The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-02
Leading Stocks in the Activity in
Several Instances Bettered
Thursdays Closing Price by a
Full Point
ALL EYES ARE STILL FIXED
ON MONEY CONDITIONS
In Some of the InConspicuous
Stocks There Were Marked
Gains-RaiIWay Bonds Active
and IrreguIar-LWeIy Cotton
Movement Abroad Awaited

New York, Nov. 1.-The prevailing
unsettlement of speculative sentiment
was well illustrated by the widely di-
verse opinions expressed as to the eff
feet Of the renewal of government
bond purchases by the treasury. The
wavering sentiment shifted somewhat
to the optimistic side late in the day
when it became known that the offer
ings of bonds at the sub treasury al
ready amounted to $1,2S2, 600, thus pro-
missing considerable relief to the money
market.
1t was urged this morning that the
action of the secretary of the treasury
might be taken as warning of strin-
gent money conditions to come, al
though the months surplus revenues
of SO. 30l, 952 compared with a surplus
last October of only sS,651,067 gave
sufficient ground for the outlay in bond
purchases without any regard to ex-
traneous circumstances. 1t was also
argued that the release of treasury
funds would simply serve to facilitate
the exports of gold. The closing of the
London and Paris exchanges today
served to obscure somewhat the ques-
lion of the foreign situation and gave
opportunity for a number of favorable
incidents to work with cumulative
force. The result was a rather animat-
ed buying movement in the last hour
which turned the market strongly up
ward, and left prices at the top level
of the day
A few stocks show striking gains,
and the leaders in activity are a point
above yesterday in a number of cases.
Baltimore & Ohio was conspicuous in
the late leadings and 1t rose "a with
out definite news. Pennsylvania had
the benefit of the extra dividend de-
claration, thus making the return to
stockholders s per cent for the calen-
dar year, or the same as last year.
The preliminary figures of the move
ment of cash disclosed the fact that
the current of the interior movement
had turned toward New York, the net
gain as a result of the direct express
shipments amounting to s1,S5O,S77 The
statement Of sub-treasury operations
includes in its net result the payments
on account of gold at Pacific coast
points, the transfer of currency through
that institution and the Withdrawals
of gold for export, which effect a loss
to the banks of 1925, 900. The loss in
cash by the banks on all accounts
seems therefore to be something over
f--''fNNN AFl AilF NNEhs Lie Easy tOH-
dition of the money market and the
action in the stock market is a pretty
clear intimation of strength by the
banks, so that there may be changes
in the loan item to offset the cash loss
1t is believed that an active movement
of cotton abroad would be the most
effective factor toward depressing ex-
change and checking the export of
gold.
There were a number of conspicuous
movements in less prominent stocks
Minneapolis, St. Paul and Sault Ste
Marie rose 4, the preferred 10, Pierre
Marquette 4, New York, Chicago and
st. Louis first preferred 31a. Glucose
rs. National Salt preferred 4, New
Central Coal Company and Wells Far
go 3, Northern Pacific preferred gained
2 and Great Northern preferred IL
The local fractions were strong and
the Southern Railway stocks, Louis
Vile and Nashville, New York Central
Hooking Valley, and the stocks of car
companies showed strength. Sugar was
heavy on the cut in price by a com
petitor. Nashville and Terre Haute
dropped 4. and Rutlaod preferred Az.
Railroad bonds were quite active
and Irregular. Total sales par value
So 500, 900.
United States advanced a, the re-
funding Is and old As y, the IS q and
the new As u per cent on the last call.