The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-04
MARKET HOLIDAY.
Some Comments On
the Speculative
Indications.
RISE IN NATIONAL BANK VALUES.
Reasons for Recent Gold
Shipments News
and Notes.

SOAAN ~ y SNoS
The various stock exchanges and
boards of trade are closed today, MAX
ing a midsummer, three-day holiday,
during which time business is dis
missed and recreation courted. Even
the alert outside operator was missing
from his usual haunts, and no curb
quotations came to notice. The custo-
mary money market and clearing
house figures are appended, the Boston
bank statement this week giving no
indications Of firmer Ioaning rates.
At the Boston clearing house balan-
ces between the banks loaned at per
cent, and New York funds sold at
10000 cents per $1,000 discount. The ex-
changes were $26, 943, sos, against $751;
S9S,S34 year ago today, an increase
Of $10,244,722, or 81 per cent, and the
balances were 49, 444, 1876.
In London stocks were firm yester-
day. Americans opened under the par
ity, but recovered on provincial end
Berlin buying, and are now strong, es-
pecially Erie and Denver & Rio Grapde
with growing confidence in the OUT
look. Spanish 4s were fiat on Paris
conditions. Copper shares were strong
on the rise in the price of the metal
Kaffirs were fiat on disappointment
over the course of events in the Trans
vaal. 1t is feared that negotiations will
fail. The stock exchange will be closed
next Saturday. The greater part of tee
African gold was taken today for
Paris. at IT'S 9 lid. Money is abundant,
and the discount rate is lower, at rs
per cent. The Berlin market rate is
2 ga per cent.
The New York Commercial saws:
Everything combines to show that the
national and state banks throughout
the country have enjoyed unparalleled
prosperity during the last six months.
Never in history have American f1nan
cial institutions experienced such graft
flying increases in the market value Of
their stock. This is an infallible indi-
cation that investors have confidence
in the stability of the banking system
of this country The banks evidently
are adding to their surplus, or the peo-
pie would not be paying fancy prices
for their stock. The expansion Of oe-
posits and loans since Jan. /, in the
aggregate, is larger than in history.
Not only have the banks increased
their deposits, but they have been able
as a result of the increased CONNER
cial and industrial activity Of the coun-
try, to employ their funds profitably.
Low interest rates have prevailed, but
the banks have been able to increase
their profits through the expansion of
their loans. A bank year ago, for
example, had deposits of $4,000,090
which it could loan out at per cent
The annual income on this amount at
per cent, would be $240000. The same
bank, with deposits this year Of $6,000,-
900, could loan its money at per cent
and show an increase in profits of $780,
600. The prosperity of the banks is not
confined to one section, but it is gem
eral. Chicago, Cincinnati, Philadelphia
st. Louis, Boston, and, in fact. the
banks in all large cities, show remark
able gains in their respective stocks
Watson & Gibson-The notable finan-
cial event of the day. is the quick con-
summation of the lease of the Boston
g. Albany road by the New York Cen
trail. It is important in and Of itself,
but it is still more important in what
it implies. First, it implies great activ-
ity on the part of w. K. Vanderbilt
who has always been a favorite in Wsll
street for his combination of capital
and courage. Secondly, 1t implies the
active existence of a policy of expan-
sion and extension, which is pretty sure
to result in the much-talked-of Van
derbilt ocean to ocean railway line. AS
SPECTATORS and investors study and
reflect on this subject, they doubtless
will conclude that Union Pacific stocks
should advance The Union Pacific is
the natural and most direct route from
Boston, New York and Chicago to san
Francisco and the orient. All transcon-
tinentai lines will be benefited by the
!, M n
trade relations with the far east,
but Union Pacific will doubtless
be the greatest gamer. 1t was re-
markable circumstance that, at the
meeting of New York Central stock
holders Friday, Mr.. Cassatt, the pres
ident Of the Pennsylvania, and his vice
president were present. This shows
surprising harmony among the trunk
lines. There had been a little fear that
Pennsylvania might be injured by the
absorption of Boston and Albany by
the New York Central, but the New
York Central people have undoubtedly
pledged themselves to give the Penn
sylvania all the facilities for reaching
New England ever the Boston and AL
bany, which 1t now enjoys The nat
ural result Of this was an appreciation
of the value of Pennsylvania stock.
The Federal Steel dividends, not only
on the common stock, but on the pre-
ferred as well, are hung up by new
Injunction. We think that it will fail
as to the preferred and succeed as to
the common. The steel stocks are go
ing through the usual experiences of
new ones in the market. 1t is rather
curious that stockholders who used to
clamor for dividends are now trying to
prevent themselves from getting divi-
dends. Truly, times have changed
The steel stocks have merit but are
under a cloud at present. After every
thing else goes up traders viii turn to
Them but next (ths) week 1t will be
grangers, trunk lines and coalers. SUI
gar has great bull chances, and we
shall be surprised If there is not an ex-
hibition Of bull fireworks In 1t after the
Fourth.
The London Statist says that there
now seems little doubt that the gold
shipments from the United States are
due directly to borrowings for the pur-
pose OF easing the German money
markets. But the shipments may not
continue much after sthe turn Of the
half year, when money again flows
back to Berlin, and the supply becomes
more plentiful. Other circumstances
of course have contributed to the move
ment Of gold from the United States.
A few weeks ago the purchases of
sterling bills for the transmittance of
the $2O,o00.0O0 Of Spanish indemnity
money largely denuded the market Of
supplies. Then came a demand for re-
mittances from New York to London,
a d..