The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-24
TRADERS MARKET.
That Was the Condi-
ton in Stocks
Yesterday.
BROOKLYN TRANSIT LOST 8 "a.
Strength in Some Boston
Specialties
Notes.
BROOKLYN TRANSIT LOST 8 3-4.

Actual reserve holding Of the New
York banks shrunk further this week,
legal tenders and species together de-
clining s2,500.0O0 but over twenty mil
lions was lost in deposits, reducing re-
serve liability enough, not only to over
come this loss in lawful money reserve,
but TO leave a net gain of S2,6SS ,250 in
tho surplus, or excess of reserve held
above the legal % per cent of liability
requirements.
Wall street traders did not find the
statement bullish material and they
raided the market in the last quarter
hour, depressing prices all around after
a good measure of Improvement at the
opening and stsadiness thereafter. Of
course the specialties caught most of
the attention, Brooklyn Transit losing
"a, with Is rally, and Manhattan 2,
after gaining Ia. but barring these net
losses for the day were not large, and
the more the bank statement is studied
the less reason appears for considering
II bearish material The banks cannot
recover in one week after so sharp a
monetary drain as that Of this autumn,
but they have begun to gain, and bid
Money has passed its worst point, pre-
sumably; the undertone in stocks, now
that liquidation has been so thorough.
appears to be confident; talk of impend-
ing gold imports, if the same are need
ed, continues; general business is all
that can be asked, and barring posi-
bilities in the Transvaal crisis, the posi-
ton by no means is discouraging. 1t
was traders raid yesterday. and
hardly reflected discrimination in re-
spect to the bank exhibit The latter
hardly was of a nature TO excite liquida-
ton from actual holders of stock
The opening was quieter than for
many days past, and changes were
smaller. Tobacco was up point, and
Consolidated Gas down X. Otherwise
changes were fractional. A few of the
low-prlced international shares were
heavy, and Brooklyn Transit opened
down Is. but quickly rallied The leather
stocks were dealt in heavily, common
rising Il. and dropping back IS, and the
preferred rising IS, but going down q
Immediately The tendency was upward
after the opening Brooklyn Transit
reached 931s, gain of III in the first
hour, but it fell back to 81 Other local
speqiaAies lost ground readily. Metro
politan Street Railway and Manhattan
giving away a point, and Consolidated
Gas two. Some pressure was evident in
Sugar, Tobacco and Tennessee Coal, the
latter yielding ~. Large fractional re-
cessions were recorded in the railway
shares, the grangers and Paciflcs lead
ing the decline. Prices fell below Friday
night. Scattered gains were established
among the conspicuous stocks. New
York Air Brake rose 3, Chicago & Great
Western debenture ~, Buffalo. Roch-
ester & Pittsburg 2, and Brooklyn Union
Gas and Pullman TX. Prices had fallen
to the lowest just before the appearance
Of the bank statement. They rallied a
fraction on the increase in surplus re-
serve shown, but the rally was not
maintained. Prices drifted downward
without any very severe selling press
ure. An effort was made to check the
decline by bidding up Metropolitan to
202. but without avail. Brooklyn Tran
sit dropped to S81a and the whole list to
the lowest of the day. A final rally of
point in Brooklyn Transit and Sugar
checked the decline, but the closing was
easy, with fractional net declines the
rule. Sales for the day-two hours
were s1s,425 shares.
Boston sold Sugar and c., B. & Q.
cutie freely, did little in mining stocks,
less In It's railroad specialties, and adj
vanced Michigan Telephone from 9Slk
to los. In mines, Arcadian came down
IL, to As, a net loss of for the week
and OF 20 thus far in September. Par
rot was y lower, at 40, a net rally of 3
this week. There was little change
otherwise in mining stocks, save that
Montana was up 2M, at $780, Central Oil
fell Y, 10 "a. rallied to rs and closed at
24ik, a net rise Of III for the week It
has been less decidedly active and is
expected to be more so next week.
The folIourino, o,,ota ts,,vs x,aro ,,,,da -,
the Boston exchange yesterday on stocks
held In Worcester and vicinity:
(Reported by Kinnicutt & DEWITT
TELEPHONE STOCKS.