The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-01
Market Hesitancy Is
Followed by
Strength.
MONEY UP TO | PER CENT.
Very Quiet Trading in
Boston-News and
Notes.

Loans made on the stock exchange
yesterday go over to Wednesday, and
in view of the preparation for today's
heavy dividend and interest payments
1t was not strange that the rates for
money should be higher.
THU sday Az per cent was quoted dur
ing the middle of the day. and in the
noon hour today seven per cent ruled
in New York. These loans represent
transactions of brokers, and of course
reflect nothing in the way of a tight or
even firm money market. Money is
easy, but the magnitude of the semi
annual settlements, together with the
prospect Of gold shipments influencing
the bank statement unfavorably today
and the long. stock market holiday
makes for little spasmodic activity.
1t is understood perfectly and caused
no uneasiness, indeed the stock market
in Wall street became distinctly strong,
even buoyant after noon, easily recov-
ering early fractional losses. New York
Central ran up 2, C.B,- & O. 2, st. Paul
/, Rock Island IL, and Atchison pre-
ferred 1B, with Tennessee Coal up 13s,
Sugar 1. and the general list giving a
good account Of itself. 1t developed that
shorts became nervous and preferred to
close accounts rather than to go over
to next Wednesday on the bear side.
Traders on the long side had the ad-
vantage and showed no disposition to
realize. They may do so today, when
the two hours Of trading naturally will
be devoted to evening up accounts
The month shows decided net i'm
provement. After the April and May
reaction from early year buoyancy
June has shown a steady improvement
in conditions affecting the market Some
SIX points average advance has been
recorded by leading stocks From the
climax of the early year rise, April 8,
70 the climax of the ensuing reaction,
June l. the average reaction was 1917
OF Which not quite one-half has been
recovered, suggesting the possibilities
Tor summer rise. The half-year closes
with an average higher than that
with which it began, 161s higher than
June 30 last year, 2S higher than two
years ago. The mischief caused by
wholesale and indiscriminate trust or
industrial promotion does not cloud the
market now, while crop conditions are
improving steadily and the general
business situation remains the best of
bull arguments. Capital seeks invest
ment and there is good reason for be-
lief that it will take stocks of railroads
heretofore considered at least semi
speculative and in time will place them
in solid investment position, much as
some Of the Vanderbilts have changed
in this way since the old days of Nickel
Plate and West Shore hostilities. The
leading grangers are becoming more in
wiling, having demonstrated invest
ment value which is bound to out
weigh their speculative desirability.
and the next five years or so seem like
" to see stocks like C. B. & O, and st.
Paul advance materially in investment
regard
In Boston the market was quiet, but
It was firm, and gained strength as the
day progressed. Centennial was a strone
feature, gaining from 331s to 351h, with
renewed reports of absorption by the
Standard Oil or Combine interests
White Knob was off ", at 10, and other
mines were dull. Dominion Coal reacted
from 551s to 53%, rallying to 54M. A
fair business was done in bonds but
home railroads and pretty much every
thing else were neglected.
The following were closing quota
tons on the Boston Exchange yester-
day on stocks held in Worcester and
vicinity:
Courtesy Of Kinnicut & Dewitt
bankers.)
RAILROAD STOCKS.