The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1901-12-29

a number of prominent stocks with synpa-
thetic effect on the list The operations by the
bears were overdOne. according to the indca-
tons Of the latter part Of the week, and their
efforts to retrieve their position by covering
short contracts caused Tecoveries to about last
weeks closing prices. These developments
gave some animation to the market in spite
of the tendency to dullness Characteristic Of the
holiday period. Activity has been largely con-
gested in a few speculative faVorites and there
has been no evidence of what is called out
side interest in the market, beyond some in
Nestment buying Of high grade bonds and
stocks, presumably in anticipation of the Janu-
airy disbursements of profits. These disburse-
ments viii reach unprecedented proportions this
year and viii include many new dividend pay
ers, besides the important increase in distri-
button by old dividend payers. Preparation for
these disbursements makes large temporary de-
mands upon the market and the activity of
the money market has kept apprehension alive
with hurries caused by calling of leans which
throws stocks held on margin upon the market
and thus initiates against operations for an
advance. Sugar has assumed the dominant
position IN the market lately held by Amalga-
mated Copper and its violent decline affected
the whole market, while it lasted. Its equally
violent recovery effective factor in
raliylng the market. This stock was sold with
Lschless freedom by the pears, on the assuInp-
ton that conditions in the trade We're analogous
70 those recently prevailing in the copper trade
giving ground Tor expecting similar prolonged
decline in the stock. Their campaign resulted
IN a rout. The question of railroad earnings
presents contradictions which have led to sus-
picions that conditions have been under manip-
ulatOn for the purpose of influencing public
opinion on the subject of combinations and
community Of ownership. Reports seem agreed
that there is such a pressure of traffic of vari-
Gus kinds Offering to railroads that their car
( il. Branches Of the iron trade are reported
in a condition of real distress from inability
TO secure delivery of material or product, and
grain dealers are said to be forced to hold
grain. because there to carry it.
Cutting Of freight rates under these ciFcum-
stances forms an anomaly that has given rise
TO the suspicion that railroad interests are
seeking TO demonstrate to the public the con-
tinned independence of operation OF railroads,
Notwithstanding the community of interest.
Railroad officials assert that the expiration of
annual traffic contracts and the formation of
new ones explains the present Discrimination
{ of freight rates. Signs of solcitude on the
part Of those concerned in the Great Northern
community Of interests have caused some dis
quiet among speculative operators, as the fu-
ture Of the stock market is felt TO be intimately
bound up with that of the mass of securities
concerned in that transaction. The formal
pronouneement by the president of the Greau
Northern, given to the public at the beginning
Of the week. WAS much discussed. 1t gave rise
TO some fear that sntagCnsms remained, in
spite OF the so-caled Northern Pacifc settle
nenJ Wllch might leave room for future con-
test and ENHANCEMENT Those who accepted
me me sIateiIent as a plea for non-lnterventIon
by state authorities against the Northern Sc
curities Company saw in it one Of the signs
Of solcitUde which might argue a less conf
dent frame Of mind among the projectors than
is publicly professed. Another development
which caused disquietude was the report of de-
creased earnings for the third week in Decem-
Der as compared with the previous year of the
most representative railroad systems in the
West and Southwest. Explanations are offered
railroad traffic that is only temporary; that the
cutting Of freight rates which probably had to
do with the decreased earnings is also on tenn
porary; that comparisons are made with an
extraordinary level Of earnings last year, es-
pecially in the Southwestern regions. The re-
ported decreases mad no effect on the prices Of
stocks. those which showed marked declines
in earnings leading the strong advance in the
STOCK market the latter part og the week. The
undertone Of speculation has remained con-
hdent and the belief prevailed that the pass
ing Of the year-end money requirements would
be followed by a January rise in prices such
as is not unusual in the stock market. The
clearing conditions in the copper trade the
extraordinary activity in the iron and steel
industries, the unprecedented holiday trade
the prosperous conditions Of general business
and evidences Of relief from the prolonged
crisis in Germany are all looked to to benefit
the future stock market.
There has been a good absorption Of bonds
during the week.
United States coupon IS and the old As adj
Eanced Il and the 5s registered declined Il and
do coupon y per cent from the closing cali of
last week.