The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-22
HIGHER OPENING.
Lively Trading, in the
Railroads and
Coppers.
WALL STREET IRREGULAR.
Reaction in Active Special
q ties in Bos-
ton.-
WALL STREET IRREGULAR.

Irregularity characterized the Wall
street stock market yesterday.
After opening higher traders were in
clined to take profits, which caused
quite sharp reaction, but the decline
was resisted by the leaders of the bull
cliques and several specialties were bid
up. The street still is discussing the
money question, but a better feeling
prevails. The action of the treasury in
allowing some $4,000, 900 purchase mon
ey for the old New York custom house
to remain on deposit in New York
bank was regarded as significant indi-
cation of the intention of the secretary
of the treasury to do all in his power
not to disturb loaning rates through
any financial operations Of the govern
ment
The president of large New York
bank is reported as saying: Il do not
see how we are going to have dear mon
ey this fall. 1t is true that there has
been in the past demand for from 30
to 10 millions of dollars of money to
move the crops. There will undoubt-
eddy be a certain demand this year.
but the people who borrow large sums
get in the way of making preparations
for what is expected. Usually indica-
tons of the demand for money appear
before this time. This year indications
have been lacking. On the contrary
when money became dearer, a short
time ago, we found interior cities will
ing to send money here. Interior banks
have been buying paper in this market
all the month They do this because
they DO not see a demand for money
To oh l,asx- II
looks as though the west and south had
reached point where they might be
able to move the crops with very much
less than previous requirements on New
York.
AS far as Wall street is concerned,
the little soasm of dear money in July
led everybody to borrow time money.
The demand was supplied and time
money is still plentiful at or Az per
cent. In fact, the offerings have rather
increased of late. Houses which are
supplied with time money are not going
10 be large borrowers of call money un-
less speculation becomes a great deal
more active than at present On the
other hand, they are liable to be lend
ers IN the call money market We sent
two millions into the call money market
Friday to lend at per cent, and we
were not able to loan q dollar It looks
as though we should have to get down
TO rs per cent next week We are not
likely to send any gold abroad Under
ordinary conditions we should draw
gold from the other side. / do not see
what is going to bring about anything
better, except for very short periods.
than about a 8 per cent rate"
The London market showed an indis-
position to follow Saturdays rise in
Wall street, but heavy local buying or
ders In some stocks at the opening adj
vanced them to a higher plane. Ten
nessee Coal vas quickly marked UP ~
TO par but fell back 2 points There
was large demand also for Southern
Pacific, lifting 1t almost point The
grangers, Atchison preferred and the
Baltimore & Ohio stocks We're in de.
mand, but did not hold the opening
gain in every case. Some of the Indus
trials, notably Sugar. showed sagging
tendency. Stocks which made gains
We're sold Immediately to realize by the
traders, and the active list ran off all
around. The reaction was accelerated
by heavy liquidation In Brooklyn Tran
sit. subsequently substantial gains oc-
CURED in a few isolated cases, includ-
ing Pacific Coast, International Silver,
Federal Steel, Colorado Fuel and Hook
ing Valley preferred. American To-
bacco advanced points, and the mar
ket hardened in sympathy, some stocks
recovering to the best. BROOKLYN
transit continued heavy and Manhat-
tan broke over a point. The iron and
steel stocks were soft The general
market was unable to withstand the
deluge OF Brooklyn Transit, which
drove It down to 105 Short sales as
sisted the break, but the offerings of
tired-out holders were large Marked
attention was paid to other specialized
Tobacco losing it's three-point advance
Metropolitan Street Railway and Man
haitian lost points and many Others a.
point and over. Railway stocks sue
cumbed sharply in spots, with New
York Central, Southern Pacific and
Hooking Valley preferred conspicuous
towards midday pressure ceased. and
brooklyn Transit recovered to 1O6&
wnle Denver d Rio Grande rose nearly
a point slight fractions were the rule
eisewnere. Dug the tone was feverish.
There was heavy selling Of stocks in
the Boston market yesterday morning
especially Of United States OH ana
United States Mining On the Other
hand there was good buying OF Boston
Elevated, which advanced " to ILL.,
and wagers were made that the stock
would sell up 1--WE points before down
five. IT was reported that pool had
been formed in Santa Fe Mining. and
the stock advanced IL 70 1eX on I'm
ited transactions, but quickly fell To
Ism. A Mix street house has been a
large buyer Of Atchison common in the
last few days. American Zinc, which
rose ten points last Friday, gained 3
points to SO yesterday United states
Aiming opened up v at 37h. reacted 10