The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-07
Selling Movement Caused by Fear
That There is Going to Be De-
cided StringenCy in Supply Of
Ready Funds
LOANS CALLED AND
RATES INCREASED
UnfavorabIe Home Conditions
More Than Offset Improved
Foreign Conditions-Most Of
the Prominent Stocks Lost
From | to 3 Points

New York, Dec. 6.-Fears of money
stringency gained the upper hand in
the stock market today and precipi.
tated active selling throughout the list
The bears were active and energetic
in taking the market away at each re.
currence of signs of selling, and theil
buying to cover at frequent intervals
caused many irregular rallies ant
checks to the decline. The demand
quickly fell away on these rallies ant
the activity in the market was only
renewed when prices began to give
way again.
The apparent running out of the re.
cent speculative movement in Man
haitian and the consequent realizing
by longs was a feature of the market
The stock made an effective rallyine
point for the bears in their aggressive
onslaught on the market In the late
dealings the stock fell to 1859 repre-
Senting an extreme decline of 7Ss Al
the same time Amalgamated Copper
which had fluctuated rather sluggish
1y but heavily all day, took a new
downward plunge to 697s. compared
with previous low record of 7115. This
unsettled the whole market and made
the closing active and easy, but with
the selling pressure much less acute
in the general list than in the stocks
named
The deposit at the sub treasury fol-
transfer to the interior of 81 900, 0Ol
completed the fright over the money
prospect which had been gathering
force all day with the contemplation
of the preliminary figures of the week.
currency movement. 1t appeared from
these that the banks have gained on
the interior movement by express
more than 81 100000 up to Thursday
night, thus seeming to offset that far
the weeks loss to the treasury,
which footed up last night 81, $4,000.
OF today's deposits for transfer $3.50,
900 was for Chicago and $3.50, 900 for
New Orleans. The renewed demand
from Chicago is said to be based on
the speculation which has broken out
in the grain market and the move
ment to New Orleans is doubtless
called by the activity in the cotton
market OF the weeks loss to the sub
treasury nearly $1,000 900 represents de-
posts of legal tenders to retire circula-
ton and withdraw government bonds.
These bonds have not been offered for
redemption and there is lacking this
offset to the decrease in the circula-
tion. The payment for the 81, OOO, 900
gold exported is also included in the
sub-treasury operations. New York
Exchange at Chicago, which fell to 50
cents discount at one time yesterday
stiffened to 30 cents discount today as
q result of the currency shipment.
These unexpected new DEVELOPMENTS
upon the local money supply were re-
fected in calling Of loans and marking
up Of money rates. Banks marked up
their call loan rates over the counter
to five per cent and exercised stricter
discrimination as to industrial collat-
eral. The easier tone of the foreign ex-
change was lost sight of in this new
development, although it promised re-
lief from the further gold exports
threatened next week. A rise in the
New York money rate will help to pre-
vent gold exports, but not to the relief
of speculative borrowers on call.
The few stocks which made a show
of strength during the morning sue
cumbed to the weakness. Losses Of ]
to points were made by the major
fly of the prominent active stocks
General Electric after rising to 2S9si
broke TO 2S0A on the declaration of
only the regular quarterly dividend
and then f1uctuated widely above the
lowest
Bonds were easier in sympathy with
stocks. Total sales par value SO. 990, OOO
United States bonds We're all I'M
changed on the last call.