The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-09
Early Strong Buying,
of Preferred AID.
vances 1t,
AMALGAMATED PROPHECY,
Little Feature in Bos-
ton Trading
Notes.

The "July boom languished and pro-
crossed backwards yesterday, to use a
Mtlesian expression.
At the close of the two hours session
the leading Wall street stocks averaged
" lower than yesterday and 4 net de-
cline for the week, that is, the first
week of July, about which such buoy
ant predictions were made, and Of
which so much was expected from the
public has seen an actual softening
OF values. This, too after the semi
annual settlements have had time to
make their influence felt in the market
for securities and in spite of the con-
Juring done in the name of Vanderbilt,
based on the Albany lease, the Penn
sylyania rate agreement and the gen
orally favorable conditions of business
and finance.
The bank statement, of course was
the leading argument for selling, and
IN that it showed heavy reduction of
reserves 1t certainly was a good basis
Some 100000 shrinkage in lawful
money reserves-specie and legal ten
ders-with an increase of 100000 in
loans, are not explained away, as have
been recent statements, by the remark
II is fair to assume that this exhibit,
made on averages of condition rather
than present, the result of the final
gQtda exports and of the shifting of
funds consequent on the semi-annual
payments. Much of the money dis
bursed July / will return to the banks,
and with easier foreign exchange rates
and better quotations on money here,
While European money market condi-
mons are easier and the loans by ew
York to Berlin in the shape of gold are
over. 1t is believed, next week ought
to- see the banks materially stronger
They now stand with but $1,000. 900 in
surplus reserve, or excess over legal re-
qutrements. A year ago they held ten
times as much. Yesterday the loans
were $162000,000 greater than year
ago, and $262. 100000 greater than two
years ago. while deposits were but $l44, :
100000 larger than at this date in 1898
though S295, 900, 900 ahead of 1897. Mean
while, lawful money reserve, specie and
legal tenders, are $12, 900 900 less than
ayear ago, With a. reserve requirement
$S6,00O, 600 greater. The enormous ex-
pansion of loans is the main point of
interest, but there is good reason to
believe that the turn has been reached
here, and that from now on the banks
will get into strong condition, as they
will have to do, against the fall de-
mands for money wherewith, to move
the crops. st|
There was no feature in Boston trad
ing calling for particular mention, save
for early strong buying of Atehison
preferred, advancing the price a point
20 629s, with subsequent loss of the
fraction. There is a great deal of bull
lishness on Atchison in Boston. and
predictions as to price during the re-
mainder of the year take wide range.
even up to three figures, but rs prob
ably would satisfy most people. United
states Oil led among the home special
ties, but receded " from the highest.
closing at ASH, a % net rise for the day
and III net gain for the week. Inter
est has subsided temporarily in Domin-
ION Coal, but it holds we'll at IS. Bos-
ton and Albany was up yesterday.
at 257 against 274 at the end of last
week Planters Compress gained 1, to
%, and Detroit, Grand Rapids and
Western preferred, which rose / yester-
day, to 6S1a, sold up more. to IL.
There was absolutely no feature in
the mining stocks 1t is hard work
getting up a public interest in them.
The position Of the metal, both at home
and abroad, is stronger than for two
months, at least, and probably the inn
provement In Amalgamated indicates
another period of interest in the copper
right, which they are not at present
apparently. With Amalgamated GER
tificates issued and the stock listed. the
great combine" probably viii 20
ahead with its plans and as long az
the demand for the metal remains, as
strong as at present, with statistical
position favorable to producers. there
ought to be no difficulty in maintaining
interest in copper stocks, in spite of tbe
remarkable rise Of the early months
this year. Copper stocks have had a
considerable reaction since then. and
some of them, at least. mines and pros
pects-for a number of the latter merit
onfldence-doubtless will see a ma
terially better market and prices.
The following quotations were made
on the Boston exchange yesterday on
stocks held in Worcester and vicinity:
(courtesyof Kinnicutt & Dewitt, bankers
is, MIsCELLANEoUs STOCKS.
Bid. Asked
Central District g. p Tel...... 1856 100
Dominion Coal ................. 5iik 55K
do preferred ................... Jig
III 4rta