The daily morning journal and courier., 1903-12-16
gimanrial.
 YESTERDAYiS STOCK MARKET
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 Dull and st Times pracsicaliy Idie.
 New York, Dec. II. Except for the
 considerable volume. of dealings in one
 or two stocks, to-day's market was dull
 and at times practically idle. The oc- casionai periods Of activity were buying
 movements for the first part of the day,
 but prices slipped back to below last
 nights level before the closing, and the
 closing itself was barely steady. Dur
 ing the early periods of duilness holders
 Of stocks seemed content to await the
 demand, and there was no pressure of
 offerings when buyers paused in their
 operations. Amalgamated Copper ruled the market in point of activity and was
 lifted 1S at the top level The strength
 and activity of the London market for
 copper seemed to be the inspiring cause
 of the buying, and copper securities in other markets syrnpathized with the movement. Even United States Steel prefred had some share in the early strength of the market, and the urgent
 borrowing demand for the stock for de- livery pointed to the necessities of short interest.
 The announcement of the extensive
 economies contemplated by the compa-
 ny were accepted as promising well for
 the net earnings of the corporation The fss4n g.S l.. centered in this stock and it's drop to
 over a point below last nights price upset. the whole list and wiped out the day's gains. The report of the passing of the dividend on Crucible Steel pre- ferred was an influence on the stock. The pending meetings of the members of the various steel pools were subjects of interest, and information of their probable action on the subject of main- taining present prices was hard to get. Rumors were heard of an intended cut in the price of steel rails and of 7iff1- eulty in holding the pool together, which may have helped the weakness of Unit ed States Steel preferred. The considerable decrease in net earn ings reported by Baltimore and Ohio for November was an influence on the side
 of reaction, which was supplemente ed by reports of an intended reduction in the prices of soft coal. The speculative ele- ment seemed to have put aside any misgivings over the Northern Securities case. It was argued that the text of the decision might serve to define the legal limitations under which the pur- poses of the merger could be accom- plished, and so clear up the present un- stable condition on the matter
 Sterling exchange developed a very strong tone on a strong demand for bills, which was partly attributed to the need to cover engagements of gold in London for import. Several hundred thousand dollars addition were engaged to-day and the first arrival of Japanese gold at San Francisco was made avail able to the New York banks by tele- graphic transfer.
 The extraordinary showing of the country's foreign trade for November was studied with satisfaction in the financial district. With an increase in
 value of exports over last year of s35,-
 GOO, 900 and a decrease in value of im-'
 ports of s10,oo0,00o. the powerful control
 of the international exchanges in favor
 of New York is made clear. ,r;
 Bonds were dull and steady. The
 total sales, par value, aggregated S1,-
 TS0000. Y. aS N ss+' United States bonds were unchanged on call. ..,:*r | r@ ~,