The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-30
FINANCIAL AND COMMERCIAL.
MONDAY, Dec. 20

MONDAY. Dec 20.
The decline In prices In the stock market
to-day was asoribed BY operators for the
rise to the natural desire Of traders to Sc
cure profits. Bearish spectators main
tanned, on the other hand. that the market
was grossly overbought and that those
who had overbought 1t Jaw, In calm con-
sideration over Sunday, the folly Of their
efforts. The truth Is probably that as the
market has lately been wholly professional
one, with pools supplying all the buying
power. it turned dull and weak upon the
cessation. to-day. Of pool activity, Should
the various cliques choose to resume their
operation tomorrow. prices could easily
again advance. The advance already
recorded. however, has been made with the
gruGg ng permission Of banking interests:
and should this half-hearted attitude Of
the money-lending institutions change to
one OF distinct prohibition. it Ia not at all
difficult to guess what the result in the
stock market would be. The average
visitor TO bank parlors in this city at
present finds no encouragement there
to buy stocks for speculation, or even
TO make semi-specuative investments
Rather do those whom he asks for advice
eSpatiate upon the large sums that the banks
have recently had to provide 10 pay on
maturing foreign loans, upon the facts that
bank loans in this centre are greater than
bank deposits. that there are as yet no
SUBSTANTIAL signs Of anything resembling
easy money" in Wall s rect and the doubt
full question il when this easy money arrives.
gold will not lie exported o Europe. As bear
ing upon the anticipated investment
process. which usually is in evidence at
this time of the year, il may, perhaps. be
interesting for Wall Street spectators
to know that in the last week three large
bond syndicates formed to take and float
as many issues Of mortgage obligations
upon three railroad lines in the country
were dissolved, One Of these syndicates
only sold one-third, another syndicate
sold but one-quarter. and the third syndi-
dictate but one-flfth Of the bonds purchased
by them. while all the bonds subscribed
for are now selling in the market at less than
the subscription prices. The members Of
the various syndicates have, Of course,
been forced to take up the bonds unsold.
To-day nearly all stocks sold from one
to two points lower and closed slightly
above the lowest prices The market
opened lower than It closed on Saturday,
rallied little. sold down rapidly and then
became stagnant. The stagnant period
occupied most Of the day. The one stock
which clearly showed profit taking vas
Amalgamated Copper. The Street was
inclined to heed at last the positive denials
OF all parties concerned that no 'arbitra-
ton OF copper difficulties was medtated
and to observe the entire righteousness
OF such a story The abiding trouble
with the copper situation is not anything
relating to Mr.. TIeinze Of Montana, but the
over product ion Of copper metal and the
unwillingness, as yet, Of certain large
producing interests to admit the necessity
OF pooling arrangement in the copper
trade. The strongest stock on the list to-
day, as it has been for months past, was
Sugar. and the impression prevails in
quarters usually we'll informed that the
strength is due not so much to the favorable
prospect of the passage Of the reciprocity
treaty with Cuba az to the profitable nature
Of the sugar refining business in the last
twelve months.
The reports Of q number Of the smaller
railroad lines for November appeared
to-day, making. in almost every instance,
the sanc showing As that previously re.
corde d by the great railroad systems, OF
small increase in gross earnings and a
decrease. large or small. in net earnings
Money ruled around ~ per cent. through
out the day. touching Is per cent. at the
close, but the fact added little to the pres
sure upon the market. The acuteness of
the labor troubles on the Union Pacific
and the Southern Pacific systems was as
bearish factor as any that figured in the
days business. Those whose position en-
titles them to speak with authority on this
matter say that they are confident that the
employees Of the Union Pacific and Southern
Pacific roads. no lees than the managers
thereof, do not desire a strike. Hence,
they say. there will be no strike This Is
very much the same sort Of talk, however.
that was heard before the coal strike Since
the upshot of that affair Wall Street looks
upon official reservations that there
will be no strike" with good deal OF scepti-
c,sm. The unfortunate truth must be ad-
mitted that since the success OF the striking
coal miners. due to the Intervention OF the
Chief Executive Of the nation, the demands
OF labor unions all over the country have
been pushed to an extreme degree and have,
az a rule. been successful In extorting con.
cessions from frightened employers. The
stock market regards this. temporarily.
as good thing it's final judgment may,
perhaps. be different.