The age-herald., 1901-12-19
MARKET DISPOSED
 ID IGNORE COPPER Weakness of Tuesday Was
 Continued Yesterday BOTTOM HAS BEEN REACHED Notwithstanding the Weakness In Copper There Was an Underly-
 ing Tone of Strength to " the Other Stocks.
BOTTOM HAS BEEN REACHED


 New York, December 1S-The principal effort of operators in stocks today con Hnued to be to solve the enigma Of the copper question. The cratic fluctuations of Amalgamated Copper reflected the un- certainty of mind of the professional op- orators in this stock who largely monopo- lized the dealings Traders of the class who usually depend upon the toss of coin or upon aggressive leadership of larger operators for actuating motive talked glibly of technical conditions in the copper trade. Of actual developments the additional cut in the prices of copper was the feature of the day.
 : The weakness yesterday in Amalgamat- sd, which continued this morning, was Sue to the assumption that there would be further declines in the price of the points in the price of the stock after the reduction of selling prices by the United Metals Selling Company indicated that yesterdays selling was by professional bears and was overdone. The fact that fhe former difference between the price of Lake Superior apd electrolytic copper wac narrowed by today's changes was fale. a as an indication of an adjustment of differences of opinion between the con- trolling factions in Amalgamated Copper and Calumet and Hecla, as 1t has been supposed that the latter interests main tained that Amalgamated had an undue h2vantage from the relative cheapness of hlectrolytic copper Many rumors were hdustriousy circulated of progress to- wards an adjustment of all of the late hnsettling influences in the copper situa- lion. The lowering of prices by the domi- pant powers in the trade is believed to have cut off the margin of profit on pro- Auction of many of the minor producers, thus foreshadowing a decline in produc- lion.
 The bear contingent in these securities were also apprehensiye that the bottom point had been reached as it is obviously bound to do at some time after its exten sive decline. The possibilities that all the bad news was added to the urgency of the demand from the shorts. Amalgamat- ed closed at the top price points above last nigrt and points above the low rec ord price Further selling of Standard Oil in the outside market at as low as $50 was attributed to sympathy with the weakness in Amalgamated Copper. The motive for the underlying strength in the market was the easier tone in the money market, call loans ruling for the most part at 5 per cent. Fears of further gold exports are subsiding and confidence is growing that the period until the ref1ux of funds into the channels of the money market will be safely tided over. The transcontinental and grain carrying roads especially St. Paul and Union Pacific were effective leadoi in the advance. The announcement of the cut in copper while 1t drove the shorts t) cover in that stock and rallied effectuall.'. caused a sharp reaction in the general market. The bears centa~d their attack on Manhattan forcing 1t BE under the best. The high price of coalers and number of special ties, especially the cotton oil stocks Western Union, Pacific Mail Colorado Fuel and the distill,ng stocks. showed notable strength. The buoyancy finally developed in Amalgamated coppe-, ral- lied the general market, and caused firm closing
 The bond market was active and firm Total sales, par value, $2,115,000.
 United States old As coupon and the bs registered advanced E, and 5s coupon "A. The 3s coupon declined A. per cent on bhe last call.