The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-03
Professional Traders Impressed
With the Idea That Statement
of Net Earnings by Steel Cor
poration Would Strengthen the
Whole List
BUT FORCE OF DEMAND
SPENT ITSELF EARLY
And the Market Fell Into Dizziness
and Heaviness PunCtuated by
a Number of Weak Spots
Amongst the fndustriaIs-Re-
fined Sugar SteadieS Again

New York Oct. 2.-The market
started out today with something of
an upward rush of prices. Apparently
the professional traders were i'm
pressed with the idea that the state
ment Of net earnings of the United
States Steel Corporation would have a
strengthening influence on the whole
list There was quite an active demand
for a while for United States Steel it
self which lifted the prices Ia over
yesterday.
Colorado Fuel and Tennessee Coal
showed some strength on the assump-
ton that the favorable statement of
earnings would benefit those com
panies also. The railroad list was af-
fected by a demand from the shorts.
But the force of the demand spent
itself early and the market fell into
dullness and heaviness punctuated by
a number of weak spots amongst the
industrials.
The professional speculative senti-
ment in the street failed apparently to
be impressed with the new policy of
the United States Steel Corporation in
publishing it's earnings. The large
profits reported by that company had
some reassuring effect nevertheless,
owing to the wide reaching Importance
attached to prosperous conditions in
the iron and steel industry.
The distrust left by the Amalgamat-
ed Copper episode and the annual re-
ports Of one or two industrial corpora
lions recently showing net earnings
insufficient to pay the current rate of
dividend and consequent encroach-
ment on the surplus for that purpose
probably accounted for the continued
weakness in that class of securities.
The American Car stocks, the
Pressed Steel Car stocks, Glucose and
National Salt were notably affected,
losing from Is to 4 points. National
Biscuit, Rubber goods, International
Pump and International Paper prefer
red fell from l to l IA Brooklyn Tran
sit continued weak under pressure of
LIQUIDATION which is attributed to a
weak annual report expected soon. The
stock fell an extreme 3-S to below
60, the lowest price Of the year. Man
haitian declined Is partly in SYM
patny.
The reduction in refined sugar ex-
planned the recent decline in the stock
which steadied toward the close of the
day ending with net gain. The level
of prices generally was carried below
last night. but net declines did not
reach a point in important railroad
stocks except for Missouri Pacific.
The money market continued easy
and sterling exchange advanced again.
The announcement from the treasury
department that the purchase of gov
eminent bonds for the sinking fund
would cease will cut off the main
source Of replenishment of the New
York money market for some time
against the interior demand for cur
rency. There was a significant drop in
quotations on call for government
bonds following the announcement.
The postpOnement of the meeting of
the Atchison directors which was ex-
pectS5to increase the dividend rate of
their common stock caused some dis
appointment and depression. Cover
ing of shorts rallied the market slight
ly and 1t closed about steady.
Railroad bonds were dull and irregu-
lar. Total sales par value 81 sos, 900.
United states old As declined Ia, the
IS and 5s, - and the new AZ 1 per
cent on the last call.