The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-14
Recovery Of Prices on London
Stock Exchange Came During
Last Three Days of Week, At
ter Unpromising Opening
FOLLOWED UPWARD TURN
IN WALL STREET
Outlook For the Money Market
Now Fairly Easy-Rate of Dis
count Outside the Bank of Eng
land Last Week Did Not Go
Above Two Per Cent

London. Oct. 13-The outlook for the
money market is now fairly easy. The
rate of discount outside the Bank Of
England last week did not go above
two per cent; and settling day, thanks
to generous government disbursements,
passed without strain. There is
strong probability, however, that Paris
will soon demand considerable por-
ton of the gold of which London mas
had the use for some time.
The stock exchange closed with raj
ly during the last three days OF the
week. after decidedly unpromising
opening. The recovery followed the
upward turn in Wall Street. which was
the only bright spot on the horizon.
AS a matter of fact London operators
thankfully accept encouragement in
these days from whatever quarter Of
fered. Certainly there is but little here
or in South Africa that would stimu-
late a boom.
There was but little of interest in
the fluctuations of the week. Mexican
National improved slightly. The Spey-
er reorganization plans were response
bic for this. The American securities
rose on talk of a compromise OF some
in connection with the northwestern
lines. thereby releasing large amounts
ofnmoney heretofore tied up by the
Northern Pacific dispute.
Home rails strengthened slightly al
terra sharp decline coincident with the
copper scare incidentally Anaconda
and Rio Tinto were both up fractional
ly.
The most interesting feature in indus
trials was the flutter in Tobacco SHARES
some of which have risen sharply OF
the protective arrangement between the
united tobacco dealers alliance and thu
British wholesalers with the object O.
preventing the invasion of the Ameri
can trust However, seeing that TIL
London retailer now sells about tn
worst tobacco at the highest prize
known to any civilized community, tn
invaders have a fine field in which t
experiment.
While the immediate conditions o
the stock exchange are rather stagnan
and negative than alarming, look in
to the future shows but small cause 10
optimism.
The "Statist in the course of loni
article on the trade outlook takes tn
government severely to task for mis-
management and for not looking tn
South African situation squarely in tn
fare 1t predicts a further deprecia
ton in securities, especially in HON
rails, owing to the shrinkage in trade
the decreased earning capacity and tn
increased full wage expenditures.
The fact that the trade crisis in Ger
many continues and that Russia !
only keeping her factories going b.
government contracts. judiciousl
placed. indicates. in the opinion of tn
"Statist," a poor continental marke
for British products, with increasingly
keen competition because continents
manufacturers are forced to sell at al
most any price they can get.
on the other hand the government
must apply further funds, the "Statist
believes, to carry on the operations /
South Africa, while the mere fact tina
Great Britain has begun the third yea
Of a seemingly interminable war, add
toathe gloom of the outlook alread
cheerless. The public is anXiousl
waiting to discern the effect of the NOR
rigorous policy inaugurated; but Their
are those who fear that, instead c
breaking down the Boer resistance,
may lead only to reprisals in kind.