
business maintain their positive bullish
influence. There may be continued ex-
element Of purely speculative in
terest in some Of the specialties but
the market is apt to broaden out and
TO pay more attention to the standard
stocks after the turn Of the quarter.
and in these the conditions, both as to
loans and business Of the railroads, are
considerably at variance from those