The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-18
STR0NGERST0C MARKET
GOOD RECOVERIEs IN A NUMBER OF
IMPORTANT SECURITIES.
Monetary Conditions Are Easier, but
Foreign Exchange Continues
StrOng-Industrials Lower.

NEW DIRK Dec. 1.-THE undertone of
the stock market was decidedly firmer to-
day, growing in strength as the day
progressed, and the closing was fairly
strong, with notable net gains in a number
of prominent stocks. The speculation was
almost entirely professional and was re-
pressed in its nature, with a disposition to
caution about encroaching on the limited
money supplies. Amalgamated Copper
maintained it's dominant influence on the
market. and it's incessant fluctuations had
some sympathetic effect always, but the
effect was more marked on the upward
range of prices, and the gains established
in the general market were yielded stub
bornly when A-malgamated Copper reacted.
That stock touched coz soon after the
opening, a decline from yesterdays closing,
and the record low level, of 1ss. The raw
copper market in London was reported
weak, and shares Of copper companies
everywhere were depressed. Some violent
declines were reported from the Boston
Stock Exchange. Opinion as to the next
dividend continued pessimistic, the most
favorable forecast of Thursdays action
naming l per cent. The recovery in the
stock was apparently based on the rally in
raw copper in London. This rally extended
further in futures, which also were more
largely dealt in than spot, thus increasing
the premium on future deliveries OF cop
per, which developed yesterday for the
first time in almost three months. Anal
gdmated touched 643s, and after numerous
fluctuations below that point closed at 63He,
a net gain of Us. The money market was
very quiet, rejecting the cautious tone or
the speculation. Call loans ruled at o per
cent. until late in the day, when the plac-
ing of a residue carried the rate lower.
Sterling exchange was called strong, but
foreign bankers express the opinion that
there is no likelihood Of further gold 60
ing out before Jan. l. The requirements
at Berlin have been met, according to the
indications of the strong weekly statement
of the ReichSbank. The demand for eX-
change is for remittance on account Of in
terest and dividend obligations to foreign
holders. The subtreaSury made large pay
ments on account of the anticipated gov
eminent interest. There were no deposits
for trasfer to the interior. The trans
continental stocks We're prominent for
strength and apparently thrived on the
passage of the iSthmian canal treaty. The
argumen for a permanent injunction In a
suit to restrain the retirement of Northern
Pacific preferred shares had no effect ON
them, and they rose in the face or some
what alarmin reports of rate cutting
among Western railroads included in the
community of interest, which apparently
were intended for other than Wall street
consumption. Cuts in the price of pc
troleum, sugar, lead and linseed oil had a
depressing effect on securities of companies
in those trades. The Pressed Steel Car
stocks were heavy on reports of an opposi-
ton company to be organized. A very act
i've demand for the Southern Railway
stocks developed late in the day and helped
to make the closing strong.
The bond market was moderately active
and irregular. Total sales at par value
were $3.50, 900. United States coupon threes
advanced Is and the %refunding twos Is per
cent. The fves. coupon. declined Il per
cent. On the last call.
Following are the days share sales and
the recorded price changes: