The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-30
the ANXIETY
is RELIEVED
Market Opened Strong and the
Bulls Added the Incentive of
Bidding Up Stocks Here and
There on the List
A SENSATIONAL RISE
IN MICHIGAN CENTRAL
No Explanation Was Forthcoming
of the Movement but Sharp Ad-
vanCes in Other Members of
VanderiIt Group Resulted
-AmaIgamated Copper Sells
Well

New York. Oct 29-The professed
anxieties felt by the professtonl oper-
ators in stocks yesterday seemed to be
considerably relieved today. The pro-
fessiona1 traders Of bulIish tendency
added the incentive of lively bidding
up here and there. AS consequence
a considerable dmand to cover short
contracts made the market strong dur
ing the early part of the day.
1t was argued that with the easier
tone of exchange and the moderate
views expressed as to gold require
ments by the authorities of the Bank
of France, the probability of an outgo
of gold on Thursday of this week was
considerably lessened. The announce
ment just before the close of the mar
ket of an engagement of 100000 in gold
for shipment on Thursday precipitated
a sharp realizing movement and wiped
out good part of the earlier advances.
Another $4,000. 900 engagement was an
nounced after the close.
1t Was very notable that the stocks
that were weakest yesterday were
foremost as a rule in the recovery to-
day. The recovery did not reach to
the full extent of yesterdays losses at
any time. The upward reaction was
eT volume of business.
Amongst the days special movements
the sensational rise in Michigan Cen
trail revived the rumors of coming de-
velopments in the Vanderbilt group and
was reflected in sharp advances in
other members of the group Michigan
Central sold yesterday at 116, an adj
vance of several points over the pre-
ceding sale in last March. Today 1t
sold in 100 share lots successfully at
1lS, 120, 125, 135 and 140 after which it
relapSed to $50. No explanation was
forthcoming of the movement.
Amalgamated Copper was Influenced
by the report that developments are
pending which will benefit the condi-
tons in the trade. There was some
support also for the United States
Steel stocks accompanied by reports of
great activity in that industry. Brok-
ers credit with acting for insiders both
in United States Steel and Amalgama-
ted Copper bought their respective
stocks together today.
These interests have been supposed
to hold divergent views of the specu-
lative outlook. for some time. The buy
ing of Amalgamated Copper for Bos-
ton account was very large as it was
of other stocks. This was supposed to
be -rebuying of stocks sold yesterday
from that source. In consequence with
the upward movement Of prices the
prevalent view of the money outlook
was less pesimistic, although condi-
tons in that market remain the same
A number of favorable conditions
which We're ignored yesterday in the
selling movement came in for consid-
Grafton. and especially the continued
trade activity as reflected in the large
bank clearngs throughout the country
and the sustained increase in railroad
earnings. Amalgamated Copper was
the only stock to recover all Of yesesr-
days decline. The closing was duh and
heavy at the reaction.
Railroad bonds moved narrowly and
were irregular. Total sales par value
I,SI5000. L. s. new As declined IA
per cent on the last call