The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-14
Market Though Somewhat lrreg-
uIar in the Morning Brought
Numerous Notable Recoveries
Before the Day Was Over
MONEY CONDITIONS
SOMEWHAT EASIER
Highest Level Attained in the A.
ternoon Was Not Quite Main
tanned Though the Close Was
But a Fraction Below the Top
Bonds Irregular

New York, Dec, 13.-Stocks scored
quite a notable recovery in today's
market The market was very irregu-
lar during the early portion of the day
and distinctly weak in spots. This was
due to the residue of uneasiness COM
ing over from yesterdays events, and
the fear that money stringency would
develop during the day incident to the
carrying over of loans until Monday.
Borrowers on call paid as high as 81
per cent, but they had no difficulty in
obtaining accounts at the prevailing
rates. There was no further calling of
loans by the banks or forcing of iqu-
dalton in consequence, as was the case
yesterday. The call loan rate yielded as
the larger demands We're satisfied and
fell below six percent at the close.
Perceiving the course things were
taking, the bears in the market began
to buy to cover their short contracts
which had been considerably extended
in yesterdays decline. There was also
some buying by inside interests in the
various stocks, especially during the
incoming, for the purpose of support.
Under these influences prices began
TO recover and touched the high level
Of the day during the afternoon. This
level was not fully maintained but the
closing was steady and dull, and only
a fraction below the top. Yesterday $
anxiety over the rumors circulated OF
the embarra ssment of a large lnterna-
tional mercantile house was relieved
by assurances that the trouble was
tided over. This was a factor in the
recovery except for the Rubber Goods
stocks and United States Rubber
which lost from l to 4 points.
The preliminary figures of the week 5
movement of cash promised a loss up
wards of $6,OO0,000 for the b anks, but
the easier tone Of the money market
helped to a more hopeful sentiment
over the future of that market. The
weeks liquidation, both in the stock,
grain and cotton markets may have
affected some reduction of the loan
account of the banks. The payment of
the January list government interest is
to begin on Monday, and the Standard
Oil dividend, amounting to $S,O00,OOo, is
also payable on that date. Later in
the week, on Friday, S5,000000 is paya-
BILE on account Of the dividend on Unit
ed States Steel common stock. The
weeks movement in cash shows no
gain of any significance from the IN
terror on the express movement, while
the transfers through the sub-treasury
have amounted to 81, 100000 Addition
al supplies of money next week are In
dicated and relief from the liquidation
are the only factors in sight to war
rant the easier tone of the money mar
ket.
Foreign exchange steadied today
with the relaxation for the pressure for
money, while money rates advanced in
London, Paris and Berlin. These devel-
opments mean that any lowering of
the money rate here will be followed by
further exports Of gold.
In the late strength Of the market
gains of 1 to points were established
amongst the local fractions, Trunk
lines. Coalers both hard and soft
Southwesterns and a number of spe-
cialt 9es. General Electric rose points;
Amalgamated Copper fiuctuated fever
ishly on the announcement Of the open
cut in the price of raw copper. The
stock rose to 6S1a at one time, and was
near that point several times. The low
price was 662t. and it closed only a
higher. at a net decline Of 15s.
Bonds were irregular and only mod
erately active. Total sales par value,
s., 935. 900. United States Bonds were all
unchanged on the last call