The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-15
UPTURN in SHARE PRICES
BASED on BETTER BANK STATE
MENT THAN WAS EXPECTED.
Amaigamated Copper ut n New Low
Point-Unexpected Demands on the
Available Money supply.

NEW YORK, Dec. 14.-Operators in the
stock market placed a favorable interpre-
tation on to-day's bank statement and
bought stocks briskly after its appear
ance. As prices rose over last nights level
heavy selling to realize was encountered,
which carried prices back from the best.
The offerings diminished at the decline,
and the closing was firm at level gen
orally slightly above that Of last night.
Previous to the bank statement the mar
ket was dull and hesitating, governed
largely by the erratic fluctuations in Anal
gamated Copper. That stock opened with
running sales of $500 shares at 651a to &C.
compared with 66lz at last nights close. 1t
declined to 65A, breaking the low record
and checked the advancing tendency in
other stocks. The last price was 6512, net
loss of point for the day. The stock went
q lower than last Saturday, and, COM
pared with a high price early in the week.
more than 10 points over last Saturdays
low level. The sentiment regarding the
stock was much confused, and brokers
usually credited with acting for insiders
both bought and sold the stock. The de-
cline in cash reserves was about a million
"
the speculative markets was reflected in
the loan contraction Of 81 ITS, 100, which re-
duced the encroachment on the surplus to
81, 152,6 $50. The transfer of funds to New
Orleans through the subtreasury was con-
tinued to-day.
The year-end contraction of the money
supply has been the dominating influence
in the stock market during the whole of
the week, as was very clearly foreshad-
owed in last Saturdays bank statement.
With surplus reserves Of the banks below
seven millions and large requirements for
known, the problem was one or very simple
arithmetic. Loans placed on call with
easily marketable collateral, and especially
such as are used for the speculative hold
ing of stocks on margin, are always ana
inevitably the first to be called in when
money requirements are TO De met rt,ar LOT tot
also has suggested rather clearly that some
of the solid financial powers nave &C
quiesced in a downward course OF prices
for the time as Offering more SUD
stantiaI vantage ground from which TO
face the exigencies of the annual set
Elements. In addition, there have been
Counted upon. Such has been the foreign
demand, in spite of the decline IN foreign
exchange rates to below the point at
which gold exports are prontapie as SIM
has gone out is believed to have been pur-
chased at what was in effect a premium
by foreign banking institutions, which are
DESTROYS to make a favorable showing or
bullion reserves for their annual reports
The active speculation In grains and cotton
also has made continuous demand upon
New York for cash, which was not counted
upon at this season Of the year. me
smaller expenditures of the government as
compared with last year has expanded the
current surplus and made large demands
on the New York money market through
the subtreasury operations. The supply or
government bonds available for redemption
under the treasurys offer Is constantly
diminishing and so does not afford ade-
quate relief from the drain from the collec-
factor but also causes a sense Of uneasi-
ness as to the future effects. The sale OF
a large issue of New York city bonds was
effected and the reported purchase or the
Pocahontas Coal Company by the Norfolk
81 Western was supposed to involve some
syndicate borrowing. The money market
has in consequence, been active and strin-
gent during the week, and there was a
good deal Of liquidation of speculative ac-
counts forced by calling of loans.
ratio during the week and very heavily
dealt in, has been less of a disturbing ele-
ment than last week, its occasional rallies
exercising a sustaining influence on stocks
at times. The outlook is for well sustained
money rates until the end of the year and
repression of speculative buying, not
withstanding the prosperous conditions OF
general trade in all lines keeps the under
tone of speculation confident.
Railroad bonds have been quite active
fours and the fives advanced - per cent.
over the closing call of last week.
Following are Saturdays share sales and
the recorded price changes: