The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-09
Traders Inclined to Take the
View That a Steady Downward
Movement, Following a Period
of Prosperity, Has Set in
THIS RESULTED IN A
DISPOSITION TO COVER
A Drive Against Sugar and
Brooklyn Transit, After a
Strong Opening, Unsettled the
Conviction, but Bears Had Lost
Their Aggressive Spirit

New York, Oct. 8.-The conflicting
and varying movement of prices in the
stock market today showed that spec
ulative sentiment was considerably
unsettled. The impressive buying of
yesterday which came from a few
concentrated sources evidently made an
impression on professional traders.
They were inclined to take the view
that the wavering movement of the
market yesterday was an indication of
the elimination. of the downward
movement, large bear interests taking
advantage of a raid on leading stocks
to cover their short contracts.
Influenced by this conviction there
was a disposition to cover today, A
drive against sugar and Brooklyn
Transit after the earlier strength I'M
settled this conviction But the bears
had evidently lost their aggressive
spirit and did not pursE We advan-
tage, but took occasion to cover their
short lines again
Prices touched the highest late in the
day, but hesitation again overcame the
spectators and prices sold off again,
making the closing easy. The signs of
an oversold condition of the market
We're balanced against the doubts and
dread that the money market resources
are not sufficient to save the situation
for the remaining period of interior
demands for currency. Back of this
lies apprehension in some quarters that
the present reactionary tendency of the
market may mark step in a pro-
longed downward movement, prelimi-
nary to a coming cycle of declining
trade and industry, following the cul-
mination of the late period of pros
perity.
Even supposing such a period had
fairly set in, the normal course of the
decline~is sure to be punctuated by oc-
casional upward reactions. OF special
influences at work today, the publica-
ton of the August statement of I'M
favorable earnings of Brooklyn Tran
sit was regarded as the elimination of
unfavorable conditions for that stock.
The steadying of the copper market in
London seemed to affect Amalgamated
Copper faVorably. There was also a
report of a settlement with contending
interests.
The death of the Ameer of Afghanis-
tan was depressing factor in the
London market, which was reflected
here. Movements in the foreign mar
kets were decidedly confused Consols
dropped sharply, and the fall in sterl-
L
seemed to reflect some withdrawal of
capital from London. this in spite of
repurchases for Paris account in the
London stock market. Interest rates
also declined in London knowing the
instalment of subscriptions due on the
new consols on Friday, which amounts
to some $25,000 900.
Sterling exchange in New York con-
tinued firm, which was probably the
dominant influence on the decline in
London moeny rates The recent re-
ports of a coming increase in the Atch-
ison dividend rate persisted today, but
that stock showed less firmness than
others in the list and closed at a net
decline st. Paul was conspicuously
strong, and there was a renewed ad-
vance in the Vanderbilts. The late re-
action, however, was universal.
Railroad bonds shared in the irregu-
laritv of stocks. Total sales, par val
ue. SO, 275,000 United States bonds were
all unchanged on the last call.