The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-10
This Resulted in a Scramble by
the Bears to Cover Their Short
Contracts, After Having Had
Things Coming Their Way
ANAL AMATED COPPER
STILL A LEADER
During the Last Hour the Price
Was Rushed Up to II by the
Frantic Bidding of the Bears
AGAINST Each 0ther-St Paul
Notably Weak

New York, Dec. 9.-There was shak-
ingout of speculative long accounts in
stocks today, accompanied by a threat
ening break in prices, which caused
some alarm during the early hours of
the day. In the afternoon there was
sudden squirt and a scramble ensued
amongst the bears to cover their short
contracts.
Amalgamated Copper continued to
maintain it's conspicuous position, even
with the increase in the market, today.
The opening sales carried the stock
back IL. to 65, which was the low level
of the day. The demand dropped off
as often as the stock approached sat
urday's level, although determined
support was always offered as 1t APP
preached 65. The bears became alarmed
at the action of the stock and IN the
last hour rushed the price up to Il in
their frantic bidding against each
other. The final price was but shade
lower.
The support offered to Copper at the
opening break prompted supporting or
ders elsewhere in the market and the
market steadied momentarily, quite
list of important stocks rising frac
ton ever Saturday But, with a rise
spectators took fright and unlOaded
stocks. Prices generally touched the
low point of the day on this slump,
although individual stocks were forced
down subsequent attack, carrying the
whole market with them back to about
the low level several times.
St Paul was notably weak and fell
25s under Saturday. Manhattan also was
vigorously attacked and driven "a
under Saturday. There was a good
deal of calling of loans, but in seeking
new accommodations borrowers bid the
rate up upon themselves to a higher
rate than was necessary judging from
subsequent developments. The ruling
rates were 6 per cent or even 513 per
cent, and there seemed an ample supply
at that figure. The perception of this
fact emerged about the same time that
Amalgamated Copper commenced its
rally. From a general level of point
or more below Saturdays prices, the
market began to move upwards, and
gained momentum.
There was a slight reaction before the
close but the advance was renewed
making the close active and strong at
about the best. The Gould railroads,
Manhattan, New York Central, Sugar
Pacific Mail and General Electric We're
all prominent in the rally and the day
closed with net gains except in a few
instances.
The activity in the call loan market
was reflected in the sharp drop in for
eign exchange both sterling and CONT
mental. which precluded all idea of
gold exports for the present. There was
some apprehension of pressure for gold
at Berlin this week, but money was re-
ported easy there today and sterling
exchange hardened in that market.
Money was also easier in London and
further demand from Paris Is not
feared at present as Paris bankers are
again buying discounts in London.
There We're no deposits Of currency at
the sub-treasury for transfer to the
interior today. but the speculative ac-
tivity continued in the grain and cotton
markets. The sub-treasury is also tax
ing large sums on the government sur
plus which is running large. 1t was
very obvious, however, that anxiety
over money on the part of spectators
was much relieved.
Railroad bonds weakened IN sympa-
thy with stocks, but became irregular
later. Wabash debentures gained near
" 2 per cent. Total sales par value,
s5,1s5,O00. United States bonds we've all
unchanged on the last call.