The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-05
A Weeks Operations in
Town and Out.

The copper market is getting to be
something to think over and the local
spectators are as timid about handling
1t as 8. monked does hot one. Clifton c.
Webster is holding all he owns for a
rise, and the contractors, even those
who only figure for a little bit, are
afraid to make out agreements.
In spite of the setback in London,
Friday, the coppers are climbing up
toward the stars. In all manipulations
heretofore copper has been procurable
at a price; but now it is impossible for
one to obtain futures at IS cents. Out
at the lakes they are making million
aires in punches and the banks are
loaded with money. 1t is rumored that
You can't burn a stocking in Michigan
without burning money.
One of the new companies to open up
next week this way will be the Onon-
daga; it is a lake property.
There are good reports sent on from
the Bingham out in Utah. it is turning
out of a S6-foot vein 10 to Is per cent
copper besides lots of low grade ore.
The W1nona and Wyandot mines in
Sltchigan are both doing great business,
There is no telling where the copper
panic may stop. The demand has eaten
UP the visible supply and today the
strRnge spectacle is presented of no
mbtdle-nfan in copper Buyers may vet
h1ve to pay 20 cents. January and Feb
aIary of 1899 will be remembered as the
time of the copper craze.
Yesterday was as dull and listless a
day IN the stock market, so far as local
interests were concerned, as any of the
i've that have preceded it.
The week on the whole has been
somewhat reactionary on everything
but Sugar, which has been strong on
persistent buying by those who are re-
ported to be on the inside
The phenomenal feature in the mar
ket during the past week has been
metropolitan Street Railway On Mon
day, JAN 80, it started selling at PIT.
dipped Tuesday to 215$z, advanced Ii
points that day to 226A, and then stead
2ly advanced, reaching 235 yesterday
and closing off four points at 231. The
total gain from low to high was 20
points 1t is not probable, however, that
n deal engineered against the shorts
on a stock paying only per cent divi-
dend can be intrinsically worth $2S5
per share.
Manhattan started off around ia
when the week opened, and climbed 10
JIG. On rumors of differences as to
whether electric or air powers should
be substituted for steam. it was ham
mered Friday down to 1101a But If
showed recuperative powers Saturday.
closing at 111%.
The fluctuations on Consolidated Gas
covered range from 191 on Monday to
207% yesterday, closing with a loss of
three points to 204.
These We're the only sensational fea-
lures IN the market during the week.
Inc Granger stocks were wheat and
prohts were taken by long holders. The
monthly statement of Burlington was
net as good as had been expected
American Steel Wire held about
steady. The Federals were weak,
losses covering from two to six points,
Wheat has been steadily on the de-
Cline since the sharp rise to 791b on Ian.
70. 1t closed yesterday at 70 cents for
way option, total loss of Tx cents per
bushel
There was little or no change in
United States Envelope; it is hard to
get under the asking price-1O015.
Inc advance of prices on products in
the iron industry ought to indicate a.
eheertui tone of things for this section
OF New England. The rush of orders
Tor the future, according to Dun &
COS reports, does not cease, and the
works are generally covered for months
no NJ
for exports.
Consultations seem to be endemic
bat 1t is well to go slow on a good
1nany of the runors that are circTIa+-
Ing in the market. The whisper that
Texas Pacific and Missouri Pacific NAV
combine, however, is within the posi-
oiilty OF things. Both are Gould prop
critics, and both are in close connection
VILE one another; the policy of George
Gould IS to concentrate his interests
ana he is not unlikely to do so with
these southwestern properties.
Inc M. +. operates $3.50 and the T. P
1900 miles. The NJ. P. has SAT. 442. S75
STOCK outstanding and the T. p.
S3S, 10000. Neither receives dividends
The combined fixed charges of the two
systems, including the Iron Mountain.
are $S,400,000 and the net earnings for
1898 were approximately $40 200 900
leaving a dividend balance of 81. SOC. 900
most of which, however, would be LOST
IN taxes and rentals. The proposed ex-
change OF stock on the basis of one
NJ. p. for two T. p would give a re-
organized stock capital of $50. 797. SOS
which would be dependent for divi-
bends upon the ability to economic in
operation.
The L. i. & w. management is ont
IN circular regretful of inability to
pd9 ulNlueHuS on the preferred, on aC-
count of failure to realize expectations
on earnings. net being but $4,000 for
the year, S444,00O already having been
paid out in dividends 5000 900 havine.
gone TO construction account and s125.-
oOo IN interest guarantee on No. o. r.
r.. bonds. The directors say the road
will call for $S2OO00 in cars bridges
etc, the next two years, so further
dividends seem deferred till 1901 at
least
Mollenhaeur's and the National Sugar
refineries have been closed through the
pressure of the sugar trust war, but
their competition was a long WAYS from
being the most formidable the trust
has to deal with. The strongest oppo-
sition lies with the Doescher and Ar
buckle plants backed by ample capital.
Arthur Bonner is to be the new treas
urer of the American Sugar Refining
Company.
Pullman will soon make another dis
tribution to stockholders. 1t is earn
Ing more than it is paying by far.