The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-03
MARKET WAS QUIET,
Indications of a West
ward Movement of
Money.
RECOVERY IN TELEPHONE.
Local Stock Market Mar
row and Fea-
tureless.
RECOVERY IN TELEPHONE.

Inactivity was the principal feature
of the Wall street stock market yester-
day.
Price movements were without sig
nificance, except as they showed the
usual evening up of accounts over the
double holiday. Owing to the unset
tied condition of affairs in London be-
cause of the Transvaal situation, trad
ers are disinclined to increase their
commitments on the long side of the
market, and were still more adverse
to allowing their contracts to remain
outstanding, until next Tuesday. On the
other hand, the bears, having failed to
make much of an impression on prices
recently, were no less timid regarding
the immediate future, so that the sell
ing and buying yesterday just about
offset each other, although the short
coverings, perhaps, helped prices lit
tie, on the whole, as the market closed
fractionally higher, on the average,
than Friday. The average OF closing
prices shows a gain of a stout fraction
for the week, which indicates, as well
as anything, the general direction OF
speculative sentiment.
The weekly bank statement showed a
loss of over five millions in cash hold
ings and a decrease OF more than three
millions in the surplus reserve over le-
gal requirements, which is indicative
of larger movement of money to in
terror points. Western banks, which
have large credit balances in New York
financial institutions, undoubtedly are
drawing on their correspondents and
providing themselves with funds for
harvesting and crop moving purposes.
The loss Of IS, 0000 900 in deposits for the
week makes this apparent, Although
the surplus reserve has fallen below
10 millions again, it was without spec
ulative effect on the stock market as
prices moved upwards after the pub
lication of the returns. The fact that
the statement was not so bad as ex-
pecte6, probably accounts for the indif-
ference of the traders to the decreased
surplus go
During the early forenoon the trad
ing was listless awaiting the publica-
ton OF the bank statement. The mar
ket tended lower, but there were no
particulars weak spots, except North
ern Pacific and Kansas and Pacific pre-
ferred which lost a point each. Repub-
lie Steel preferred, on the other hand,
improved as much, and there was a
good demand for the common. In the
inactive issues, changes Of a point or
so either way were noted in some In
stances. There was an Improvement
of 1 to ~ in the price of Brooklyn
Transit, Tennessee Coal and American
Tobacco. The market was intensely
dull, but showed a hardening tendency.
The hank statement conforIned closely
to previous estimates, and bears, who
had sold in anticipation of it, covered
short contracts to realize while prices
advanced a fraction throughout the
list The closing was quiet and slight
ly irregular, at net gains in most stocks
The local stock market was extreme
1y dull and narrow. Even the recent
speculative favorites were quite ne
elected. ard changes in prices were linn.
tied. Boston and Albany held at 264
while Boston and Maine was up
points above yesterdays bid price, al
200. Fitchburg preferred sold at lis
West End at 95A, the preferred at ia
and Elevated at 109%. Bell Telephone
was up 4, at 364. while New England
improved l, to 1856. Mexican Telephone
gained ss, to Z, losing to 6%. Bonanza
f1uctuated between 2 and "a, while
Cochiti gained !, to 10. United States
OIL came out at 49A, and Indo-Egyp.
tian at rs. Pioneer gold was up Il, al
3ss, and British Columbia gained Y, u
liz. Bingham lost n, to 1615.
The following quotations were made
on the Boston exchange yesterday on
stocks held in Worcester and vicinity
(Reported by Kinnicutt & DeWitt.)
TTI I,DIIONrI7 ernCLyc