The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-06
They Took Warning From UnCer-
tain Condition of Money Mar
ket Against PiIing Up Excessive
Liabilities
AVERAGE LEVEL OF
PRICES LOWER AT CLOSE
Realizing Movement Early in the
Day Led to Reactionary Tend
ency - Further Shipments of
Gold Abroad Are Predicted -
Railway Bonds Irregular

New York. Dec. 5.-The upward
movement in stocks, which gained
some force yesterday afternoon came
to an end this morning in face of real
izing by the speculative pools which
have nurtured the advance in the re-
Gently prominent stocks. The percep-
ton of this realizing checked the fol-
lowing amongst the professional trad
ers and led to a reactionary tendency
all through the market. The factors
at work in the money market leading
to the depletion of the cash reserves
of the banks begot a spirit of caution
in the mourning of liabilities for spec
ulative purposes.
The market started off briskly and
fully maintained to all appearance put
the sharp gains by few stocks ana
the sustaining influence of these We're
taken advantage of to realize. Before
the day closed the early gains We're
wiped out except in a few instances,
and the average level of prices at the
close will be seen to be lower than
last night The selling of stocks grew
notably less as the decline in prices pro-
ceeded, and the market went into
dullness at the low level There was,
however. no disposition to renew the
The loss thus far this week to the
b-treasury of S5S74 600 serves as a
warning note to the optimists on the
money outlook. The disbursements on
government account have been very
light during the week and the offer
ings of government bonds for redemp-
ton has receded to nominal hgures.
Assertions that receipts of cash from
the interior on the express movement
IN, nf GlinnlpnTG
not entirely re-assuring in view of the
fact that deposits at the sub-treasury
for transfer to the interior already eX-
coed half a million dollars for the week,
today's transfer to New Orleans on
that account reaching S15OOOO. New
York exchange at Chicago also fell to
40 cents discount today.
On the international Exchange side
there was an easier tone in the ster-
ling market today, but Continental EX
change had declined. Money was in
active demand in London to pay the
installment due on the British loan.
The price of gold advanced and stiff
money rate is expected there for the
rest of the year and into January. The
private discount rate rose in Paris to-
day and the sterling rate there reced-
ed further.
The possibility Of further gold ex-
ports next week is clearly fOTeshad-
owed Between now and December 20
the local general market has to make
provision for the Standard Oil dividend
disbursement of $4,000 900 and a 1 per
cent dividend on United States Steel
common stock, which calls for upwards
of $1,000 900. There was no immediate
indication of money scarcity in todays
loan rate, but the consideration Of fu-
ture contingencies had much to do with
the quoting of the speculation on the
stock market A renewed decline in
Amalgamated Copper after some early
firmness, in spite of the recovery in
the raw copper market in London. was
also an unsettling influence in stocks
The market closed dull and generally
heavy.
The railroad bond market was steady
for a time but became irregular in
sympathy with stocks Total sales,
par value S4,420,O 900. United States
Bonds We're all unchanged on the last
call.