The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-08
And the Latter Part of the Day
Was Given Over to a Broad
Covering Movement Which
Lifted Prices Throughout List
THE PRESSURE FROM
LENDERS OF MONEY
Was Undoubtedly at the Root OF
the Early Depression, the Brunt
of Which Was Borne by the In
duStriaIS Rather Than by the
Railroad List in General

New York. Oct. Liquidation of the
same character as that which has been
manifest for some time prevailed to-
day. Some ragged breaks in the price
level of the market resulted. But neaVy
and concentrated buying was in evil
dence all day AS a consequence the
decline was checked and the latter part
of the day was given over to a broad
covering movement which lifted prices
throughout the list, losses in the rail-
road list being quiet generally reeoV-
cred. and largely reduced even in the
weakest Of the industrials.
When the market opened a feeling of
encouragement was general, especial
ly because last weeks liquidai ~@7 i~d
proved Intellectual to recuperate the
condition of the banks by reason of the
extension of new credits. Foreign eX-
change continued to advance preclud-
ing the hope of relief from that quar-
ter. Large selling of stocks for London
account sustained the exchange mar
ket Renewed decentralization in cop
per securities and forced liquidation in
Paris were the occasion of this foreign
selling.
Pressure from the lenders Of money
was undoubtedly at the root of the
stock market depression. But vulner-
able points in the industrial list bore
the railroad list in general, and the
rates for call loans were not disturbed
There was a growing spirit of skepti-
cism as to the prospect Of dividends
on industrial common stocks where the
organizations were dependent for sue
cess on continued or even increased
prosperity. This sentiment towards
recent financial projects was extended
to the railroad world by reason of the
oil -I,r, Of ? 1,a
lington & Quincy, which showed a bal
ance of earnings after charges insult
ficientNSo pay the interests on the new
ly issued bonds for which the stock is
collateral
st. Paul was subjected to savage at
tack and was forced down ia. Missou-
ri Pacific lost as much and some of the
cotton and corn carrying roads We're
quite weak. The selling of Brooklyn
Transit which carried it down AS, was
apparently based on the general con-
ditions Sugar was weak at the ex-
IRENE decline of 35s, on dread of the
effect of the war against beet sugar
Atchson led the recovery on very
confident rumors that the semi-annual
dividend rate is to be increased to
per cent. There were purchases by a
single commission house of several
thousand shares each of various
stocks all around the room, and this
was supposed to represent covering by
a large western bear contingent. The
rally ran between and points in
many of the principal active stocks,
and the demand for Amalgamated Cop
per showed some urgency. the stock
rising ~ over Sunday The days net
gain is a point. The covering de-
mand made a firm closing. A renewed
advance in some of the Junior Wander
bilts was a feature of the day.
The railroad bond market was weak
early and rallied in sympathy with
stocks Total sales, par value S2,370.-
900. United States new As declined Il
per cent on the last call