The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-01
Unsettled Conditions in Money
Centres of the World Cause
Dealers to be Cautious in Their
Transactions
THERE WAS NO SPECIAL
SELLING PRESSURE SHOWN
NeverIess Prices Declined Barring
a Few Favored Stocks in
Which, Without Apparent Rea-
son, Advances Took Place
Bonds Irregular

New York, Oct 31-Except for special
movements in a few individual stocks
todays stock market ran down near
to stagnation many times. There was
no pressure to sell, but prices gravita-
ted to a lower level.
The weekly statements of the Bank
of England and the Bank of France
show the need of the former to check
the French demand upon the reserves,
and as clearly the necessity of the lat
ter for recuperation. The French bank
has gained in gold, during the week
about what the English bank has lost.
The latter's credits have also been eX-
banded to the extent of $4,000 900 in
cident to the month-end requirement.
In Paris this requirement is supple
mented by a pending stock exchange
settlement, so that the bills discounted
have been increased nearly $54o, 900 600,
and the note circulation has been eX-
banded over $35, 000, 900 during the week.
These conditions serve to explain the
large recall of Paris credits which has
been going on for some time past, al
though it has been suggested also that
foreign lenders of money are thus ex-
pressing dissatisfaction with some of
the syndicate purposes to which the
borrowed funds have been put.
The gold exports figured in the sub
treasury statement today bringing up
the days gain by that institution from
the open market to $3,169,00o and the
gain since Friday last to 1880 600
Chicago exchange on New York also
weakened today and S140 600 was depos-
tied at the sub treasury for transfer to
New Orleans. On the other hand the
subtreasury paid out over half
million dollars on account of gold de-
posts at San Francisco and Seattle and
made payment of S112,12 for redeem
ed bonds thus cleaning up the last of
the acceptances under the late offer
of the secretary of the treasury
The renewed doubt as to the extent
to which the foreign demand for gold
may go chilled all speculative enthu-
siasm. Hopes are protested that to-
morrow's dividend and interest dis
bursements will soon come back to re-
lieve the money market, but they do
not seem to revive any feeling of cheer
fulness in the stock market. Neither
did the announcement of the determi-
nation of the secretary of the treasury
to resume bond purchases.
Amongst the stocks advanced today
without any special reason assigned
were Lackawanna, Delaware and Hud-
son, a number of the Vanderbilts, and
Chesapeake and Ohio, the last on Phil
adelphia orders attributed to Pennsyl-
vania Railroad account. Amalgamated
Copper was depressed on the inclusion
of new plaintiffs in Montana suits
against the company. The stock clos
ed above the lowest
The Northern Pacific settlement fell
into the background with the heavi-
ness and neglect of the Pacific stocks,
which continued to the close and made
the market easy. There was consider
able selling also of United States Steel,
and Glucose and Smelling were weak
There We're some strong spots in the
bond market but the price movement
was irregular. Total sales par value
81 200. u. S. Bonds were all I'M
changed on the last call