The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-03
BANKS GAIN IN RESERVE.
Railroad Earnings and Gen
eral News and
Notes.

There was little in the Wall street
dealings in the two hours of business
Saturday calling for special comment.
The market held firm, as it has done
throughout the week Perhaps some
what more attention was paid to a few
of the leading railroad shares, nota
bly, c., B, & O., which gained a point,
while Sugar was a strong feature. Pa
cific Mail hardened a point and Union
Pacific maintained strength. The bank
statement was favorable, but that had
been expected. The heavy increase in
loans-fve and one-half millions
caused some surprise, and possibly in
dicates flnanciering in connection with
some of the various trunk line deals. -
Deposits gain by ten millions, which of
course increases the reserve liability by
one-quarter thereof. The lawful money
reserve-specie and legal tenders-in-
creases by four and one-half million,
leaving the increase in surplus reserve
not quite two millions and the surplus
OF excess of reserve over legal require
ments is up to eight and one-half mil
lions, or just one-half the total a year
ago. The banks now hold SAL, 500 600 less
IN deposits than, at this time last year,
with loans SIS, 800 900 less and lawful
money reserve held SIT 600 900 less. De-
posts exceed loans by S66 OO0. 900,
against 1872, 100000 one year ago.
The trust shares have monopolized
speculative attention in great part since
the fasr broad market. On the whole it
may be questioned whether the intro
duclQn of so many industrials has aid
ed the market. OF course they have
given room traders and the out-and-
out spectators in brokers' offices some
thing iii which to trade for quick turns.
the Leathel business of last month
being a pronounced example But that
such manlfestati ons as a rise from ga
in June to 40 rs in November. and back
to 10 ga in a fortnight, are calculated
TO arouse public interest in the market,
to increase the volume of commission
business and to stimulate buoyancy, well
may be doubted. 1t is a good sign that
as the week ends there is a falling off
in the attention bestowed on this group
and some sign of a return of interest
in the standard stocks
The public has not made UP its mind
that the prices of many industriats are
inviting, in view of amount of capital
represented in many of the combina-
tons. Of course there are industrials
element
terry in many of them, with the very
manifest manipulation in the shares in
many cases, does not attract public
confidence. Misrepresentation in this
group hurt the market last spring
nipped the boom in the bud, in fact.
and has hung like a cloud over the mar
ket since. A return to active interest in
the railroad shares-not necessarily the
high-priced stocks but in shares like
nd tph 4
and other promising issues with bright
prospects-would be a most encourag-
ing feature in the market
The New York stock market opened
tirnE American Steel g. Wire 40 Is
Atchison preferred 66, C.,B. & @. 1873 ga
Continental Tobacco Al "a. Federal
Steel 62 1-2, Leather u, Louisville &
Nashville So 3-S. Manhattan los ga
Brooklyn Transit Sc, Northern Pacific
81 Is. Peoples Gas 113 IL, Sugar 1866 IA
st. Paul 125, Southern preferred So is
Tennessee Coal & Iron lis ga Union
Pacific 81, Union Pacific preferred
n 3-S Small gains We're shown all
through the list at the opening, not ex-
ceeding 1-2 in any case Sugar, after
the opening, rose / 3-S. There was NJ
animation, and dealings were on very
small scale.
Strength was developed in various
parts Of the list. Glucose Sugar sold
up ga in sympathy in the advance in
American Sugar. American Linseed
preferred continued its recent upward
movement, and Pacific Mail and Read
ing first preferred gained a point each
Heavy purchases of Union Pacific
Northern Pacific and c., B. & Q. lifted
them sharp fractions. The bank state
ment accorded with the forecast, and
brought little realizing by profession
ais. The market was listless, and closed
dull and easy, with small net changes.