The San Francisco call., 1903-12-19
EASTERN MARKETS.
Ne1g York Stock Market.

NEW YORK. Dec 1s.-The inertia Of to-
days stock market was slightly overcome in
the last hour OF the trading in sympathy with
the strong upward movement IN United states
Steel preferred, following the formal announce
ment that the steel billet pool had determined
upon a maintenance ~ present prices. Much
Of the dread OF unstable conditions in the steel
market and ~ disruDting disputes among the
members or the pools centered in the billet
tion had an immediate cheering effect all
connected with the iron and steel trades.
United States Steel preferred was taken in
enormous blocks at an advance Of Zk over
last night. The effect uD0n the general mar
ker. however. scarcely more than TO over
come the heavy and dragging tone which had
held prices back all day The recovery was
rs much lacking IN animation as had been
the decline. Pennsylvania showed the most
marked sympathy with the rise in United
states Steel preferred and gained over point.
As this stock has been very heavily sold on the
ground that the depression IN steel must affect
its tonnage 10 a large extent and earnings 70
3 LARGER extent than any other railroad sy-s-
TEN. its response 10 the rise in United States
hteel orelerfe' was na tural- The dealings IN
the latter stock completely overshadowed the
whole market IN point of volume
ANA lEamated Copper continued active but
was sluggish. and the London market for raw
copper reacted. There was a conspicuous
selling movement in Rock Island That stock
fell a Uoint. St Louis and san Fran
cisco second preferred 35s and the Rock
Isisnd , Der cent bonds a large traction
RumOrs Of coming bond issue were the cause
of this weakness. The SO. coo 000 Atchis0n
bond issue the subject Of continued dis
cuESlon and the cause OF heaFlnesE in Atcli-
con and ~ some other stocks in which bond
issues had been feared bur denied.
The revival Of apprehension the Russo
japanese dispute affected the market by
hection from London. The frrespOnsiveness Of
the market 20 the consistent frmness Of United
States Steel preferred was the more notable IN
view of the overwhelming preponderance Of
its volume of business. amounting 10 a third
q the whole The usual forecasts OF the bank
statement indicate a gain IN cash on the
regular export movement Of between 5000 600
and s4.o0o,eo0. while sub-Treasury operations.
including payments Of foreign gold have
yielded 70 the banks s.. .O41 600 This did not
allow for yesterdays receipts Of foreign gold
which amounted to nearly 81 900 600 The
call money rate was c0rrespOndingiy easy.
with these conditions existing on the verge OF
the lasl week ~ the year, Il IS not surpris-
ing that sterling exchange should continue to
rise strongly away from the gold import point
Cotton bills have grown parativelv
scarce also in the exchange market and II
Is not without significance that the week s
exports Of grain have fallen nearly i $50 600
bushels below those Of last week most Of
the decrease showing in wheat while the
value Of imported dryRoods rises more than
$500 600 over those OF last week
Bonds irregular. Total sales par
value, S1,sT5. 900. United States bonds were
all unchanged on the last call
NEW YORK STOCK LIST