The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-18
Stock Market Increased in
Strength As Day Progressed
and Closing Was Fairly Strong
With Many Notable Net Gains
BUT SPECULATION WAS
ENTIRELY PROFESSIONAL
AmaIgamated Copper Maintained
Its Dominant Influence and At
ter Touching so IL Soon After
the Opening Was Forced Up to
GA 3-8 and Closed at SO IL

New York, Dec 1.-THE undertone
of the stock market was firmer today
growing into strength as the day pro-
crossed, and the closing was fairly
strong with notable net gains in a num-
Der of prominent stocks. The specula-
ton was almost entirely professional
and was repressed in its nature, with a
disposition to caution about encroach-
ing on the limited money supplies.
- Amalgamated Copper maintained its
dominant influence on the market and
its incessant fluctuations had some
sympathetic effect always. But the eff
feet was more marked on the upward
range of prices and the gains estab-
lished in the general market were
yielded stubbornly when Amalgamated
Copper reacted. That stock touched
601a soon after the opening, a decline
from yesterdays closing, and record
low level of rs. The raw copper mar
ket in London was reported weak, and
shares of copper companies were eV-
erywhere depressed. Some violent de-
clines were reported from the Boston
Stock Exchange Opinion as to the
next dividend continued pessimistic,
the most favorable forecast of Thurs
day action naming a one per cent div
idend.
The recovery in the stock was appar-
entity based on the rally in the raw
copper market An London. This rally
extended further in futures. which were
also more largely dealt in, than in spot,
thus increasing the premium on future
deliveries of copper, which developed
yesterday for the first time in three
months. Amalgamated touched 645s
and. after numerous fluctuations below
that point, closed al 63la a net gain or
15s.
The money market was very quiet,
rejecting the cautious tone OF the spec
ulation. call loans ruled at 6per cent
until late in the day, when the placing
of a residue carried the rate lower
Sterling exchange was called strong,
but foreign bankers express opinion
that there is no likelihood of further
gold going out before January LIST. Re
quirements at Berlin have been met
according to the indications Of the
strog weekly statement of the Relch
Bank The demand for exchange is for
remittance on account of interest and
dividend obligations to foreign holders.
The sub-treasury made large payments
today on account of the anticipated
government interest. There were no
deposits for transfer to the interior.
The transcontinental stocks were
prominent for strength and apparently
thrived on the passage Of the IsUnmlah
canal treaty The argument for per
manent injunction In suit to restrain
the retirement of Northern Pacific pre-
ferred had no effect on them, and they
rose in the face of somewhat alarming
reports of rate cutting amongst west
ern railroads including the community
of interest, which were apparently in
tended for other than Wall Street con-
sumption.
Cuts in the price Of Petroleum Sugar,
Lead and Linseed Oil had a depressing
effect on securities of companies in
those trades. The Pressed Steel Car
stocks were heavy on reports Of an op-
position company TO be organized. A
very active demand for the Southern
Railway stocks developed late in the
day and helped to make the closing
strong. A recovery Of 4 points in Rub
Der Goods preferred and a further rise
of in Long Island were features.
The bond market was moderately ac-
tive and irregular. Total sales, par
value, S263O 900. United States coupon
3s advanced Is and the refundings Is
u per cent. The coupon IS declined a
on the last call.