The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-04
STOCKS AND BONDS.

New York, Dec. Confusion and hesita-
ton were reflected in the movement OF
stock prices al day and the course Of the
market did not persist in one direction
for any heightened period The move
ment during the morning was irregular
but leaned to the side OF depression which
gave way about midday to a vigorous up
ward movement when the abstracts Of
the presidents made their appearance. \
slump in Amaigamated Copper and rise
in call money rates unsettled the market
again late in the day as was the case
yesterday. The sympathetic reaction did
not carry the level of prices back below
last night, as VIII be seen by consultation
OF last prices. which show small net gains
as rule. There was some recovery from
the lowest, due 10 the covering by room
shorts al the last. The early heaviness
fthe market was due to some continued
uneasiness over the antitrust views con-
tanned IN the presidents message. The
general tenor of the message has been
pretty wei understood for several days
past and what selling was induced by its
contents had been mostly accomplished
before the publication. The tone Of de-
precation Of the habit Of appeal TO hatred
and fear in the public arguments against
the sO-called trusts seemed to crafty
speculation sentiment and 10 amelorate
the stock market effect of the recommen-
dations for regula ton of the trusts. In
consequence the demand to cover shorts
which followed the publication of the
message carried the whole market up
ward with considerable momentum, the
prices for the most prominent stock rising
from / 10 points over last night. The
sharp break in foreign exchange carried
the rate well below the gold export point
and relieved apprehension that further
gold would go out this week. This help
ed the midday rally in stocks, although
call money rates were distinctly firmer
and maiatained above the four per cent
level for the most part. The rise to five
per cent again came late in the day and
brought out heavy offerings which forced
the rate back to the low level Of the day.
Not much significance was attached eth
er TO the late rise or the subsequent re-
lapse Money was easier IN London, Paris
and Berlin, and continental competition
for bills was reported from London. Large
applications at the sub-treasury for with
drswal of government bonds on deposit
to secure circulation is evidently prelim-
mary TO the Offering OF the bonds for re-
demption. The payments of drafts against
deposits of several millions of gold at Pa
cific coast points is still pending. The
movement OF Amalgamated Copper con-
tinued an inscrutable mystery. The stock
recovered quite vigorously in the morning
although the omission of a customary
extra dividend by one of its subsidiary
companies were not generally known
when the market closed yesterday. The
renewed break in the raw copper market
in London to about Saturdays low level
seemed equally without effect on the
stock. The break in the lower dealings
10 a new low record at 15s was without
explanation beyond the early Unfavorable
developments which seemed to be ig
nored. The stock rallied slightly and
then became heavy again but the general
market closed firm. Bonds weer irregu-
lar. total sales. par value, $4,000. United
States bonds were all unchanged on the
last call.
The I.adine etncls closad rs fnllnrrs.