The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-21
FROM UNDER THE SHADOW
MARKET ENERGIES FROM THE
GLOOM CAUSED BY COPPER.
Buying Orders Good and Prices Rise
BuOyantIy I'm Many Cases-Loan
Contraction Looked For.

NEW YORK, Dec. 2O.-The stock market
showed it's immense relief to-day from the
disturbing effect of the recent eccentricity
of Amalgamated Copper. There were some
further contOrtiOns in that stock for a short
time after the opening, but it settled down
into a condition of quiet which has not
been seen for many weeks. Between 90
and 81 it seemed to nave arrived at a con-
dition OF stable equilibrium. The opening
dip 10 641k was apparently due to a drive
from the bears, who sought an opportunity
to cover their short contracts. The high
level of the stock for the day was at 6S,
and the net gain was a point. The state
ment issued by the directors last night was
accepted as a proclamation of a struggle
for business with the independent COM
panies, and such cuts in the price of the
product as would be necessary. This, how
ever, had been definitely .foreshadowed by
previous developments, and had been per-
verted and exaggerated by all sorts of ru-
mors and manipulation. With authorized
official information as a basis of operations
the steadiness and quiet tone of the stock
offered a remarkable contrast. The solu-
ton Of part OF the mystery which has hung
over this stock let loose the forces of de-
mand, which have lain dormant in the
market for several days past. The buying
was apparently based on the general con-
sideration of the high degree Of prosperity
which is prevailing in all branches of trade.
The special strength of the ~coalers, which
led the advance, was due to the seasonable
weather for the trade and the reports of
a probable coming advance in the price of
anthracite. The formation of the arbitra-
IL hv fhn Tsufa To-
Grafton was a factor in the strength of this
group. as the president Of the miners or
ganization has a prominent place on the
committee, and the fear of an outbreak of
labor trouble among the miners during the
coming year has been a persistent i%n1uenc
In Encouraging speculation in the stocks.
The advances ran from about a point up
10 22 in Delaware & Hudson and 3 in
Hooking Valley. The strength of the Pa
cifc and transcontinentals was apparently
based on the favorable showing which 1t is
expected the Union Pacific's annual report
will make. Reports of adjustment of eff
forts making towards the end Of rate dis
turbances in the West helped the railroad
list generally. The bull campaign in the
local traction stocks was renewed under
the leadership Of Manhattan. The sharp
gains in a lumber of induStrials were based
on individual consideration. The express
stocks were conspicuous as a group. West
inghouse Electric rose ~buoyantly I1s, and
at a reaction closed with a net gain of 8.
Sugar was heavy on the signs of the re-
4 ~ IAlS Val III lHdI lTdue. Inc
rate for call loans s~tiffened late in the day
to 8 per cent, but had very little effect on
the stock market. Although the banks
have apparently lost nearly g, 900, 900 in cash
during the week, sentiment is, for the mo-
ment, optimistic over the money outlook.
To-morrow's bank statement, 1t is hoped,
will reveal a large loan contraction.
Bonds were moderately active and ir-
regular. Total sales at par value were
s., 390, 900. The United States threes, regis
tered, and the old and new tours advanced
Is, and the threes, coupon, declined u per
cent. on the last call.
Following are the days share sales and
the recorded price changes: