The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-30
Its decline Had UnsettIing In
fIuence Throughout the Stock
Market Which Closed with.
General Slump
STATE OF LONDON MARKET
INDUCED THE DECLINE
Sales There of Spot Copper and
Futures Were Enormous and
Other Metals Fell in Sympathy
Cash Movement from Inter
-ior FavorS the East

New York, Nov. 29.-Amalgamated
Copper was again an unsettling infiu-
ence in the whole stock market today.
Its downward course was not very err
ratio, the decline beling punctuated by
only a few points OF resistance, at no
time long maintained, and by no effec-
tive rally. Near the end of the day
the price touched 70, an extreme de-
cline Of 55s, and closed only a shade
better. There was no appearance of
any attempt to support the stock and
it was left to it's own courses.
The decentralization in the raw cop
per market in London was the impel-
ling cause of the decline. There were
enormous sales there of spot copper
and of futures resulting in drop in
the price of the former of pounds per
ton and in the latter of 4 pounds per
ton. The stocks of all copper securi-
ties scored violent declines in foreign
markets and the prices of metals
slumped all around in London, includ-
ing pig tin, lead and iron. Anaconda
fell points in sympathy with Anal
gamated. Rumors We're very persist
ent of a determination on the part of
the company to abandon their attempt
to sustain the price of spot copper but
no official admission could be secured
on the subject.
A judicial decision Judging a director
of the company guilty of contempt of
court for failure to testify in the suit
against the absorption of the Boston
and Montana was possibly subsidiary
cause of the weakness.
The decentralization of Amalgamated
was without notable effect in the gen.
eral market until near the close. There
was a number of strong points devel-
oped due to individual causes and the
market was inclined to harden all
around on the published forecast of a
favorable statement but the final drop
in the copper stocks caused the loss of
the principal part of the gains and car
ried prices a point or more below last
night for Union Pacific, Atchison.
Missouri Pacific, New York Central and
Baltimore & Ohio. Sugar was at one
time more than points higher. but
lost practically all Of the gain. Other
gains of a point or more were shown at
one time by the United States Steel
stocks, special minor stocks, St. Paul,
Reading, Louisville, Manhattan and
several Of the industrials.
The Pacific Coast stocks We're all
strong at advances Of 2 to 4 points.
Owing to the Thanksgiving holiday
the figures furnished by the banks Of
cash changes show results only up to
Wednesday night, but the movement
of cash from the interior was clearly
in favor of this centre and indicated a
net gain by the banks on the express
movement of upwards Of a million dol
lars, which more than offsets the losses
on sub-treasury operations. The drafts
against arrivals Of gold at San Fran
cisco. which are on the way, to the
amount Of nearly 81, 900 600 have not fig
ured in the weeks showing. The gov
ernments revenue requirements upon
the money market show a distinct re-
Taxation, the months demands so far
falling over million below those Of
last year. while the expenditures are
several hundred thousand dollars in ex-
cess of those for the corresponding
period of last year.
Sterling exchange and continental ex-
change continued their upward course
today in spite of slightly easier money
in London, owing to the completion Of
the settlement. The price Of gold ad-
vanced in London today. The impress
sion is growing that more gold viii go
out next week.
Central Of Georgia income bonds
We're strong for the three issues and
Consolidated Tobacco As advanced on
the declaration of a dividend on Con-
tinental Tobacco. The bond market
generally was irregular. Total sales
par value S4,130000 United States
bonds were all unchanged on the last
call.