The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-22
Instead of the Conflicting Move
mentS of Prices the Stock
Market Yesterday Sunk Into a
Lethargy
PROFESSIONAL OPERATORS
EVEN, IN A QUANDARY
They Seem to Have Given Up the
Idea of Attempting to ForeSee
the Future Movement of Prices
and to Secure an Argument
From Their Foresight

New York, Oct. 21.-Speculative SEN
timent continued profoundly dubious
today. But instead of the conflicting
movements Of prices and the confus-
ion which have reflected this condition
for some time past, the stock market
today sank into a lethargy
Even the professional operators
seemed to give up the idea Of attempt
ing to foresee the future movement of
prices and to secure an argument from
their foresight. 1t would be necessary
to go back a year to find similar per-
iod of dizziness.
Last weeks transactions on the
Stock Exchange fell below The cor
responding period of last year for the
first time during the present calendar
year. This fact and today's dullness
which was even more marked are
striking evidence of the uncertainty
which has overcome the speculation,
due Immediately to the emergency of
the Northern Pacific problem and the
disclosure of the fact that the actual
terms of a settlement still remain to
he agreed upon.
The developments of last week make
this fact indubitable, and the convic-
accomplished toward the harmoniza-
ton of discord which convulsed the
financial world last May is the APP
pointment of the Cancellation board of
directors. While the incumbency Of
this board of course affords a strong
guarantee against the outbreak of the
quarrel again, they seem to have prac-
tically the whole task yet before them
of finding a plan which win be accept
h Y,a1 t1a4,a l,,.Tt !,
ties and relieve the strained condition
growing out of the load of securities
carried for control now by means of
bank loans.
Incoming foreign mails disclose that
the Importance of this problem is fully
recognized throughout the financial
world and its state of suspension acts
as a repressive influence on specula-
ton. The continued uncertainty of the
money market outlook is another
doubtful factor. Money continues to
go to the South and the sub treasury
at New York to remove the surplus in
the revenue from the circulation while
sterling exchange rose again today. As
this marks the process Of remittance
for repayment of foreign borrowings
it was unnatural that the London
money market should respond with a
decline in rates.
y
Berlin continues and the usual ulti-
mate future of these markets when
the heavy year end requirements come
to be met, is question still to be
solved. In Berlin it is reported that the
imperial bank of Germany has been
compelled to prolong a number of bills
of the enormous volume of its credits
in order to prevent insolvencies and
other difficulties. New York banks to-
day had the benefit of payments from
the sub-treasury of almost $4,000, 900
on account of Auctralian and Klondike
gold.
Movements of special stocks today
call for little specification. There was
some early strength led by the Paci-
fics but the general tendency was
downward from inanition. Amalgamat-
ed Copper lost practically all of Sat
urday's gain.
Railroad bonds were very dull and
about steady Total sales par value
81. 100000. q. s. refunding Is declined
4 per cent on the last call.