The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-20
GOOD BANK STATEMENT.
Boston's Speculative Fa-
vorites Are
Higher.

The weekly bank statement yester-
day made a favorable showing, loans
and deposits increasing s1,O4S, 900 and
81, 800 respectively, while the sur
plus reserve increased $6S6,975, bring
ing that item up to slightly over $751;
100000.
The statement did not make so good
an impression upon the traders as last
weeks statement, because the surplus
reserve did not increase so heavily,
that being the only item usually con-
sidered by the street. It was better
statement, nevertheless as the previ-
Gus weeks statement showed a loss
of over six millions in loans, while
this week the loans increased, indicat-
ing a better demand for money, al
though the demand undoubtedly was the
result of increased activity in the stock
market
With a surplus reserve of rising $15,-
100000, confidence in the future of the
money market is assured. 1t has been
commonly reported that the western
banks have $10,000,000 out in loans in
New York; if this is so the require
ments for moving the crops will not
fall heavily upon the New York banks,
although the western banks may draw
upon their eastern credit balances. A
shifting of loans will result, but the
New York banks appear to be in a
pretty good position to supply the Dor
rowing demand.
Commission houses had good volume
of. buying orders. They were well dis
tributed, although showing special in
Jerest following the speculation in
Southern Pacific, Northern Pacific and
StsPaul Clique brokers had in some
cases orders to open prices up. The
selling which accompanied these orders
was not very heavy, and traders were
inclined to take the long side pending
developments in regard to the bank
statement. From a trade standpoint
there seems to be no reason for de-
clines in sugar, except the shifting OF
Investments and profit taking Sugar
brokers say that the American Sugar
Refining company is making more
money than ever before.
Small gains were the rule at the
opening, strength being manifest Ill
much the same shares as Friday
southern Pacific and Louisville were up
about u and Sugar almost as much
tennessee Coal jumped two points and
Consolidated Gas was up point.
Brooklyn Transit sagged a fraction
Dealings were on quite a large scale.
Price movements were vary irregular
during the first hour with strength and
weakness confined to groups, Southern
Pacific ran off on realization, but Cen
tral Pacific reached record figures on
this movement. After the first hour
the industrials came into the move
ment, American Tobacco rising ~, and
Sugar and Brooklyn Transit recovered
to. last nights level. American Cotton
Oil, National Steel preferred and Steel
q Wire preferred gained from one to
two. Pacific Coast common and second
preferred w each. On the other hand,
Kansas City, Pittsburg & Gulf and
Federal Steel preferred broke two
points each. The market eased off on
the publication of the bank statement
except Louisville which rose strongly
TO S2% American Tobacco reacted 215
Minnesota & St. Louis a point, and
Brooklyn Transit fell to about the
lowest. The buying was renewed in
the final dealings, lifting a few stocks
to the best of the day. The closing was
active and irregular at mixed changes.
shares,
The local stock market was made up
or specialties which were strong and
active United States OH gained Q
POINTS 10 oil; Gold Dredging gained 2, to
81 Santa Fe gained Ia, to Is, and
United States Mining gained a. to 49,
with a reaction. Zinc sold at 60. hold.
ing fridays ten-point rise. The latter
ADVANCE and the ten-point rise in limited
states Mining during the week. TO-
gether with the sympathetic strength Of
the other stocks in this particular
group, have been the features az tha
Boston market recently. Bingham yes-
terday added % to ISM, making a ave
point rise for the week, and has heen
a good second In point of activitv sE,1a-
waited today gained 2 points, to lilo. and
Butte y Boston came out point lower
at ~. Long Sugar came out here ana
New York had some selling orders n
this market. Isle Royale was i'm x at
bl; while British Columbia, after selling
az loas lost to 49, Cochiti was strong AZ
lsA, and Victoria was up y, at 7 Mo
hawk was off u. at 23, while Old COLONY
mining was up the same amount al 9%
Rhode Island gained ", to TX, and cal
umet We, to 8341z. Arcadian held AT "a
FRANKLIN at 20 and Osceola at seH
Aside from Elevated, the railroads
were quiet, Albany selling at 254 and
West End at IS. Bell Telephone was
firm at 345, New England at 141 and
Erie at 9S1e. Mergenthaler regained YES
terday's Il drop, and sold at 2O5. Massa-
chusetts Electric held at 241l, and the
preferred at n.
The following quotations were made
an the Boston exchange yesterday on