The sun., 1903-12-08
FINANCIAL AND COMMERCIAL.
MONDAY, Dec.

MONDAY. Dec. 4
Spectators, large and small alike, were
again inclined to make ventures to-day
in the stock market on the side OF higher
prices The great banking interests and
thu general public were still as lukewarm
regarding the market rs they have been
at any time. but the market is and has
been for weeks almost wholly subject to
the control within certain limits of the
body o. professional operators Occasion
has often been taken in this column In
the last year to emphasize the fact that
the buying and selling Of these men Is on
far greater scale than formerly There
are five or six speculators al ne who might
be named who make little Of trading during
each day, when the spirit moves, In rs, 900 or
800 o shares Of stock apiece The force
OF these men concentrated now on one
side OF the market. now on the other, is
very potent ust at present operators OF
this class, or the major portion OF them,
are speoulating Il the rise. They have
all recently been extremely bearish In
their views and they rehearse, when asked
for the reason OF their change OF heart.
the same arguments that they scoffed at
three weeks ago 1t remains to be seen,
Of course, whether they can or cannot
secure a public following in their altered
cours, II they cannot do 30 they will
probably soon appear again as heralds OF
business ruin
To-day's news facilitated operations for
the advance, though 1t is doubtful II any
considerable attention was really paid to
it. The most important factor In the
market, aside from the determination that
had been formed in powerful speculative
quarters to advance prices by main force,
was the absence OF liquidation following
the rise In prices that has already occurred
The market was tested in this way to some
extent on Saturday. During the first
hour OF business to-day the market was
left pretty thoroughly to itself. with tho
idea, doubtless, OF giving any latent source
Of weakness a chance to develop, but no.
body appeared anxious to sell stocks,
and 80 the buying movement, which stopped
last Friday afternoon, was resumed.
Other helping factors we're fall in call
money rates, due. 1t is said to large offerings
Of money here by the Chicago banks, and
an advance by one Of the large Southern
iron producing companies OF rs cents a
ton in the price Of pig iron for immediate
delivery and OF 20 cents ton for de-
liveries at later date. Sterling exchange,
moreover. was extremely weak. falling to
the lowest figures seen in this market II
recent years. Nearly sl,5oo.OOo in gold
was engaged in London for export to this
country. almost all Of it being bought IN
the open market and taken despite sharp
rise in the price for bar gold and for Amer
lean eagles in London. 1t is very evident
that the Bank OF England Is finding increas-
I'M difficulty in shifting from its own Golfers
the drain of the gold movement to this side
and discussion concerning rise In tho
Banks discount rate in the near future is,
therefore, becoming acute. Such r1so
will be postponed by the Bank as long az
possible, as 1t would clearly cause no little
disturbance at this time OF year in the
English capital; but the Banks directors
NAV be forced to act. The Presidents
MESA ge had little II any market influence
and it was generally regarded. so far as
Wall Street is concerned, as colorless
document. The few railroad earnings
statements that appeared showed, irregu-
larly, increases and decreases OF revenue.
The Great Northern earnings for November
decreased nearly 100000. On tho Other
hand, Southern Pacific's gross for October
increased 1884 .eS4 and It's net S437 ,3oe, tho
largest net gain in the roads earnings
seen for long time.
The strongest stock on the list to-day
was Amalgamated Copper, and its price
rose nearly points upon very large deal
ings. There was nothing to account for
the matter other than the passage by the
lower house OF the Montana Legislature
Of the bill drawn in the interests OF tho
AmslEsmated Copper Company by which.
practically. on tho more application OF
litieant suits at law In certain cases can bo
removed from the jurisdiction OF ono court
OF the State to that OF another. The bill
has yet to pass the Montana Senate. but
II will undoubtedly do so. A similar but
more extreme measure Of the kind pre-.
viously passed the Legislature. but was
declared unconst itutional by the Supreme
Court OF the State and the constitutionality
Of the proposed law must and will,
OF course, be tested In the same way.
Legislative enactments Of this sort seem
to people in tho East extreme, but 1t must
be remembered that the entire legal and
political situation in Montana is also ex-
traordinary. Fair minded people are, gen.
orally, quite willing to admit that there arc
certain Judges In Montana whose preju.
dice against the Amalgamated company
is obviously such that they are not fit to
sit in cases in which that company is con-
cerned. Other stocks in whose price largo
advances were recorded, aside from spe.
cialties like General Electric and Westing-
house Electric, were American Smelling
and Refining, Metropolitan Street Railway,
Missouri Pacific and Chicago, Milwaukee
and st. Paul common. The price OF the
active railroad shares advanced between
1 and points, the bulk Of the advance
however, In the latter part Of
the afternoon and only after some pretty
vigorous spurring by the bull contingent.
New York Stock Exchange Hales. Dec. Z.