The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-28

ner Savings Bank at 4 per cent. The
other bidders were Rogers, Newman &
Tolman, 4 75-100 per cent, E. Fl. Gay &
Co., per cent.
Up to the present time there have
been 1874 trusts and industrial combina-
lions chartered under New Jersey laws
with an aggregate capitalization OF
| 81, 403 400, 900.
The auditors examination of the
mines of the U. S. Oil Company has
/ almost been completed. 1t shows that
the company holds in the banks over
100000 exclusive of money received for
new subscriptions. The dividend money
is not in the Globe National bank
Acting Chairman S. N. Aldrich of the
Boston Clearing House association has
issued the following notice: "A special
meeting of the Clearing House associa-
ton will be held on Wednesday, Dec.
q, at 1890 a. M, to take action on an
amendment to the constitution proposed
at meeting held Dec. IS. The amend
ment provides for the modification or
the rules governing the foreign depart
ment of the clearing house and will be
directed at those banks which have
not been prompt with remittances and
who have made charges on exchange.
Watson & Gibson--We have had a
panic III Wall street-a vicious, violent
and virulent decline, but it has not
come from breakdown of credit or of
the monetary standard, not from falling
wages and strikes, not from crop fail
ureS or depressed trade, not from fall
ing dividends and commercial bank
ruptcy. 1t was a financial panic, pure
and simple, and whether it's malign in
f1uence will extend beyond the confines
of Wall street is the most pressing
question before the speculative mind. 1t
is as our friend Mr.. Cammack, who is
always terse and epigrammatic,' puts it.:
will the panic kill the good business,
or will the good business kin the pan
ic?" Although the shrinkage in the
prices of securities has been great, and
the losses to spectators and the scare
to investors been great, we can see no
adequate and corresponding reduction
in actual intrinsic values, and there
fore we fancy that it is no more sign
of continuously bad financial weather
than a thunderstorm in the spring is a
sign of, continuous rain and gloom.
Francis How of II William street. a
certified public accountant, has pre-
pared and sent US tables showing the
increased cost within a year of one
mile of railroad track exclusive of grad
ing, bridging, culverts and the cost of
right of way. He shows that the cost
on Dec. 1, 1899, of mile of track with
$5545.36 Dec. l, 1898, and with 90-pound
rails $40, 469.6O, against $679.4S Dec. 1,
1898.
We know from personal conversation
with railroad men that they are MAX
ing their new construction as small as
possible, waiting for what they hope
will be a recession in prices for iron
and steel. They admit that their neces-
stiles will force them into the market
more largely year from now in conse-
quence of current abstention, so that
this is potential or sleeping demand.
Besides this, many building plans have
been held in allegiance waiting, also, for
reaction in the price of materials.
These demands will come in when pres
ent pressing and booked domestic and
foreign orders are filled. One great fea-
ture in our iron and steel market, aside
from our extraordinary supply of raw
materials under easily mineable condi-
lions, is the superiority of our machin-
cry. Our farm implements, bridges, To-
comotives, tubing, electrical machinery,
sewing machines, stoves, ETC., have the
right of way throughout the world and
we can convert the raw material into
finished roducts with the certainty of
an expanding market in competition
with all other nations This is the hope
of tn iron and steel industry.