The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-03
STOCKS AND BONDS.

New York, Dec. decided weakness
developed in the stock market today after
some early exhibition of strength, and
the last prices for the day show consid-
cradle net losses, and all of the earlier
gains wiped out. The principal factor
4 in the early strength was the recovery. In
Amalgamated Copper, and the decided re-
. bound in the price of raw copper in
1 London. The reaction was based on the
gold exports and apprehensions that the
/ presidents message TO be sent to congress
tomorrow would take strong grounds
against great combinations Of corpora
/ uons, with unfayOrahle effect upon the
market values of their shares. \ furry
I developed in the call money market which
later in the day accentuated the weakness
+ in the closing dealings in stocks. Pro-
/ fessional bear operators were active in
the decline and followed vigorous maniu-
ulatve tactics, but they met with little
/ resistance to their efforts in the way Of
supporting orders and the market was
apparently left unprotected. The result
ant uncoverins of stop-loss orders dis
I lodged some large amounts of stock es-
pecially among the industrials. the trans
continental railways and the Nanderbls
which have been lifted on persistent re-
ports of deals and mergers. The violence
OF the recovery in raw copper in London
pointed TO the conclusion that SATURDAYS
demoralized break was due to speculative
short selling, or that later information
was changed from that which prompted
the selling. The recovery in Amalga-
mated Copper reached To 76ss but the
stock slumped again to 73ss helping 10
upset the market. Louisville and Nash
Vile, southern Railway preferred, South
ern Pacific and Sugar We're prominent
at 1,, nd
Long Island became strong and active at
an advance, OF ia. The announcement
oi gold exports to the amount of SS2010.-
so was the turning point of the market
although considerable resistance was Of
fered 10 the decline after the announce
meut was made The outward move
ment OF gold had been generally expected
and spectators for the advance tried 10
oeiittle its Importance. Their Efforts were
partly successful untu the party Of re-
action was reinforced by the anxiety over
the effect of the presidents message and
possible congressional action on the sub
ject Of combinations aud the furry ia call .
money.
The earlier ease Of the money market
and lateness of the hour II which the
rise in rates occurred gave rise 10
the superstition that ii might Ice partly .
due 20 manipulation. There was q large
disbursement Of dividends and interest
during the day. hut the effect or such
is likely 10 Ice somewhat
belate6 in the, View York money market
There was . drop in New York exchange
at Chicago 10 81 cents discount. which in-
dictated some renewed requirements for
funds al thar center. Professional oper-
ators and pools were very active in the
dealings. and there was no evidence of a {
large share il the transactions by out
siders
The bond market was moderately &C
tive and Irregular. Total sales, par value,
S-.1soo4. United States refunding twps
advanced = per cent on the last cali.
Closing prices OF stocks were as follows.
New York Money hsrke.~
New York Dee. 2-(Close. Money or
can firm at ss1s per cent; last loan.
per cents rulias rates. per cent. prime
paper. 4ls5 per cent. Sterling
exchange siEhtly easier. w5th actual bus
mess III bankers bills AT S4-SI3. ff4-S--s
Ger demand and az s. .ssiz SIS fer sixty
GAYS: posted rates. 81 - and 81 .SSis; COM
mereial eills $ S34 l4-SAs- Bar silver.
z-s, NeNlcan collars -4isc- Government