The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-19
ErratiC Fluctuations of AmaIga-
mated Reflected Uncertainty
of Mind of Professionals Who
MonopoIized Dealings
ADDITIONAL CUT OF
PRICES DAYS FEATURE
This Drove Shorts to Cover But
Rallied the Stock EffectualIy
and Caused a Sharp Reaction
In the General Market-Money
Market Easier

New York, Dec. 1S-The principal
effort of operators in stocks today con-
tinued TO be to solve the enigma of the
copper question. The erratic fuctua-
tions of Amalgamated Copper reflected
the uncertainty of mind of the profess
sional operators in this stock, who
largely monopolized the dealings. Of
actual developments the additional cut
in the prices of raw copper was the
feature of the day.
The weakness yesterday in Amalga
mated Copper which continued this
morning was due to the assumption
that there would be further declines
in the price of the company's produce.
The rally Of AZ points in the price of
the stock after the reduction of selling
prices by the United Metals Selling
Company indicated that yesterdays
selling was by professional bears and
was Overdone The fact that the for
mer difference between the price of
Lake Superior and Elecrolytic Copper
was narrowed by today's changes was
taken as an indication of an adjust
ment of differences of opinion between
the controlling interests in Amelgam-
ated Copper and Calumet Hecla, as it
has been supposed that the latter in
tsrests maintained that Amalgamated
had an undue advantage from the rel
alive cheapness Of electrolytic copper
The lowering of prices by the dom
inant powers in the trade is believed
to have cut off the margin of profit
on production of many of the minor
producers, thus fOreshadowing a de
cline in production. The bear cOntin-
gent in these securities were also ap-
prehensiVa that the bottom point had
been reached. Amalgamated closed at
the top price, three points above last
night and six points above the low
record price
Further selling Of Standard Oil in
the outside market at as low as $50
was attributed to sympathy with the
weakness in Amalgamated Copper
The motive for the underlying strength
in the market was the easier tone in
the money market call loans ruling for
the most part as five per cent. Fears
of further gold exports are subsiding
and confidence is growing that the
period until the refiuX of funds into
the channels of the money market Will
be safely tided over.
The continental and grain
carrying roads, especially St. Paul and
Union Pacific. We're effective leaders in
the advance. The announcement of the
cut in copper, while it drove the shorts
10 cover in that stock and rallied it
ettectually, caused a sharp reaction IN
the general market. The bears conferred
their attack on Manhattan forcing it
g under the best. The high priced
coalers and a number of specialties.
especially the cotton oil stocks. West
ern Union. Pacific Mail, Colorado Fuel
and the distlling stocks showed nota-
bic strength The buoyancy finally de
veloped in Amalgamated Copper rallied
The general market and caused a firm
closing.
The bond market was active and
firm Total sales par value $2115,000.
United States old IS coupon and the IS
registered advanced 4 and do coupon
"a The 30 coupon declined 4 per cent
on the last call