The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-12
Darkening Prospects of Money
Outlook Was More PerCeptibIe
in New York Yesterday Than in
Eny of the Other Markets
NEW YORK CALLED
UPON FOR RELIEF
Some Appearance of Nursing the
Market by Insiders Was in Evil
denCe, However, and FirnneSS
of AmaIgamated Copper Was
An Effective Aid

New York, Dec. 11.-Ihe usual year
end activity of the money markets OF
the world was the feature in today S
stock market to the exclusion of al
most every other consideration. The
darkening prospect of the money out
look was more perceptible in New
York than in other markets, and this
was partly due to the fact that New
York was called upon for relief of
other money markets.
Engagements We're made of gold for
shipments to Berlin of 100000 an
nounced and as much more rumored,
The reported shipper declining to con-
firm the report, and of over 100000 in
French coin in Paris. Deposits at the
sub-treaSury We're made for transfer
to Chicago of $650,000 and to New Or
leans of $15O,0OO. This depletlon OF
nearly 81, 900 900 in cash was offset by
a payment from the sub-treasury of
81 .549,141. in redemption of United
States bonds, but this was not sui1-
cient to prevent a late furry in the
call money market again when be-
lated borrowers sought to cover their
needs which ran the rate up to 10 per
cent.
The sub-treasury had already taken
from the market over $4,000, 600 before
todays operations including deposits
on transfers to the interior. The hope
that the higher money rates here
would attract prompt remittances from
the interior is not sufficient to over
come anxiety in face Of these officially
reported transfers to the Interior
It was reported today that Chicago
banks had loaned some money on call
on the Stock Exchange. This opera
ton presumably involves the drawing
upon a New York corporation and is
therefore an unsettling influence in the
local money market. The course Of the
loan account of New York banks is
beyond provision, in advance Of the
weekly bank statement, but last
keeps sentiment uneasy as various
syndicate operations remain to be pro-
vided for
Belief in the purchase of the Poca-
hontas Coal Company by Norfolk &
Western which would involve large
loan operations, continues prevalent in
Wall Street, in spite of the lack of Off
cial confirmation. The sharp decline in
Norfolk d Western was connected
with this belief. What loan operations
may be involved in providing for the
payment of the $50 900 Standard Oil
dividend on next Monday is not known.
But the fact is that the credits avail
able in the New York money market
are undergoing construction, and fur
ries in the money market of frequent
occurrence are looked for until the end
of the year.
There was a weakness in the foreign
exchange markets today in response
to the stiffening of money rates. and
the outgo Of gold is supposed TO be in
the nature of bullion purchase de-
signed to strengthen German bank re-
eerves for their annual showing, rather
than To yield a profit as a regular eX-
change transaction. There was some
appearance OF nursing the market on
the part of insiders here and there so
as to suffer as little damage as pos
sible from the Inevitable liquidation.
The comparative firmness and resil-
iency of Amalgamated Copper was an
effective aid in this purpose. The
dealings in that stock again over
Swallowed the whole market. the price
rising TO 124 and falling again TO 69is
closing with net gain Of g. There
was a midday rally when the redemp-
ton of a large block Of government
bonds was announced which carried
many stocks above yesterdays level,
LackaWanna rising az and Delaware
& Hudson. New York Central and
Sugar about a point Prices generally
fell back to the lOwestt in the late sell
ing movement and closed not much
better The trans-COntiuentais and the
local traction stocks We're the princi-
pal sufferers. Baltimore & Ohio and
Norfolk & Western also fell "a each
Colorado Fuel 50, Brooklyn Union Gas
and General Electric T.
Bonds were active and irregular.
Total sales par value $3.470,OOO. United
States old and new IS and the 5s adj
Vanced 3 per cent on the last call.