The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-12-19
THE ERRATIC FLUCTUATIONS
REFLECTED AN UNCERTAINTY.
Professional Operators Were Not Sure
OF Their Ground, but MooopoIized
the Deangs-Buoyant Close.

Mes York, December ls.-Thc principal
effort Of operators in stocks today con
tinucd to be to solve the enigma Of tho
copper question. The erratic fluctuations OF
Amagammcd Copper reflected the uncer-
tainty of mind OF the professional operators
In this stock, who largely mouopollzed
the dealings Traders of the class who
usually depend upon the toss OF coin or
upon aggressive leadership of larger OPP
orators for actuatlng motive talked ghhly
of technical conditions In the copper trade
or actual Developments the additional en-
In the prices of copper was the feature OF
the day.
Copper. which continued this morning. was
due 10 the assumption that there would be
further declines in the .pticc OF inc con-.
pany'S product The rally OF ~ points in
ihe price Of the stock after the reduction
Of selling prices by the United Metals sell
Ing company Indicated that yesterdays sell
ing was by professional bears and was over
Hopc. Tho fact that the former difference
Between the price Of Lake superior anu
electrolytic copper was narrowed py 10
DAYS changes and was taken as an indica
ton Of an adjustment Of differences or
opinion between the controlling interests In
Amalgamated Copper and Calumet hecla,
as IL has besn supposed that the latter
interests maintained that Amalgamated
had an undue advantage from the relative
cheapness Of electroytic copper
Many rumoFs were industriously circu-
lated OF proglHss toward adjustment of all
Of tho late unsettled influences in the cop
per situation. The lowering of prices by
The dominant powers In the trade Is be.
ueved to have cut OF the margin OF profit
on production of many OF the minor pro
ducers. thus foreshadowing a decline In
production The bear contingent IN these
securities were also apprehenslye that the
bottom point hal been reached, as IL IS
obviously bound TO do at some time after
its extensive decline. The possibility IS
that all the bad news was added 10 the
urgency OF the demand from the shorts.
Amalgamated Copper closed az the top
price, 3 points above last night ana points
above the low record price.
Further selling Of standard oil In the
outside market at as low as 900 was attrth-
uted to sympathy with the weakness IN
Analgamated Cupper. The general market
showed a disposition TO ignore the early
weakness IN AmGlgamhtod Cupper, The
motive for the underlying strength in the
market, call loans ruling for the most part
nt per cent. Fears OF further gold export
are suhsiding and confidence Is growing
that the period until the refuX OF funds
into the channels OF the money market will
be safely tlded over. The transcODtinentnl
and graln-carrylpg roads especially 81.
Paul and Union Pacific, were effective lead
The announcement OF the cut In copper,
while u served 10 drive the shorts TO cover
In that stock and rallied It efectualy,
caused sharp reaction II t NEE gese ,taeL mar
forcing II 3ls points under the
best. The high-priced coalers and num-
Der OF speciaIties, especially the cotton oil
stocks, Western Union, Pacific Mail, Col;
orsdo Fuei and the Dlstilling stocks showed
notable strength. The buoyaDcy which
hnally developed In Amalgamated Copper
rallied the csneral market and caused a
hrm cicsing.
The bond market wss active and 6rm. |
fetal sales, par value, S2,l15.ooo.
London Financial Gable.
!. Iondon. December 1s.--The Commercial