The St. Louis Republic., 1903-12-16
STOCKS BARELY STEADY
AFTER DAY OF DULLNEss'
AMALGAMATED COPPER
LEADS THE MARKET.
Decrease in Net Earnings Of Rail-
roads a Factor in Emphasiz-
ing the Reaction.

New York, Dec. 15.-Eycept for the con-
siderable volume of dealings in one or two
stocks. to-days market was dull and at
times practically idle. The occasional pc
riods of activity were buying movements
for the frs, part of the day. but prices
slipped back to below last nights level
before the closing. and the closing itself
was barely steady.
During the carly periods OF dullness
holders Of stocks seemed content TO await
the demand. and there was no pressure Of
offerings when buyers paused in their op-
erations. A,nalgamaied Copper led the
market in point of activity and was lifted
l.s at the top level. The strength and ac-
tivity OF the London market for copper
seemed to be the inspiring cause of the
buying. and copper securities in other mar
kets sympathizcd with the movement:
Even United states Steel preferred had
some share in the early strength of the
market. and the urgent borrowing demand
for the stock for delivery pointed II the
necessities Of a short interest.
EXTENSIVE ECONOMIES.
The announcement of the extensive
economies contemplated by the company
was accepted as promising we'll for the
net earnings of the corporation. The late
reaction in the market centered in this
stock. and its drop 10 over a point below
last nights price upset the whole list and
wiped out the days gains. The repcrt
of The passing of the dividend on Cruci-
BILE Steel preferred was an influence on the
stock, although that company is recoS-
niEed as the victim of troubles peculiar
10 itself. The pending meetings Of the
members of the various steel pools were
subjects of interested surmise, and infor-
nation of their probable action on the
subject OF maintaining present prices was
hard TO get. Rumors were heard of an
intended cut in the price Of steel rails
and of difficulty in holding the pool to-
gether. which MAJ have helped the weak
ness OF United Steel preferred.
EARNINGS SMALLER.
The considerable decrease in net earn
ings reported by Baltimore and Ohio for
November was an influence on the side Of
reaction which was supplemented by re-
ports of an intended reduction in the
prices of soft coal. The speculative ele-
ment seemed to have put aside any mis-
givings over the Northern Securities case
1t was argued that the text OF the dec1-
sion might serve 10 define the legal limita-
tions under which the purposes of the
merger could be accomplished and SO clear
up the present unstable condition on the
matter. Sterling exchange developed
very strong tone on strong demand fof
bills. which was partly attributable to the
need to cover engagements of COLO in Lon,
don for import. Several hundred thousand
dollars additional were engaged to-day
and the first arrival Of japanese gold at
San Francisco was made available to the
New York banks by telegraphic transfer.
The extraordinary showing of the coun-
try's foreign trade for November was
studied with satisfaction in the financial
district With an increase in value Of ex-
ports over last year of $500. 700 and
decrease in value of imports Of $4,000, 900
the powerful control of the international
exchanges in favor OF New York is made
clear.
Bonds were dull and steady. Total sales
par value. sl.7So.0oo United States bonds
were unchanged on call.