The San Francisco call., 1903-12-20
STOCK DEALING
SHOWS DECLINE
Active Speculation on Copper
and Steel Gives a Better
Feeling to General Trade
WAR RUMORs HAVE EFFECT
Splendid Returns on Railroad
Earnings for December Tend
to Help the General Market

NEW YORK, Dec. ia few stocks
supplied all the interest in to-day's
stock market. The continuance OF the
recent active speculation in Amalgama-
ted Copper and United States Steel
preferred showed a firm tone on the
better feeling regarding the trade out,
look. Opinions on the outlook In these
two metal trades are inclined to react
upon each other. There was a repeti-
ton OF yesterdays attack on Rock
Island and of the rumors Of a coming
equipment bond issue, to which that
attack was due. The coalerS were no
tably strong, especially the high-priced
stocks in the group. The foreign mar
kets showed in rather pronounced form
a. recrudescence Of the fears Of war be-
tween Russia and japan. A rumor
found circulation that Russia was seek
ing a war loan in Paris and that New
York bankers had been approached to
participate in the loans. A contin-
uance for any length of time OF the re-
cent course of our foreign trade would
offer a probability of some American
investment in foreign Government Sc
curities, but the volume OF demand Tor
railroad borrowing waiting to be salts
fed by our money market is for prior
decision. The bank statement showed
an even greater accumulation or cash
reserves than forecasts had indicated
and the preparation for meeting the an
nual dividend and interest dlsourse-
ment is plainly in evidence.
VOLUME is LIGHT.
There has been notable decrease
in the volume of dealings in stocks this
week and business has been largely
congested in a few of the specialties, in
which there was evidence Of the ac-
tivity of the organized speculative
parties. The advances in these stocks
has served to hold the general market,
despite the apathy and Indifference OF
the trading. The dullness is normal to
the approach of the holiday period 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 or the series of
meetings held in New York by mem
bers of the pools in various branches
of the trade to decide upon the ques-
tiOn OF MAINTAINING prices bClC was
much public doubt early in the week
as TO the maintenance of rates. and re-
ports were freely circulated Of selling
of independents below the schedule,
especially OF steel rails by number
of the great railroad systems of the
country. The rumor regarding the net
earnings of the United States Steel Cor
poration for the current quarter were
also very discouraging. AS the meet
! ings Of the different steel pools were
successfully held without making any
changes in the prices of their product
there was a marked change for the bet
! ter in the sentiment on the outlook for
| the trade. A better inquiry for forms
/ of structural steel was reported as a
/ result of adjustment Of soma Of the
! troublesome labor controversies which
/ have tied up operations in the building
! trades and a frmer tone for pigiron
/ developed as a result of the heavy cut
/ ting down of production and the taking
J of some large stocks off the market.
The progress Of retrenchment Of wage
reduction in the trade also gave prom