The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-17
Made Operators Hesitate About
Undertaking Any Extensive op-
erationS For a General Ad-
vance in the Market
HANDFUL OF STOCKS
WERE FORCED HIGHER
But Even Their Gains Were Cur
tailed In Sympathy With the
Late Weakness In AmaIgama-
ted Which Closed the Day at
81 7-8

New York Dec. 16-There was no re-
newal of consequence of the pressure
of liquidation in the stock market to-
day but there was manifest hesitation
about undertaking any operations for
an advance. A handful of stocks were
advanced by professional operations in
a seeming attempt to induce a fol-
lowing and to influence the general
market The evidently easier condition
of the money market encouraged this
movement, but the fear of a recur-
renee Of stringency and the unsettling
influence of the renewed weakness in
Amalgamated Copper discouraged its
extension.
Amalgamated Copper started down
ward from the opening but recovered
momentarily to 3 above last week
closing. 1t gravitated for the rest Of
the day with only slight rallies to the
low point at 617s, where it closed. The
fluctuations in the stock We're not viO-
lent and traders described it's action
as a fall Of its own weight without
any apparent artificial pressure. The
net loss is 35s. 1t is taken for granted
that the renewed decline foreshadows
a reduction in the dividend on Thurs
day as the disbursement of dividends
by a subsidiary company is tied up by
injunction. The rate of dividend is eX-
pected by spectators at all the way
from l per cent quarterly down to
passing it entirely.
Fears are professed also that the cut
in the selling price of raw copper
made last week is a preliminary to
further cuts and to a war of rates.
The raw copper market in London to-
day continued active and weak. 1t was
worthy of remark that the price of
futures closed n that market higher
than that for spot, for the first time
since the first week in October. The
prospect of the unsettling influence of
mystery and uncertainty over the
Amalgamated dividend rate until it's
actual declaration was sufficient in it
self to discourage activity in the gem
eral market.
The strength of the Saturday bank
statement is due entirely to the specu-
lative liquidation which took place last
week. To expand again Immediately
the loan account Of the banks would
threaten, it is feared, a recurrence of
stringent money. Rumors of danger
narrowly averted last week helped to
prevent imprudence. Last weeks loan
contraction was well distributed
amongst the banks, showing clearly
that no large syndicate transaction
was accountable Tor IL. Inc condition
of the worlds money markets, how
ever, was easier all around today Dis
counts were lower in London and sterl-
ing exchange here did not rise apprec-
iably in spite Of the greater abundance
of funds in the money market
1t was considered encouraging also
that no deposits We're made at the
sub-treasury today for transfer to the
interior Checks for government in
terest in anticipation of the January
payment began to come to the sub
teasury today and the days payment
of the $4,000 900 Standard Oil dividend
was an influence toward greater ease
of money. The only stocks whose
strength was conspicuous were New
York Central, Manhattan, st. Louis &
San Francisco. Long Island, the Iowa
Central stocks, Rubber goods prefer
red and Colorado Fuel. Their gains
were all curtailed in sympathy with
the late weakness in Amalgamated.
Net changes generally are narrow.
The bond market was dull and ir-
regular. Total sales par value 81, 1856 900.
United States refunding Is advanced
II and the IS coupon y per cent on the
last call.