The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-19
STOCK MARKETS INERTIA
Is OVERCOME BY STEEL.
SUDDEN RISE DUE TO Bill
LET POOL AGREEMENT.
Railroads Also Affected by Pros
pect of More Settled Com
mercial Conditions.

New York. Dec 1s.-The inertia OF to-
days stock market was slightly overcome
in the last hour of the trading in sympa-
| thy with the strong upward movement in
United States Steel preferred. following
| the formal announcement that the steel
billet pool had determined upon MAIN
tenance of present prices. Much Of the
dread of unstable conditions in the steel
market and of disrupting disputes among
the members of the pools centered In the
billet trade. and the definite settlement of
| the question had an Immediately cheer
ing effect on all connected with the iron
| and steel trades. United States Steel pre-
| ferred was taken in enormous blocks at
an advance of 2is over last night. The
effect upon the general market however
was scarcely more than to overcome the
| heavy and dragging tone which had held
| prices back all day. The recovery was as
| much lacking In animation as had been
| the decline.
PENNSYLVANIA HELPED.
| Pennsylvania showed the most marked
sympathy with the rise in United States
| Steel preferred. ana gained over a point
AS this stock has been very heavily sold
on the ground that the depression in steel
must affect its tonnage and earnings TO a
| larger extent than any other railroad sys-
TEN, its response to the rise in United
States Steel preferred was natural. The
dealings in the latter stock completely
overshadowed the whole market in point
of volume. Amalgamated Copper conttn-
ued active but was sluggish. and tho
London market for raw copper reacted.
There was n conspicuous selling move
ment in Rock 1sland. That stock fell over
ond preferred 3ts and the Rock Island 8
percent bonds a large fraction.
Rumors OF coming bond issue we're the
cause of this weakness. The $4,000 900
A ff cfytNy apt 80
continued discussion and the cause of
feavfness in Atchison and of some other
stocks in which bond issues have been
hension over the Russian-Japanese dispute
affected the market by reflection from
London. The Responsiveness of the mar
States Steel preferred was the more nota-
BILE in view OF the overwhelming prepond-
erance Of its volume Of business. amount
ing to one-third OF the whole
MONEY MOVEMENT.
Tho usual forecasts Of the bank state
rent indicate gain In cash on the reg
ular export movement of between 100000
and 100000. while subtreasury, opera
tons, including payments for foreign gold,
have yielded to the banks s3.041,O00. This
did not allow for yesterdays receipts of
foreign gold. which amounted to nearly
inely easy. With these conditions exist
Ing on the verge of the last week of the
year 1t Is not surprising that sterling ex-
change should continue to rise strongly
away from the gold import point. Cotton
bills have grown comparatively scarce also
In the exchange market, and II Is not
within significance that the weeks ex-
ports of grain have fallen nearly 1.250.OoO
bushels below those of last week, most of
the decrease showing in wheat. while the
value of imported dry goods rises more
than $4,000 over those OF last week.
Bonds were irregular. Total sales par
value $4,000. United States bonds were
unchanged on call.