The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-28

j. S. Bache & Co.. Unless some
powerful influence is brought to bear
! to further advance prices, we do not
! see that the public are going TO lend a
! lifting hand so long as pressure is
brought by the room traders, or some
other unknown influence to sell.
Great Northern preferred has recent
| ly declined several points on compare
lively small sales. We understand
that this is the result of scattered sell
ing by small stockholders, and that the
largest stockholders in the company
have sold none of their holdings this
year.
C. NJ, Splitter, president of the Ohio
Central Railroad Company, has re-
signed.
The report that the Rock Island
railroad would absorb the Chicago and
Eastern Illinois and st. Louis South
western is positively denied by Rock
Island officials.
American wooden stock was traded in
on the New York curb at $25 per share.
Sales of the preferred stock have re-
Gently been made at 800.
1t is understood that the company
will commence the payment of common
stock dividends in January of next
year.
The sale of Quincy bonds at 319 per
cent indicates weakening tendency to
municipal bond values Bond houses
report that the demand for bonds is
nominally light.
The work Of consolidating the mills
of the United States Envelope Com
pany has begun. The Springfield En-
velope Company has been merged into
the Holyoke Company of Holyoke, and
the entire plant of the Springfield COM
pany is being brought there. 1t is ru-
mored that there will be other con-
solicitations among the envelope fac
tories, and that the combine will con-
fine the work to the largest of the
plants as much as possible, closing the
smaller ones as rapidly as convenient.
A New York dispatch yesterday
stated that sales of small lots of Lake
ingot have been made in that city
within day or two at 1919 cents for
future deliveries. Some producers still
decline, however, to offer at those fig
ures, being content to await further
developments. Spot cash Lake is very
scarce, and may almost be said to be
unobtainable.
Although deliveries on running con-
tracts are progressing largely as the
copper arrives from the lakes, still
consumers are melting down the ma
terial so fast that some of the large
HlanlpulatorS are anXlOuSly asking Tor
receipts of the copper previous to stip-
ulated dates of deliveries, thus showing
the great consumption of copper going
on in the manufacturing centres of the
country. A large business has been
going on in other grades of coppers, as
In electrolytic and casting brands,
which are quoted at 1758@17$z cents and
1T$@1712 cents respectively.
1t is understood that the sale has
been completed of the first lot of $10,-
100000 of the new Alton per cent
bonds. This amount, it was specified
In the last circular of the company,
would be sold Immediately for the pur-
pose Of providing for new equipment
and other expenses in the improve
ment of the property
A peculiar feature of the announce
ment of the directors of the company
made to the purchasing syndicate is in
relation to the limitation on the issue.
The circular states that the amount of
the new mortgage is to be limited to
$40000,00ey 1t provides further on,
however, that a vote of three quarters
of the stockholders can increase the
bond issue to the extent of $4,000 900
for acquiring new main line at not ex-
ceeding $4,000 per mile, nor 500 miles,
exclusive of switches and sidings. In
addition, $1,000, 900 of bonds can be is
sued at the rate of $1,000,000 for five
years after 1900 for the purpose of re-
ducing rentals and guaranteed charges
on acquired roads.