The Birmingham age-herald., 1903-12-20
LITTLE INTEREST
 IN STOCK MARKET. U, s. Steel Stocks Showed a
 Firm Undertone COALERS ARE ALSO. STRONG There Has Been Notable Decrease In the Volume of Dealings In Stocks
 This Week and Business
 Has Been Coneested.

New York December 19.-A few stocks supplied all the interest in today's stock market. There was a continuance of the recent active speculation in Amalgamated Copper and United States Steel preferred showed a firm tone on the better feeling regarding the trade outlook. Opinions on the outlook in these two metal trades are inclined to react on each other. There was repetition of yesterdays attack on Rock Island and of the rumors of com ing equipment of bond issue to which that attack was due.
 The coalers were notably Strong espe- cially the high priced stocks in the group The foreign market showed in rather pronounced form recrudence of the fears of war between Russia and Japan A ru- nor found circulation that Russia was seeking war loan in Paris and that New York bankers had been appealed to for the loan. A continuance of any length of time in the recent course of our foreign trade would offer a probability of some American investment in foreign securi- ties.
 There has been a notable decrease in the volume of dealings in stocks this week and business has been largely congested in few of the specialties in which there
 
 speculative parties. The advances in these stocks has served to hold the gen. eral market despite the apathy and indf- ference of the trading. The dullness is normal to the aprpoach of the holidays also, and the speculative tone is a waiting one. A large share of attention has been given to developments in the iron and steel trade on account of the branches of trade to decide upon the question of man. ufacturing prices. There was much pub lie doubt early in the week as to the maintenance of rates and reports were circulated of selling by independents be- low the schedule, especially of steel billets and of urgent pressure for concessions on steel rails by a, number of the great rail- road systems.
 The rumors regarding the net earnings of the United States Steel corporation for the current quarter were also very dis couraging. As the meetings of the duffer- ent steel pools was successfully held with out making any change in the prices of their products there was a marked change of rthe better in the sentiment out on the outlook for the trade. A peter inquiry for forms of structural steel was reported as a result of the adjustment of some of the troubles of labor controversies which have tied up perations in building, and firmer tone for pig iron developed as a result of the heavy cutting down of the produc- tion and the taking of some larger stocks off the market
 Provisions for such of these obligations as are due to foreigners has caused a sharp rebound in the sterling exchange market and has lifted it away from the gold import point. This result has also been guaranteed by a falling off in the supply of cotton bills in the exchange market with the renewed advance in the price of cotton. Interest is awakened In the question whether the abnormal export of cotton for October and No- vember is to give place to a corresponds ing relapse in later months. The cotton exports for November were lifted to value..onlv once exceeded for any month In the history of the country, namely, in October of 1900, when greatw heat crop in this country coincided with a disas- trous shortage in European crops. It will be remembered that the foreign markets became so dependent on Ameri- can resources during the ten months that one-half of total issue of geo 900 of British consols were placed with Ameri- can bankers in April and this was an important American participation during the spring in an imperial German loan and in other German and Russian loans The expense of the Boer war and the Interruption of the Transvaal gold SUD- ply were the disturbing factors in the foreign money markets at that time for which there is no present analogy. The futures of our cotton exports and the extent to which success will attend the efforts making to expand our foreign trade in manufactures and in iron and steel are nevertheless of prime interest in estimating the financial future. The returns of railroad gross earnings for the first week in December show a growth in the ratio of increases over last year compared with those of the fourth week In November this contributing to the undertone and frmnes sin the stock market. The bond market failed to reflect any investment in demand in anticipation of January disbursements. u. s. bonds unchanged.