The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-05
ECCENTRIC
INDUSTRIALS
As on Thursday These Stocks
Were a Disturbing Factor in
the Stock Market and Testing
Process Continued
FURTHER PRESSURE ON
MALGAMATED COPPER
Result Was a Continued ReduC-
ton of More Than Two Points
Important Losses Were Also
Marked in Several LoW-PriCed
Railway Stocks

New York, Oct 4.-The eccentricities
of the industrial stocks continued TO be
a disturbing factor in the market today.
Yesterdays list of semi
stocks was added to today by number
which were not tested yesterday dur
ing the progress of liquidation. The
low priced, non dividend paying rail-
road stocks were also in marked dis
favor and suffered severe declines on
selling out of holdings.
But the still more potent factor
towards reaction was the renewed
pressure to liquidate in Amalgamated
Copper, which carried the price down
an extreme pa to S6%. which is the
lowest price on the present movement.
There was a suggestive break in the
price of spot copper again in London
this morning, which served to indicate
that the present fortunes of Amalga-
mated Copper are more or less init
mately connected with the mainten-
ance of the price of raw copper. But
an important factor in the weakness
both of that stock and of other indus
trials was the scrutiny by the banks of
the collateral in their loan and the dis
or throw out industrial stocks from the
collateral
No special discrimination was eXer-
cised against Amalgamated Copper yes
terday, but some such discrimination
was reflected in today's acute weak
ness of af the stock. The same was
true of the consolidated Tobacco 4 per
cent bonds, which fell an extreme 2
points. Other stocks, notably affected
were General Electric 81, Diamond
Match 5, United States Express 47s
Consolidated Gas National Biscuit pre-
ferred, g. Sugar 31a and Smelling IA.
Among the low priced railroad stocks
Lake Erie and Western lost IA, st.
Joseph & Grand Island I'd preferred
AZ, Minneapolis, st. Paul and Sault
Ste. Marie preferred 314, Evansville and
Terra Haute and Kanawha and the
Toledo Southwestern each.
Some of the severe losses yesterday
showed rallying tendency even before
the market turned upwards, and in the
late recovery there were some net
gains of a point and over achieved.
National Salt recovered II points. of
yesterdays 14A loss on three transac-
tons. The late rally seemed to be due
entirely to covering by shorts, and was
made in spite of the promise of only a
moderate favorable bank statement.
The interior movement of currency
during the week has again been very
heavy so that the gain on account Of
government bond purchases and Aus
tralian gold has been almost offset. 1t
is hoped that the liquidation in the
stock market will be reflected in loan
contraction, as no special operations in
the money market are known which
would offset this influence, unless it
might be renewed borrowing from the
local banks of the loans to foreign
lenders, which are being constantly
liquidated, as reflected in the sustained
strength Of the foreign exchange mar
ket. The stock market closed quite
active and strong at the recovery.
The railroad bond market was more
affected by selling today than on pre-
viOus days of the week. Total sales par
value 81 700 900. United States bonds
were all unchanged on the last call.