The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-19
STEELLEADS THE MARKET
DECISION OF BILLET POOL CAUSE OF
STRENGTH IN STEEL.
Rock Island Heavy on Rumor of Bond
Issue-Atchison Continues ListIess
Good Bank Statement.

NEW YORK, Dec. 1s.-The inertia OF to-day's
stock market was slightly overcome in the last
hour Of the trading. The upturn resulted from
the strong upward movement in United States
Steel preferred. following the formal announce
ment that the steel billet pool had determined
upon a maintenance OF present prices.
Much Of the dread of unstable conditions In
the steel market and of disruptng disputes
among the members of the pools centered in the
billet trade and the definite settlement of the
question had an immediate cheering effect on all
stocks connected with the iron and steel trades.
United States Steel preferred taken in enor-
nous blocks at advance Of 2b over last
night. The effect upon the money market how
ever, was scarcely more than to overcome the
heavy and dragging tone which had held prices
back all day. The recovery was as much lacking
in animation had been the decline.
Pennsylvania showed the most marked sympa-
thy with the rise in Steel and gained over
point AS this stock has been very heavily sold
on the ground that the depression in the steel
and iron business must affect its tonnage to a
large extent and earnings to a larger extent
than any other railroad systems. its response
to the rise in Steel was natural. The dealings
latter stock completely overshadowed the
whole market in point OF volume.
Amalgamated Copper continued active, but was
sluggish. and the London market for raw copper
reacted. There a conspicuous selling move
ment in Rock Island That stock fell over point.
st. Louis & San Francisco second preferred sss
and the Rock Island per cent. bonds large
fraction. Rumors of a coming bond issue were
the cause OF this weakness. The $40, 600, 600 At
Gibson bond issue was the subject Of continued
discussion and the cause of the heaviness in
Atchison and of some other stocks in which bond
issues have been feared but denied.
The revival OF apprehension over the Russo
Japan dispute affected the market by renection
from London The Responsiveness OF the gen.
eral market to the consistent frmness OF Steel
preferred was the notable In view or the
overwhelming preponderance of Its volume OF
business. amounting to one-third Of the whole
The usual forecasts of the bank statement In
movement Of between $1,000 900 and "a. 600, 600.
while subtreasury operations. including payments
for foreign gold have yielded to the banks
So 041 900. This did not allow for yesterday re-
ceipts of foreign gold. which amounted to nearly
81 800. 000. The call money market was corre-
spondingy easy. With these conditions existing
on the verge of the last week OF the year, Ii is
not surprising that sterling exchange should
continue to rise strongly away from the gold
lively scarce also in the exchange market and
II is not without significance that the week s
exports of grain have fallen nearly 1.25O. 600 bu
below those of last week. most OF the decrease
showing in wheat, while the value OF imported
dry goods rises more than 100000 over those
of last week.
Bonds Were irregular. Total sales. par value.
sS75, 600. United States bonds were unchanged
on call.