The St. Louis Republic., 1904-12-16
SPECULATIVE ACTIVITY
IN STOCKS SUBSIDIES.
Dull AND SLUGGISH MAR
KET WAS EXPECTED.
Course of Amalgamated Copper
Is Still the Dominant Influence:
Other Interests Affected.

New York. Dec T5-The subsistence of
rpeculstfve activity in stocks vas very
marked to-day. the total sales for the day
irakirg smaller total than for several
months. a du!l and sluggish market IS
:he normal consequence from such shak-
ing up as prices have recently sustained.
end the postponement Of this subsistence
has been the cause of some surprise.
It was evident that the urgency OF liqui-
dation was greatly moderated and prac-
tically completed. but attempts 10 force
prices upward met with continual checks.
The absence of snv selling pressure ieft
the price level constantly above last night
renewals or tho advance.
At the opening the rise was most pro-
nouaced and the market most animated.
largely on account of reversal Of views
WHICH caused the sharp relapse in yester-
days late market. But the sensitiveness
thea demonstrated by the market to the
light currents Of rumor was an important
factor IN bcgettiEg the spirit CT caution
which ruled throughout.
The course Of Amaigamated Copper was
ettl of dominant influence and reactions IN
the course % its advance brought quick
response at other points in the list.
The coaiers vef> conspicuous features in
0le opening advance. particularly Reading.
the favor shown that group being due to
zattering reports of conditions in the coal
industry. The belief that the new control
Of the Cincinnati. Hamilton and Dayton
system was desired for the benefit Of Erie
g helped that stock as we'll as the coaIers
generally. Reviv ed r;IElors OF The disposal
of Lehigh Navigation also played a part
in tha. particular movement.
The Metropolitan Traction group vas af-
1ected by the announced Intention TO enter
and the simultaneous depression Of Inter
borough Rapid Transit on the curb was
attributed to the same cause.
The United States Steel stocks. especial
ly the preferred. were steadily accumulat-
ed. Trade reports were OF very large or
ders for various lines of finished products.
including steel rails. The successful con-
c.usion Of the London stock market set
Element. about which some anxiety had
been felt, was helpful TO this market Ne
gotiations were in progress locking to gold
small engagement for South America.
Money was easy. both for call loans and
on time. and confidence was felt that. with
the l!ehtened demand for speculation in
the stock market. there was no danger
deserted.
The sudden dullness gave rise to some
rumors that some important development
was hanging over the market such as a
decision in the Northern Securities case
or more definite formulation of the ad-
piaIl CI Cetll!lV VIII the reg
ulation of railroad freioht rates
In the same vague category was the sup
position that assistance had been extended
to Il financial institution regarding which
fumors yesterday weakened the late stock
market.
The uncertain tone Of the market con-
tinued up TO the last. but the closing was
steady and some considerable advances for
the day resulted.
Bonds were dull and irregular. Total
sales. par value. SIS. 90.
United States bonds were unchanged On
call.