The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-17
Was Directed towards AmaIga-
mated Copper and Caused a
Net Loss of Two Points in That
Stock and Unsettled Market
THE SELLING WAS
BY BOSTON HOUSES
An Incipient Rise in Pennsylvania
and Its Allied Stocks interrupt
ed-Money Question Still Con-
tinueS to Have a Depressing In
fIuence

New York, Oct 16.-Today's stock
market reflected puzzled and hesitat-
ing mood amongst professional opera
tors who again made up the bulk of
the market. There was a marked ris-
ing inclination to take on long stocks
and some timidity about making con-
tracts on the short side. Several spe-
cial factors turned the tide toward
depression, and net losses were the
rule, although they are not important
in the general list.
An organized bear campaign against
Amalgamated Copper unsettled the
market early in the session The sell
ing of the stock was by Boston houses.
The price fell at one. time 2as under
yesterday and closed at net loss of
points.
The break in AmaIgamated Copper
interrupted an incipient rise in Penn
sylvania and its allied stock prompted
by the report of the sale of S20,000,OOO
of bonds by the company. This was
held to account for the large buying
of the stock yesterday. But the effect
of todays announcement afforded lit
tie opportunity for profit taking on
yesterdays purchases, although much
interest was shown as to the purpose
would be applied.
AS the purchases of stocks of other
railroads, so far as officially acknowl-
edged by the company has been pro-
vided for by the additional stock is
sue, it was supposed that the purchase
of control of the Cambria Steel Com
pany was being provided for Bullish
operators spread reports that pur-
chases of Atchison were in contempla-
IOar aT7ia l1r1f 14rac
response in the speculation. The mar
ket showed signs of stagnation during
the afternoon, until a sharp raid
against the southwesterns late in the
day awakened some degree of activi-
ty at the expense of values. Losses
of from l to rs were made by practi-
cally all the members of the group.
Bear operators professed to detect
evidences of inside selling which was
attributed to the account of the inter-
est dominant in the group, and sup
posed to be prompted by poor outlook
for traffic on account of bad crops. The
money question continues a somewhat
depressing influence. A transfer
through the sub-treasury today of
$3.50 900 additional to New Orleans adds
to the apprehension that the belated
movement of cotton will cause large
requirements In that quarter. The
transfers to New Orleans thus far this
season through the sub-treasury
amount to only S4075, 900, compared
with S7.42O, 600 to this date last year.
Last year, however, the Galveston re-
lief measures were responsible for a
part of the movement.
The renewed currency movement,
the Withdrawals by the sub-treasury
on account of surplus revenues, and
some special demand from Buffalo to
meet a run on a trust company there
will all affect the cash showing of the
banks this week. The question is now
canvassed as to the effect on the loan
item of the purchase of Pennsylvania
company bonds the soft colt coal con-
solidation which is in process of for
nation, and the transfer of a great
mercantile establishment which was
reported today.
The emphatic denials Of President
HILL of last weeks rumors of trans
Continental railroad consultations was
another chilling effect on the specula-
ton The market was weak until the
room traders took their profits by COW
ering their short contracts. Sales of
Lake Shore at 800, a record price, were
an Incident
Railroad bonds were less active than
yesterday and were irregular. Total
sales, par value, s2,2S5.00O United
States SIS coupon advanced p per cent.
on the last call.