The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-13
STOCKS ARE IRREGULAR
AFTER WEEK OF ACTIVITY.
REACTIONARY TENDENCY
CAUSES NO ALARM.
Continued Gold Imports and In-
crease of Exports Cause Deep
Study in Wall Street.

the reactiOnary tendency prevailed. There
was no perceptible response to new cause:
| in the movement which represented the
| working out of speculative contracts
| Some support was accorded to United
States Steel preferred. and this had a sen.
timental effect on the general market. The
advance In that stock. however. encoun-
tered fresh selling. and the bears did not
! show great uneasfness. Profit-taking in
Brooklyn Rapid Transit was conspicuous
| and cost that stock nearly 2 points at one
| time. There was pressure against Penn
syivania; a. and ., the bears rssorted to the
| coming year at So in the curb market.
GOLD MOVEMENTS.
Inc money and exchange markets were
nominal. as usual. on a Saturday, but
cabled reports were of an expected ar
rival In London next week of $25O0,OO0 in
S York wn san Is likely to be taken for New
throughout the country show a slight in
crease over last year for the first time in
many weeks. New York clearings having
risen over last year with dominant effect
on the averages. Other Eastern centers
still show a lower level of cIearings. but
for the West and the country at large the
the banks concerned closely with the fore
cast and the decrease over a million in
loans left only a small change in the de-
post I'll Item m. in the reserve reqgirements
to $s07.s75. compared with 1886 800 a
year ago. The market closed irregular.
but near the lowest; after lively. sell
ing movement following the publication OF
the bank statement.
DEALINGS LARGE.
The daily average Of dealings in stocks
has risen to near million shares this
week. The market has been highly ire
guiar, advancing at times and meeting
with backsets and reactions, which leave
the net results Of the movement Of prices
small sias But a large distribution Of secure
ties has presumably been effected at a
profft and the new holders have shown lit
tie disposition to throw over their hold
ings at recessions; The action of the mar
proved sentiment regarding present con-
ditions and prospects. The reactionary
movement is regarded as normal after so
e son an advance. The approach Of
the end OF the year and the annual set
Elements to be met at that period beget
conservative spirit about financial COM
mittmentS owing to the likelihood of fur
large temporary requirements upon re-
sources.
The hearing Of arguments in the North
ern Securities case, set for next Monday,
and the belief in an early decision in that
case. are the occasion of some forebod-
ings. It is true that the prevalent belief
Is that the decision of the lower court
cisiOn OF the Supreme Court pointing to
the probability that an unfavorable de-
cision has been discounted. according to
precedent shows that Supreme Court de.
crees on cases of this wide-reaching char
acter are Of long-continued and sweeping
enect on the securities market. The eff
feet OF the decisions in the transmissouri
freight case and the Joint Traffic Associa-
ton case are examples.
FEAR OF AGITATION.
These presidents are REINFORCED in
their influence by the prevalent dread in
financial circles that an agitation against
the great industrial and financial COM
binations may play a large part in the
approaching national political campaign.
The vuineIability to adverse criticism Of
current litigation is an additional factor |
in making speculative sentiment on the |
subject sensitive. But these influences |
have merely modified the conviction Of an
hope of better things In the future.
r. Even IN the iron and steel trade the |
further indications of the enormous con- |
traction that has taken place are mingled
with some signs that affairs are in train |
FOR an Improvement. Trade statistics OF |
December ! show the process of reduction
% Proc Msi stu heavily in progress.
IN requirements. as unsold stocks have
still further accumulated But a some:
Mnat peter inquiry and hardening tend
'ncy OF prices Is reported both in the iron
md structural steel departments.
BILLET ROOL MEETING.
Next weeks meeting the steel billet pool
IS awaited with great interest to disclose
whether sufficient confidence in the de-
nand at current prices is felt to avoid a
'urther concession. Appreciation is grow
ug OF the irnpnrfupco ,,pnv, ho s1Ovv,n, |
financial situation of the extraordinary |
curse of our foreign trade. The Novem-
Der return of domestic exports shows the
,reatest value for cotton exports for any
month IN the history OF the country. The |
ieclining value of the cOuntry's imports is
10 less significant in the explanation of
md the persistent inward movement of
.old, notwithstanding the employment Of
ieyices BY foreign banks to protect their
The decline in prices of our commodities
the expectation that the decline
n imports will continue. and puts our
products on basis to COM
sing growth in manufactured exports.
efforts are being made 10 ex-
end the foreign markets for iron and
inary outward movement of cotton In
ties comparison with the great export
movements Of wheat a few years ago.
TRADE BALANCE.
Ine enormous trade balance in our favor
nus Quilt up was an important element
the era Of expansion which followed.
Will be remembered that foreign hold ,
ngs OF our securities were swept home in | I
nooo' as result. and American holdings \
foreign Governments securities were ..
lrSeiy extended in the struggle to adjust
ne balance. Then followed the tremend-
Us outpour1ng Of new capitalization,
,men Il became the problem Of the time
AZ a,psoro: IN the struggle to take care