The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-28
Was Encouraged by the Manifest
Hesitation of the Buying, and
Succeeded in Reducing the
Price Level Considerably
SEVERE PRESSURE AGAINST
COPPER WAS RELAXED
Quieter Tone of This Stock Was
a .Reief to the Whole Market
and Violent Break in the Raw
Copper Markets Did Not Seem
to Affect it

New York, Nov. 27.--There was a good
deal Of hesitation about the speculation
on the Stock Exchange today. There
were a number of conspicuous advances
which failed to attract any considerable
following or TO reflect any marked in
fiuence on the general list. The selling
pressure, however, was not acute.
There was moderate realizing, which
fever the hesitating market permitted,
but 1t was not urgent and was not
pushed at the expense of values.
The bears made an attack on the
market late in the day, encouraged by
the manifest hesitation of the buying,
and succeeded in reducing the price
level considerably, especially at points
where 1t had been advanced in the
morning. The strong stocks were in
fiuenced apparently by individual
causes and their movement was not
accompanied by any news to explain
it.
Sugar was actively traded in all day
and was lifted an extreme 312, and
Manhattan maintained its recent ag-
gressive strength and advanced 2
points further. General Electric added
71a points to its yesterdays jump, but
lost all but one point Of the gain be-
fore the close. The recent severe
pressure against Amalgamated Copper
was relaxed and that stock rallied 15s
after reacting to a shade under last
night, but became comparatively
steady above that.
The quieter tone of this stock was
relief to the whole market, and the
violent break in the raw copper market
in London and the heavy selling of
Rio Tintos in Paris did not seem to
affect it. There were various other
points of strength amongst minor rail-
road stocks in the group of coalers and
Southwesterns and a large demand for
Southern Railway preferred lifted it
at one time 15s. Evansville & Terre
Haute gained 4. New York Central was
under pressure at different times, on
account of the failure of developments
in the rumored Vanderbilt plan at yes
terday's meeting Of directors of the
Vanderbilt railroads.
There was more or less speculation
based on rumors that the Presidents
Forthcoming message was to take
strong ground for the Federal control
or restriction Of great corporations, in
Guiding the Northern Securities Com
pany. There was some revived appre-
hension of further gold exports, in
duced by the further recovery in for
eign exchange, the hardening of money
rates in London and the decline in
sterling exchange at Paris, all of which
developments go to intensity the press
ure upon New York for gold.
The expressed confidence Of Berlin
f1nanciers, according to cabled reports,
that further gold was to go from New
York to that point. was also disquiet-
ing influence. Berlin reports the first
awakening from the long continued
stagnation in its stock market, and 1t
is said that American capitalists have
been watchful for a turning point In
that market to take advantage Of the
depression Of values for the placing Of
some capital The announcement that
the United States Steel syndicate was
returning to its subscribers the 12ia per
cent of their subscriptions actually
paid IN, which amounts to $4,000 600,
did not affect the corporations stocks
which maintained their recent stability.
This operation is expected to figure
prominently in the loan item of the
hanks as a cancellation Of loans. Last
weeks heavy loan contraction may
find an explanation in this develop
ment.
The movements of prices Of railroad
bonds was irregular Total sales. par
value, s., 1890 900.
United States bonds were all I'M
changed on the last call.