The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-05
The Expected Rise in Prices OF
Stocks Did Not MateriaIize Nor
Was the Northern Pacific Puz-
zIe Solved
NAVAL DEMONSTRATION OF
FRANCE AGAINST TURKEY
Seemed TO Have an UnsettIing
Effect but the Renewed Decline
in Sterling in Paris Was Far
More important From a New
York Standpoint

New York Nov. 4.-Speculators were
disappointed in their hopes of a rise in
prices In today's stock market, of
which they fancied that the active buy
ing movement at the closing of Satur-
days market, after the appearance Of
an unsatisfactory bank statement, was
a precursor. Neither had the much
hoped for statement of the terms of
settlement of the Northern Pacific
puzzle mateTialized over Sunday. Re-
ports continued reassuring today of the
favorable progress of the negotiations
over this subject, but there is room for
the question how far this announce
ment has already been discounted.
The benefit of such a development as
removing a threatened cause of dam
age to security values is self evident.
The apparent decision on Saturday to
adhere to an Optimist view of the mon
ey outlook vas also modified today. The
engagement of 81, 100000 in gold for
shipment by tomorrow's steamer to
Europe and the renewed strength in the
foreign exchange market in spite of
sales against this shipment were clear
notice of a considerable requirement
still unsatisfied.
The light offerings of government
bonds for redemption, compared with
the large blocks of last Friday, came
as another disappointment and dashed
the hopes of considerable relief to the
money market from that source. To-
days redemptions at the sub-treasury
amounted in par value to only $159, 400.
The deposit at the sub-treasury of
s200000 for transfer to Chicago was
another unfavOrable item in the out
look
Last weeks currency movement gave
hope that the western demand had
been satisfied and the current from
that direction turned again towards
New York, leaving only the South to
be reckOned with for the future. To-
days transfer had a disturbing effect
on this view, although it is not neces-
sarily evidence of a renewal of any
considerable demand from the West.
Developments in the foreign market
are to be studied with interest as indi-
eating the continuance of the gold
movement.
The French naval demonstration
against Turkey seemed to have an I'M
settling effect on stock markets, but
the renewed decline in sterling at Paris
was more important from the New
York standpoint The motives of the
calling home of French capital on the
present scale are not altogether clear.
Industrial losses, speculative losses in
copper and several large pending loans
are supposed to have their part in the
movement
Individual price movements in to-
days market do not call for special
mention, except for the liquidation ev-
ident in Peoples Gas, and sharp adj
vances in the Buffalo, Rochester and
Pittsburg stocks, amounting to 51a
points in the common and points in
the preferred. The market closed dull
and heavy but at some recovery from
the lowest, Union Pacific rising a frac-
ton over Saturday in the final dealings
Railroad bonds were irregular Total
sales, par value S3045 600 United
States bonds were all unchanged on
the last call