The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-03
Decided Weakness Developed Az
ter an Early Show of Strength
and Last Prices Show Consid-
cradle Net Losses
THE RECOVERY IN
AMALGAMATED COPPER
Was the Principal Faction in the
Early Strength and the Re-
action Was Based on Gold Ex-
ports and Apprehension Con-
corning Presidents Message

New York, Dec. decided weakness
developed in the stock market today
after early show of strength and the
last prices for the day show considera-
Bile net losses and all of the early gains
wiped out.
The principal factor in the early
strength was the recovery in Anal
gamated Copper and the decided re-
bound in the price of raw copper in
London. The reaction was based on
the gold exports and apprehensions
that the Presidents message to be sent
to Congress tomorrow would take
strong grounds against great combina-
lions of corporations with unfavorable
effect upon the market value of their
shares.
A furry developed in the call money
market late in the day which accen-
tuated the weakness in the disclosing
dealings in stocks. Professional bear
operators were active in the decline and
followed vigorous manipulative tactics.
but they met with little resistance to
their efforts in the way of supporting
orders and the market was apparently
left unprotected.
The resultant uncovering of stop loss
orders dislodged some large amounts of
stock, especially amongst the indus
and the Vanderbilts which have been
lifted on persistent reports of deals and
mergers. The violence of the recov-
cry in raw copper in London pointed
to the conclusion that Saturdays de-
moralized break was due to speculative
short selling or that later information
was changed from that which prompt
ed the selling. The recovery in Amalga-
mated Copper reached to 1858, but the
stock slumped again to 1874, helping to
unset the market.
Louisville & Nashville, Southern
Railway preferred, Southern Pacific
and Sugar were prominent features of
the upward movement and Long Island
became strong and active at an ad-
vance of AZ. The announcement of
gold exports to the amount of 81, 1850 900
was the turning point of the market al
though considerable resistance was Of
fered to the decline after the announce
ment was made. The outward move
ment of gold had been generally ex-
pected and spectators for the advance
tried to belittle its Importance. Their
efforts were partly successful until the
party of reaction was reinforced by
the anxiety over the effect of the
Presidents message and possible con-
gestiOnal action on the subject of COM
bniations and the furry in call money
The earlier ease of the money market
and the lateness of the hour at which
the rise in rates occurred gave rise to
the supposition that it might be partly
due to manipulation. There was large
disbursement of dividends and inter
est during the day but the effect of
such disbursements is likely to be
somewhat belated in the New York
money market. There was a drop in
New York Exchange at Chicago to 40
cents discount which indicated some
renewed requirmnts for funds at that
entire. Professional operators and
pools were very active in the dealings,
and there was no evidence of a large
share in the transactions by outsiders.
The bond market was moderately ac-
tive and irregular. Total sales par
value 1920 900. United States re-
findings Us advanced "a per cent on
the last call