The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-11
STOCKS AND BONDS.

New York, Dec. I0.-There was a dearth
Of news in today's stock market, except
such as had to do with the personality Of
the operators and the interests they were
supposed to represent. The well-dehned
movements of the day embracing the
general market were limited TO the up
ward rush of prices at the opening and
the sudden relapse at the close. During
the greater part Of the day the market
was sluggish and Irregular, and traversed
its narrow range of prices a number of
times in a totally inconsequent and du-
bious manner The opening burst OF
strength was the natural momentum Of
yesterdays late strong recovery, belated
bears rushing TO buy, but it soon became
manifest that the short interest had been
much reduced by yesterdays hurried COW
ering, and there was no strong DISPOSE
II on manifested to extend commitments
on the long side. The recent eccentric
course of Amalgamated Copper threw the
market into renewed confusion. After
rising to 72a<, there was open selling by
the brokers whose buying had been
strong influence in yesterdays rally in
the stock, as they are credited with esu-
ally acting for inside interests in Amalga-
mated Copper. The consequence was that
that stock commenced to sag again in an
Irregular way until il had dropped down
70 90 The price then worked its way up-
ward with occasional reactions TO a high
level Of 7424, representing "A recovery Of
over 10 points from Saturdays low level
for the stock. The general level was af
fected by all of these fluctuations, but
only 10 a moderate extent, the effect be-
ing more to discourage operations
whether for the long or short account
There were some individual points of
strength, notably IN the Vanderbilts, with
large demand for New York Central and
q number of less prominent railroads and
industrials Included in the latter class
were General Electric. American Smelt-
ing. American Car. Hooking Coal. Peo-
pies Gas Consolidated Gas and Inter
national Paper preferred. The tone of
the money market was much quieter dur
ing the day. and there seemed a sufficient
supply at SO TO per cent. but late in
the day belated borrowers caused
furry TO s per cent by their urgent ef-
forts TO cover their wants and the stock
market made an immediate response, the
whole list dropping suddenly 10 the low
est of the day on greatly increased deal
ings. Amalgamated Copper fell back TO
69is. and closed with a net loss Of about
point. St Paul and Manhattan fell rap
idly. the former declining 22s. There was
no effectual rally in the market, and the
closing was heavy at about the lowest
The sterling exchange market continued
depressed, and there is not much likeli
hood Of gold exports while money rates
hold stjff. 4 deposit at the sub-treasUry
Of 500 900 for transfer 10 New Orleans
shows the interior pressure for funds.
The heavy profit-taking OF the day in the
grain and cotton market gave hope Of
some money market relief by liquidation
on that quarter. The heavy Withdrawals
from the money market by the govern
ment on account Of the surplus give a
cause Tor uueasiuess. and there was gen
eraI expectation during the day that the
secretary Of the treasury would announce
the immediate payment OF the govern
ment's January interest as a measure OF
RELIEF The announcement OF action in
this matter came too late TO help the
market today.
The railroad bonds were quite diver
sided, but the price movement was irreg-
ular Total sales par value, A.1io000.
United States bonds were all unchanged
on the last call.