The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-25
Dealings in the General Market
Were in Hands of That Class
of Traders and Nearly All Orig
mated in the Board Room
ACTIVE SPECULATION
FOR FALL IN SUGAR
That Stock Was Forced Down at
One Time to 1903 1-8, Repre-
senting a Decline Of 6 1-8 But
the Demands For Shorts Rallied
1t to 106 ga

New York, Dec. 24.-Todays aggre-
gate dealings were slightly in excess of
those Yesterday, principally by reason
of the continued active speculation for
a fall in sugar The dealings in the
general market were in the hands of
professional traders and only small
part of the days operations originated
outside the board room.
The late recovery in prices after the
steady downward tendency of the early
part of the day was sufficient to put
the professional stamp upon the day 5
market Even in sugar, although there
was obviously very large liquidation,
the largest traders on the exchange
Joined actively in the selling. There
We're sales of 1000 to 10000 shares dur
ing the day by individual brokers, and
some of the largest sellers bought to
cover before the close. The stock was
forced down at one time to 1895, rep
resenting a decline of 61s from last
nights level The demand from the
shorts rallied it to 1863. and the clos
ing was at 1852, representing net
loGs of so.
The. traders offered pessimistic argu-
ments of the very large accumulation
of stocks. the wiping out of a protita-
bile. margin in the price and the threat
ening increase in the production of beet
sugar Parallels were drawn with the
copper episode to point to the made
uuacy of the industrial combinations to
regulate and control trade in staple
products. Meantime, the copper mar
ket in London made a turn from its
long downward course and rallied quite
strongly. Amalgamated Copper here
resisted the general weakness of the
market and rose at one time rs over
last nights closing with a net gain
of Il.
There were a few other stocks which
made Roadway against the prevailing
depression, notably the Hooking Valley
stock which rose ~ and 2ls respect
lively for the common and preferred on
the rumor of the projected ertirement
of the preferred. American Ice stocks
were fairly buoyant, the common rising
39s and the preferred5 on reports that
the company is TO embark in the coal
business in New York.
The selling movement in the general
list was based upon the expectation
that there would be a furry in call
money during the day on account of
the requirements to carry over the hOl-
iday. The bears also counted upon the
depressing influence of continued weak
ness in sugar. The early rates for call
money proved to be the highest, and
lenders who held out for the high rates
found themselves with funds unplaced.
Offerings of this residue carried the
rate down below per cent in the af
ternoon and was a factor in driving
the shorts to cover.
The market was reflection of the
holiday season throughout The clos
ing was fairly steady at the rally and
with the earlier losses mostly reduced
to a fraction. except in St. Paul and
Union Pacific which We're under con-
spicuous pressure all day, on account of
the uneasiness caused by the onslaught
upon Union Pacific interests in the pub
lie statement by President Hill of
Great Northern. Lake Erie & Western
dropped Sl4 and the preferred 4 on sin
gle sales.
The bond market was dull and ireg-
ular Total sales, par value, 81, 800, OOO
United States IS declined a. but all
other issues advanced Is on the clos
ing call