The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-15
BUSINESS IN STOCKS
FALLS TO LOW LEVEL,
CONTINUED STRENGTH Is
SHOWN, HOWEVER.
Northern Securities Argument
Has Little Effect-Dividand
Payment Anticipated.

New York Dec. 1t-Tradins in stocks
to-day fell sharply below last weeks aver
Lgc Of activity. the days total hardly en-
ceeding 100000 shares. The market, how
ever showed wcil-sustaincd strength and
closed firm at the top level Of the day or
near il. There was considerable early hes
itation. but the gradual advance met with
few setbacka, and the occasional intervals
| of dullness when buying was intermittent
were followed by no important reactions.
The action of the market was dsap-
rointment to the bear element. and their
buying To cover furnished one Of the i'm
rcriant sustaining influences. In Penn
sylvsnia and United States Steel preferred
particularly there was Il repetition OF the
pressure which kept the whole market I'M
sottisd during the Latter part of last week
and which was believed by the bears to
herald q renewed decline.
BEAR PARTY'S THEORY.
There is Il speculative party in the mar
ket which avows the conviction that the
recent considerable recovery in stocks has
simply represented Il normal reaction from
the preceding prolonged decline. and that
Win me elimination of the recovery a de-
cline OF st,il greater force is in prospect.
Inc snort duration of last weeks reaction
was IN ltSeif Il discourse cement to the fol-
lowers OF this opinion and they were in
clined to reverse their position when prices
started upwards again. The more cheerful
tons. ar tne London market WAS Il helpful
factor here ana buying orders for LonIon
account gave 1t SUBSTANTIAL backing.
i."n"oh LOOK a more hopeIui view again
ut the outlook for peace IN the Far East
and The discount market there worked
easier. Sterling exchange here was very
firm. with II good demand for remittance.
Blu; gold was again secured in the London
market for shipment. to New York to the
amount OF UPWARDS OF SyttlUsl The an
nounceTnent mad the usual stimulating ef-
.eCt upon the stock market.
NORTHERN SECURITIES
The beginning of the argument in the
Northern Securities case at Washington
seemed to have some carly repressive eff
feet ON activity. but traders seemed to
come TO the conclusion that the possibil
ty of Il considerable delay still in the de-
cision ana the extent to which It posi-
bly, untavosabic decision had already been
discounted, left il una vailablc for imne
date further speculative commitments.
tne dividend ON the standard Uil Com
pany stock uayatle Tomorrow will be the
occasion for the disbursement of $4,000
ore. and several other dividend payments.
including that of the Consolidated Gas
Company. will be made at the same time.
The impression was created that buying
of stocks was going on to some extent in
anticipation of the receipts of these funds.
The strength of the market was pretty
evenly diff,ised. but Amalgamated Copper,
Union Pacific and Southern Pacific were
notably strong. their gains exceeding the
2-roirt mark a strong demand for raw
copper helped the Amalgamated stock.
advantage to the coal-carryinE roads. and
to the demand for seasonable merchandise
in all branches.
Bonds were not very active and about
steady. Total sales, par value, $1.3S0, tnp.
United States bonds unchanged on call.