The sun., 1904-12-13
FINANCIAL AND COMMERCIAL.
MONDAY, Dec. u

The stock market to-day presented W
most critical observers an appearance
OF greater weakness than It did on its sem
sational break last week. although the de-
clines made were by no means accomplished
80 furiously as on the former occasion. IL
was indeed In this selfsame lack OF fury
that the true character OF the market was
evinced The violent fall In prices In few
hours last Thursday might have been due
to a speculative raid, perhaps conducted
in alliance with the extraordinary procla-
nation and adver tisements referring to
financial matters now emanating from q
Boston speculator. But no such explanation
could pass current concerning the market
to-day. There was. almost from the open
ing of the Stock Exchange session to it's
close, a ceaseess letting 60 OF stocks
OF every description held by the speculative
ciales and pools who have 30 long had the
market completely under their control
and have made life in Wall Street in the last
two months q sort Of deirium A fair
quantity, at least, OF the people interested
in the stock market came to business this
morning with the expectancy OF seeing
in the fore part OF the day a somewhat
higher price range for securities and with the
clenr intention. also, II these expectations
were realized, Of disposing Of a portion OF
their holdings upon that advance. host
of these spectators made up their minds
oyer Sunday that the rally in prices that
had occurred in the last two days OF last
week had been too rapid and tina: re-
action was in order; but they found that
their calculations, though accurate. we're too
slow. Opening quotations for stocks were
as a rule, point below those OF Saturday
and the doWnpour OF stocks continued, with
only one or two brief pauses and feeble
upward movements. throughout the day.
Amalgamated Copper was. "a II has been,
the centre OF weakness and the public utter
anoes of the Boston speculator referred
to no doubt had some influence upon specu-
lative sentiment. There was also rather
special pressure upon the United States
Steel shares. But inspection at the end
Of the day Of the table OF net changes in
stock quotations showed that the pressure
to sell stocks was. in truth. OF the most
general sort. Amalgamated Copper foil o.
points, Steel preferred 8i7 and Steel COM
mon 81: h,A declines OF from 215 to
81: points were common throughout
the entire railway and industrial list, and
they were, unquestionably, the result OF
more widespread and general liquidation
than has been Witnessed in the security
market at any time within twelve months.
With the possible exception OF Amalga-
mated Copper there was no stock in which
the selling was OF that rushing order which
notably attested the presence OF bear
manipulations. For the extreme fall OF
7 points in Consolidated Gas a special rea-
son, no doubt, existed in the change OF
front on the part Of the City Comptroller
by which he announced his determination
to overturn the settlement recently made
Of the municipal contracts for gas and cleo
trio lighting About half an hour before
the close Of business the market became
dull and prices rose over a point under
what seemed to be a covering OF short con-
tracts; but it again turned weak and closed
at the lowest prices. OF course, no one
thought Of regarding in any way the days
news Wheat was weak, cotton was fairly
steady and sterling exchange was very
strong, rising sharply above even the large
advance made on Saturday. Since Friday
sterling has risen nearly x OF cent pound
and to-day 81 100000 more gold was taken
for export. While the price movements OF
foreign exchange are always more or less
mysterious, some reason, certainly. for the
recent strength OF these bills is shown in
such statement OF our exports OF domestic
products for November as was to-day pre-
sented. They we're for the month SIS oO6.l56
against $lOS, 1894, ,3O2 in November last year.
Shipments OF breadstufrs and cotton de-
creased each over Ss.OoO.0Oo.
1t ia all very we'll to say, a. it was
said so commonly in the financial dis
trict to-day. that events have disclosed
that the epecutive stock market position
was much more unsound than any
body had supposed it to be. This
position was not, nor has not been in the
slightest degree. more unsouud than any
cool headed looker-on has at any time had
any difficulty in discovering, The domi-
nan, characteristic of the stock market
for months back has been, to an extent
rarely Witnessed, an affair Of purely
professional operations. There was in
the months OF September and October
a very considerable investment made in
stocks by people possessing ready funds
who found that prices Of bonds had adj
vanced beyond what they considered to
he reasonable figures, and who, in the
belief that the years harvest returns were
ossured and that the outcome of the Pres-
Dental election was also practically certain,
ventured upon the purchase OF stocks
Of the ordinary class. With knowledge
Of this buying and with money still con-
tinuing easy, speculstors like those Of the
90 called Western party began to plunge
in the market with their accustomed
fervor, only In more frenzied way. For
long time in spite Of the high prices made
there was no considerable liquidation Of real
investment holdings; but this liquidation
did take place, and on a large scale. in the
days Immediately following the election.
The stocks thus sold we're absorbed by the
speculative pools and other professional
buyers whose operations have been doubled
and even quadrupled beyond their usual
quantity At no time throughout the en-
tire period has the public" properly SO
called. been factor in the market in any
degree commensurate with the volume OF
trading, and what has happened finally
is what every person possessing the slight
eat experience in Wall Street has known
must happen sooner or later, that the pro-
fessional operators find that they must
sell out their stocks 10 each other. Just
what incident or force would arise
to bring this development about has