The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-10
LOANS UP TO I PER CENT.
FURRY IN CALL MONEY MAKES A
STOCK MARKET BREAK.
A Succeeding Rally, However, Estab-
fishes Many Net Gains-ActiOns
of AmaIgamated Copper.

NEW YORK, Dec. 9.-There was a lively
shaking out of speculative long accounts
in stocks to-day, accompanied by a threat
ening break in prices which caused some
alarm during the early hours of the day
In the afternoon there was a sudden about
face in speculative sentiment, and a disor-
derby scramble ensued among the bears TO
cover their short contracts. Amalgamated
Copper continued TO maintain it's conspicu-
Gus position even with the increase in ami
nation in the market to-day. The opening
sales carried the stock back ~ points TO
90, and this proved the low level of the day,
but the demand dropped off as often as
the stock approached Saturdays level, al
though determined support always Of
fered as it neared 60. The bears became
alarmed at the action of the stock and in
the last hour rushed the price up to Il in
their frantic bidding against each other.
The final price was but a shade lower.
The support offered to Copper at the open
ing break prompted supporting orders else
where, and the market steadied momenta-
rily. quite list of important stocks rising
fraction over Saturday. With rise in
the call loan rate to Z per cent, however,
SPECTATORS took fright and unloaded
stocks. Prices generally touched the low
point of the day on this slump, although in
divldual stocks were forced down under
subsequent attacks, carrying the whole
market with them back to about the low
level several times. st. Paul was notably
weak. and fell Us under Saturday. Man
haitian also was vigorously attacked, and
driven PA under Saturday. There was
good deal of calling of loans The ruling
rates were o per cent or even 5IR per cent,
and there seemed ample supply at that
figure. The perception of this fact emerged
about the same time that Amalgamated
Copper began its rally. From an average
of a point below Saturdays prices the
market began to move upward and gained
momentum. The Gould railroads, Manhat-
tan, New York Central, Sugar, Pacific Mail
and General Electric were prominent in the
rally, and the day closed with net gains,
the call loan market was reflected in the
sharp drop in foreign exchange, both ster-
ling and continental, which precluded all
idea of gold exports for the present. There
was some apprehension of pressure for gold
at Berlin this week but money was re-
ported easy there to-day, and sterling eX-
change hardened in that market. Money
also was easier in London, and further de-
mand from Paris is not feared at present,
as Paris bankers are again buying dis
counts in London. There were no deposits
of currency at the subtreasury for trans
fer to the interior to-day, but the specula-
tive activity continued in the grain and
cotton markets. The subtreasury is taking
large sums the government surplus,
which is running large
Railroad bonds weakened in sympathy
with stocks, but became irregular later.
cent Total sales at par value were $5,1S5,-
900. United States bonds are all unchanged
Following are the days share sales and
the recorded price changes: