The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-11
BAD BREAK AT The CLOSE
STOCKS DECLINE ON THE BULGE IN
CALL LOAN RATES.
Early Prices i'm Wall Street Higher
Than on MOnday-Money COndi-
tions Are still DisquietinG.

NEW YORK, Dec. 10-There was a
dearth of news in to-day's stock market
except such as had to do with the PERSONAL
ity Of the operators and the interests they
were supposed to represent. The well-de-
fined movements of the day, embracing the
general market, were limited to the upward
rush of prices at the opening and the sud-
den relapse at the close. During the greater
part Of the day the market was sluggish
and irregular and traversed its narrow
range of prices number of times in a to-
tally inconsequent and dubious manner.
The opening burst of strength was the nat
ural momentum of yesterdays late strong
recovery, belated bears rushing to buy, but
it soon became manifest that the short in
terest had been much reduced by yester-
days hurried covering, and there was no
strong disposition manifested to extend
commitments on the long side The eccen-
trio course of Amalgamated Copper threw
the market into renewed confusion. After
rising to 72s4, there was open selling by the
brokers whose buying had been strong
influence in yesterdays rally in the stock,
as they are credited with usually acting for
inside interests in Amalgamated Copper.
The consequence was that that stock COM
menced to sag again in an irregular way
until it had dropped to 50. The price then
worked it's way upward, with occasional
reactions, to high level Of 7424, represent
ing a recovery of over ten points from Sat
urday's low level for the stock. There were
some individual points of strength, notably
in the Vanderbilts, with large demand for
New York Central and a number Of less
prominent railroads and industrials In
cluded in the latter class General
Electric, American Smelling, American
Car, Hooking Coal, Peoples Gas, CONSOLE
dated Gas and international Paper pre-
ferred. The tone of the money market was
much quieter during the day, and there
seemed a sufficient supply at 512Q6 per
cent, but late in the day belated borrowers
caused furry to per cent. by their ur-
gent efforts to cover their wants, and the
stock market made an immediate response,
the whole list dropping suddenly to the
lowest of the day on greatly increased deal
ings. Amalgamated Copper fell back TO
691a and closed with a net loss OF about
point. st. Paul and Manhattan tell rapid
ly, the former declining 29s. There was no
effectual rally In the market, and the clos
ing was heavy at about the lowest. The
sterling exchange market continued de-
pressed, and there is not much likelihood
of gold exports while money rates hold
stiff. A deposit at the subtreasury of
100000 for transfer to New Orleans shows
the interior pressure for funds The heavy
profit taking of the day in the grain and
cotton markets gave hope of some money
market relief by liquidation in that quar-
ter. The heavy Withdrawals from the mon
ey market by the government on account
of the surplus gives cause for uneasineSs.
The railroad bond market was quite di
versifed, but the price movement was ir-
regular. Total sales, at par value, We're
81, 10000. United States bonds are UNI
Following are the days share sales and
the recorded price changes: