The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-07
BEARS in FULL CONTROL
THEY OPERATE SUCCESSFULLY FOR
IN PRICES.
Fears Over the Monetary Situation
Furnish the Moving Impetus
Renewed Interior Demand.

NEW YORK, Dec. 6.-Fears of money
stringency gained the upper hand in the
stock market to-day and precipitated active
selling throughout the list. The bears were
active and energetic in taking the market
away at each recurrence of signs of sell
ing, and their buying to cover at frequent
intervals caused many irregular rallies and
checks to the decline. The demand quick
ly fell away on those rallies, and the activ-
ity in the market was only renewed when
prices began TO give way again. The ap-
parent running out of the recent specula-
tive movement in Manhattan and the
consequent realizing by the longs was a
feature of the market. The stock made an
effective rallying point for the bears in
their aggressive onslaught on the market.
In the late dealings the stock fell to 1854.
representing an extreme decline of rs. At
the same time Amalgamated Copper, which
had fuctuated rather sluggishIy but heav-
lily all day, took a new downward plunge
TO 69B, compared with its previous low rec
ord of ~. This unsettled the whole mar
ket and made the closing active and easy.
but with the selling pressure much less
acute in the general list than in the stocks
named. The deposit at the subtreasury for
~A ~ NAO AANNAAOA VI N4tVuyBNNV NOAL
pleted the fright over the money prospect,
which had been gathering force all day
with the contemplation of the preliminary
figures of the weeks currency movement.
1t appeared from these tina the banks
had gained on the interior movement more
than s1,5OO.OOO up to Thursday night, thus
seeming to offset that far the weeks loss
to the subtreasury, which footed up last
night $7,775,0O. OF to-day's deposits for
transfer $3.50, 900 was for Chicago and $780,
600 for New Orleans. The renewed demand
from Chicago is aid to be based on the
furious speculation which has broken out
in the grain market, and the movement to
New Orleans is doubtless connected with
the activity in the cotton market. OF the
week loss to the subtreasury nearly 49,
100000 represents deposits of legal tenders
to retire circulation and withdraw gov
inner bonds. These bonds have not been
o1ered for redemption, and there is lack
ing this offset to the decrease in the cir
.culation. The payment for the $4,000 900
exported is also included in the subtreas-
ury operations. New York exchange at
Chicago, which fell to 80 cents discount
at one time yesterday, ~stifened to 80 cents
discount to-day as a result of the currency
shipment These unexpected new demands
upon the local money supply were reflected
in calling of loans and marking I'D of
money rates. Banks marked up their call
loan rates over the counter to 8 per cent.
and exercised stricter discrimination as TO
the foreign exchange market was lost
sight OF In this new development, although
1t promised relief from the further gold
exports threatened next week.
Bonds were easier in sympathy with
stocks. Total sales at par value were So
100000. United States bonds are without
change.
Following are the days share sales and
the recorded price changes