The sun., 1903-12-31
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Dec. 80.

The security market to-day absorbed
with only small net declines in prices heavy
proft-taking sales on the part of operators
great and small. who have been buying
| stocks in the last ten days. Sales for
London account were few in number and
| 1t is reasonably clear that the quantity
Of American securities held in London
in speculative way has been re-
duced to minimum proportions. 1t Ia
estimated that London houses have sold
| in this market in the last week no less than
l25,0O0 shares of stock, and there can be little
doubt that the London market is therefore.
comparatively bare of American shares.
To-day's local liquidation was wholly
natural and expected. The market has
been advancing rapidly, yesterday being
TIE fifth day on which prices at the close
were, on the average. higher than they were
at the close of the market on the day pre-
vious. Another force which undoubtedly
also exercised some influence to-day was
the fact that in view of the Stock Exchange
holiday on Friday, the purchaser of stocks
to-day would have to pay interest on them
until next Monday; the purchaser Of stocks
tomorrow, on the other hand, will not have
to pay for them until next Monday. Per-
haps this was not very great matter, mas
much as interest rates to-day were by
no means eXorbtant and were, indeed,
low considering the time of year Neverthe-
less, it probably entered into the calcua-
tions of the large traders. Call money rates
to-day went no higher than I per cent and
in the closing hour of business money was
freely offered at ~! per cent. The room
~ ,lotD tIn ,,l,,r
of the market, were encouraged to sell
stocks for turn 1t can hardly be said
that any news developments during the day
were of influential character. European
cables We're generally non-committal as
to the Russo-Japanese imbroglio, it being
perfectly well understood that until the
Russian Government makes some answer
to the recent note addressed TO il by Japan,
which it is now evident was not at all in
the nature of an ultimatum, any outbreak
of hostlities is impossible. Foreign en-
change was again very weak, 70 that
further small quantity of gold was engaged
for import in London and larger amounts
were sought for
The Della ware and Hudson shares re-
fected the disappointment Of certain spec
ulatorS who imagined that it was poss ibe
that at the meeting of the directors held to-
day fer the purpose of fixing the dividend
ra lie on the company's shares for the coming
year an advance in the rate would be
ordered. No such advance was, however,
expected by those familiar with the plans
of the company. and that the directors
determined to continue the dividends at
the prevailing rate CT per cent. does not
at all take from the fact that the Della ware
and Hudson company is now earning rs
per cent on its stock and that the book
value" Of its shares Is far above the price
established for them in the market. South
ern Pacific stock, too, met some selling
because of stories in the morning news
papers that the ground under certain por-
tons of the Lucin cutoff on Salt Lake
was again sinking; but the difficulty that
has arisen there is in reality of trihng
cha ra cter. So, too, bearish comment was |
excited in certain quarters by the Readings |
November earnings statement. showing !
decrease in surplus for all companies |
# $36i, ,56l. The Erie's decrease for Novem- |
Der of over $500, 900 also figured in the same !
class. The reason for these decreas es |
s, OF course, perfectly plain. The an
hra cite coal strike ended in October last |
-ear. and in the succeeding month the |
business of the coal roads was enormously |
wollen by n rush movement of coal TO |
market. Companions made with the earn
ngs of the roads in those months is wholly |
Infair.
The real feature of the days market |
vas, as it was yesterday, the large buying |
If United States Steel shares. The direc-
ors of the United States Steel Corporation
meet next Tuesday for the purpose, among
1ther things, of deciding at what rate divi-
lends on the common and preferred stocks
If the Corporate ion shall be paid during the
quarter. Wall Street has been
flooded in the last three months with esti-
mates, whose speculative origin was quite
of an alarming falling off in
he business of the Steel Corporation. The
market movement in the Steel st ocks to-day
indicated that the extended short interest
in the shares was agitatcd with very con-
doubt as to the correctness of the
upon which it had acted. While
no official intimations concerning the earn
ngs of the Corporation have. of course
been given, there are reasons for believing
hat the reduction of the business profits
IF he Corporation has been, indeed, en-
iggerated Prospects for the steel business
in the coming year, too, are not at all dark
something more than the hope. therefore,
Exists that the directors of the Corporal ion
will continue the present dividend distri-
oution of 2 per cent. upon the Corporations
st ock.
New York Stock Exchange sales, Dec. 30.