The Montgomery advertiser., 1901-12-19
WALL STREET REVIEW EFFORTS TO SOLVE THE COPPER
 ENIGMA. | The Additional Cut in the Price of the Metal Was the Topic of
 the Daye-Margin of
 Profit Cut Off.

NEW YORK. Dec. le.-The principal ef to be to solve the enigma of the copper ques- ton. The cratic fluctuations of Amalgamated Copper reflected the uncertainty of mind of the professional operators in this stock. who largely monopoized the dealings Traders of the class who usually depend upon the toss larger operators for actuating motive talked glibly of technical conditions in the copper cut in the prices of copper was the feature of the day. The weaknes yesterday in Amal- smated which continued this morning was ther declines in. the price of the companys product. The rally of A points in the price of by the United Metals selling or-'pany in- dicated that yesterdays selling was by pro- fsssional bears snd was over done In The , fact of Lake Superior and Electrolic Copper was narrowed by today's changes was taben as of opinion between the controlling interests In Amalgamated Copper and Calumet and Hecla, it has been supposed that the latter inter ests maintained that Amalgamated had an un- due advantage from the relative. cheapness of Electrolic Copper; Many rumors were in dustriously circulated of progress towards ad- justment of all of the late unsettling infiu- enees in the copper situation. The lowering of prices by the dominant powers in the trade is believed to have cut off the margin of profit on production of many of the minor pro- ducers thus foreshadowing decline in produc- tion., The bear contingent in these securities were also apprehensive that the bottom point had been reached. as 1t is obviously bound
 
 The possibility that all the bad news was add ed to the urgency of the demand from the shorts. Amalgamated closed at the top price. 3 points above last night and 6 points above the low record price. Further selling of Stan dard Oil in the outside market at as low $50 was attributed to sympathy with the weakness in Amalgamated Copper Tbe gen. eral market showed disposition to Ignore the early weakness in Amalgamated Copper. The motive for the underlying strength in the market was the easier tone in the money market. call loans ruling for the most part at 5 per cent. Fears of further gold exports are subsiding and confidence is growing that the period until the refiuX of funds into the chan nels of the money market will be safely tided over. The trans s-continental and grain-carry- ing roads, especially St. Paul and Union Pa cific. were effective leaders in the advance. The announcement of the cut in copper while 1t drove the shorts. to cover in that stock and rallied it effectually, caused a sharp reaction in the general market The bears centered their attack Manhattan, forcing 1t 3h under the best The high-priced coalers and number of specialties, especially the cotton oil stocks. Western Union. Pacific Mail. Colo rado Fuel and the distilling stocks, showed notable strength The lbuoysncy finally de- general market and caused a firm closing.
 The bond market was active and firm. To- tai sales (par value), S2, 5000, United States old As coupon and the 5's registered advanced h and 5's coupon r. The 3's coupon declined A per cent on the last call.
 Money and Exchange.
 NEW YORK. Dec. Is-Money on call firm at 4hQ6 per cent; closing bid and asked, 4
 Prime mercantile paper. 5G5H per cent Sterling exchange steady with actual busi- ness in bankers bills at Al S6& for demand and at 4s3%q4 s3is for 60 days posted rates.
 Commercial bills, 4.sa4@4. .ssH.
 Bar silver 55is Mexican dollars, 43S rail firm