The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-20
WALL STREETS BUSINESS
CONFINED TO 4 FEW LINES.
COPPER AND STEEL STOCKS
LEADS THE TRADING.
Fear of War in the Far East Is
Reflected in Foreign Markets
Money Outlook Better.

4V0Cy OQIAVVA OCSSOAs
New York. Dec. ia few stocks Sup
piled all the interest in to-day's stock
market. The continuance OF the recent
speculation In Amalgamated Copper and
United States Steel preferred showed a
firm tone on the better feeling regarding
the trade outlook. Opinions on the out
look in these two metal trades are in
clined to react upon each other. There
was q repetition of yesterdays attack on
Rock Island and Of the rumors OF q COM
ing equipment bond issue, to which that
attack was due. The coalers were notably
strong. especially the high-priced stocks
in the group. The foreign markets showed
In rather prOnounced form q recrudeseIce
OF the fears Of war between Russia and
Japan. A rumor found circulation that
Russia was seeking war loan in Paris
and that New York bankers had been ap-
preached TO participate In the loan. A
for any OF time Of ths
offer q probability Of some American in
vestment In foreign Governments securi-
ties. but the question Of the volume OF de-
mands for railroad borrowings waiting 10
be satisfied by our money market Is for
prior decision.
The bank statement showed an even
greater accumulation Of cash reserves
than forecasts had indicated. and the
preparation for meeting the annual divi-
dend and interest disbursement is plainly
in progress. The loan contraction OF over
plus by decreasing the deficlt totals, the
surplus thus being expanded to over 04.-
100000 comparing favorably with tho cor
responding period In recent years.
DEALINGS SMALLER.
There has been a notable decrease in
the volume OF dealings in stocks this
week and business has been largely con-
gested In q few Of the specialties in which
there Is evidence Of activity Of the organ
these stocks has served to hold the gen.
eral market. despite the apathy and in
difference Of the trading. The dullness II
Rod. and the speculative tone is = witt
ing one. A large share Of attention has
been given to developments in the iron
and steel tSade. on account Of the series
Of meetings held In New York by mem.
bers Of the pools in various branches Of
the trade to decide upon the question Of
maintaining priceA
There was much public doubt early In
the week AZ to the maintenance Of rates
and reports were freely circulated Of SELL
ing by independents below the schedule.
especially Of steel billetA and Of urgent
q number Of the great railroad syrtems
Of the country. The rumors regarding the
net earnings Of the United States Steel
Corporation for the current quarter were
also very discouraging.
STEEL POOL MEETINGS.
As the meetings Of the different steel
pooh were successfully held without max
ing any change in tho prices Of their
product there was q marked change for
the better sentiment in the outlook for
the trade. A better inquiry for forms Of
structural steel was reported as q result
OF adjustment Of some Of the troublesome
labor controversies which have tied up Op-
pig-iron developed as result Of the heavy
cutting down Of production and the taking
Of some large stocks on the market. The
progress Of retrenchment and waue re-
duction In the trade also gave promise Of
important economies in operation. The
iron and steel and the copper trades were
inclined to react upon each other and the
Which, of f fDss1 fSs
improved sentiment over the steel out
look.
The detailed reports Of the arguments in
with great attention in the financial
world. and the bearing Of the points At
Issue in that case upon great mass OF
corporate securities and upon the organi.
with renewed force. This influence was
only mitigated by the probability Of the
final decision OF the case being still de-
I6fIe0 IOf 8evefal IuOntnS.
SENSE OF SECURITY.
The approach Of the end Of the year
brings with it a sense Of security in the
ability Of the money market to meet all
requirements without disturb
the Interior and the large inflow Of i'm
ported gold have 80 fortified the banking
reserves a. to anord apparently ample
margin for the temporary requirements
and interest and the meeting Of maturing
obligations. Provision for such Of these
obligations as are due TO foreigners has
sDS Sa, II es
away from the gold import point This
result has also been furthered by fa.line
Oh In the supply OF cotton bills In the ex>
change market. with the renewed advance
Interest II thus awakened IN the i'm.
portant question whether the abnormal
export Of cotton for October and Novem-
her In to give place TO CORRESPONDING
elapse In later months. To cotton exports
was due the fact that the exports and
the excess OF exports for November were
lifted to value only once exceeded Tor any
namely. In October Of 1890, when a great
wheat crop In this country coincided with
q disastrous shortage in European cr2ps.
between that season and this that gold
went GU. in large volume from New York
in January of 1901. Notwithstanding the
trade balance piled up In
our favor.
SPECIAL FACTORS.
In view Of disposition to draw this
analogy, It Is proper to consider the
special factors which were in force in
1901. There had been a series Of
Of the London and Globe Finance Cor
poration in London. The Bank of Eng
land was constrained 20 advance its dis
count rate from to per cent in the first
week Of the year. and 1t was estimated
that American securities were being sent
home to the New York market at the rate
Of n million dollars Q day.
1t would be remembered that the for
eiGn money markets became 30 dependent
upon American resources during the fol-
lowing months that one-hak Of q total is
sue of t60.000.0C of British consols was
placed with American bankers in the fol-
lowing April. and there was an impor-
amt American participation that spring
German and Russian loans. The expense
u the Boer War and the interruption of
he Transvaal gold supply were the prin-
.,paI disturbing factors in the foreign
money markets Of that time, for which |
here is no present analogy. The future |
which success will attend the efforts max |
ng to expend our foreign trade in manu-
actures and iror and steel are. neverthe-
ess. OF prime interest in estimating the |
financial future. Returns Of railroad gross |
earnings for the first week In December |
now a growth In the ratio OF increase |
,ver last year compared with those for |
he fourth week in November. thus con.
rlbuting to the undertone Of frmness In |
he stock market