The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-09
But OverworlSed the Trading, and q
Marked Reaction Set In, Caus-
ing Quotations to Fall.
PRICES AVERAGED LOWER
AFTER FIRST FURRY TRADERS GOT
TO REASONABLE BASIS.
Mornings Bulge Did Not Have Real
Support Behind 1t and Had to Come
Down to Buying Status.

NEW YORK. Dec. s.-The bull movement in
stocks continued in force during the early stages
OF to-day's stock market, but the precipitate
course of the advance overran the market. and
a reaction followed which carried the average
level OF prices below last night The, closing was
easy and without recovery. There was no news
of the day whose influence could be perceived in
the market.
The momentum of the previous advance and
the accretion natural to any speculative move
ment after a given amount of progress seemed
the principal elements of the strength. During
the bulge Of the morning there was more appear
ance OF animation and variety in the dealings
than any time heretofore. Stocks of all classes
were transferred in enormous blocks and at rap
idly rising prices. This great activity caused
skepticism about the market and induced pro-
fessional traders. watchful for signs of a turn,
to put short lines. When the market paused
after the first reaction and then started upward
again the demand from these uncovered shorts
helped the advance.
From the outset enormous sales to realize were
manifest In Brooklyn Rapid Transit, which was
conspicuous figure in last weeks advance.
Amalgamatcd Copper Jared better, adding a
pont yesterdays fve-point rise before it was
seriously affected by realizing. The sympathetic
effect OF strength in copper stocks generally In
homo and foreign securities markets and vio-
lent advance in raw copper in London helped this
stock. 1t dropped back subsequently, 2ss and
closed at a net loss of IL. with decided effect
upon speculative sentiment generally.
The failure of United States Steel preferred to
hold its 1iz-point advance another strong
influence in the reaction. Reports of difficulties
made by employees proposed reductions in
wages and rumors of the closing down of i'm
portant mills also affected this stock. 1t became
known this morning that gold taken in Lon
don yesterday for account of Chicago and New
Orleans to the extent of three-quarters of a
million of dollars, and additional engagements
were made to-day to the extent OF $500, 900.
The renewal rates for call loans generally
marked down this morning. Some unwary bor-
rowers were apparently in hope that still lower
rates would prevail Late in the day, when they
attempted to supply their needs and when the
active speculation had already made large in
roads upon the available money supply, the rate
for call loans was bid up to per cent. with the
urgent demands OF these belated borrowers This
furry In call money doubtless a potential
influence the reaction in stocks The optimis-
tic view OF the business and finances of the coun-
try taken by the secretary or the treasury was
cheering influence.
There can be doubt that confidence has been
greatly increased in the future financial security
OF the country by the current imports OF gold.
The immediate future of the market is, of course.
largely dependent upon the character and the
the tremendous outpouring to take profits on the
previous rise.
Business in bonds was principally in speculative
Issues, In which the price movement irreg-
ular. Total sales at value. were 81, 535, 0yJ.
United States bonds We're unchanged the last
call.
Following are the days share sales and the
recorded price changes: