The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-25
FINANCIAL NEWS
AND COMMENT
Lower Anaconda Dividend and
Rumor Of Cheaper Copper
Weakens Stocks.
COPPER SHARES DECLINE
Renewed Liquidation Of Local
fractions Influences the
General List.

Despite the holiday tendencies and
additional reasons for inaction provided
by the uncertain aspects OF the general
financial situation, yesterdays stock
market, although still highly profess
sional was not altogether without feature.
This was provided by continued declines
IN the ira ctions in the forenoon and in the
afternoon by a more or less pronounced
display OF weakness in the coppers. fol-
lowing the announcement Of a reduction
In the Anaconda dividend and reports to
the effect that the price OF copper had
been hxed at % cents for the hrst quar-
ter of the year. There was no conhrIna-
ton OF the new price, but enough "
known in financial circles to warrant the
assumption that a reduction will have
to be made eventually to bring that CON-
modify in line with others which have
experienced price reductions lately.
Business increased with the weakness.
but the market was still without great
significance.
Nevertheless the combination OF un-
favorable factors with which the mar
ket was confronted during the day again
tended TO emphasize the uncertainties
which will have to be faced at the end
of the current year with the abandon
ment OF all price regulation. 1t goes
without saying that the majority OF the
financial community considers the mar
ket heavily ,oversold; but at the same
time there does not seem to be any great
disposition on the part Of those who have
been selling stocks for the past week or
more TO cover their outstanding con-
tracts. especially as long as the money
situat ton remains as II Is and 30 much
encoura cement of a bearish nature can
DO obtained from the railroad situation.
However. the pressure does not seem to
have resulted in bringing out any real
stock. and in this respect, at least, II
may be said that the market presents a
decidedly favorable aspect. The fact
| that there was still some degree or sta
billy in the rails, in spite OF reports
which are coming from Washington
she wing a tendency toward Government
ownership, was also an encouraging
sign but on the whole the market yes
terday was very unsatisfactory affair
| Considering. however. the Importance
! Of the news with which the copper GROUP
was confronted. the declines In this con
! nection were not as large as might nave
reasonably been expected. The average
setback In the active copper was aoou
a point. with here and there more Sc
we're declines in case of few stocks
| IN which the greatest pressure was con-
centrated There were no new reasons
| for the continued weakness of the trac
lions The fact of the matter Is thai
! this situation Is already too well KNOWN
| TO warrant any further comment or
| the subject So far as the general lis
| OF securities we're concerned, they pre-
sented a satisfactory degree OF stability
! considering the pressure with which th'
| arket had to contend with elsewhere
! steel common. for instance. had De
! cline OF only a fraction OF point. while
! the losses OF the minor industrials wer'
| somewhat less. There was continued
buying Of the food stocks and special
| ties. particularly of the tobaccos, II
which there were indications Of renewed
activity on the part of the pools: 4
further gratifying feature of the day
trading was the firmness OF Libert!
bonds They displayed better under
| tone than at any other time Tor the pas
week. and actually made some progress
for the day as whole.
| The money situation was unchanged
Both call and time funds continued II
supply and there seemed to be Nttl
actual demand. except in special in
stances. This is the case notwith
standing the fact that the create
number of brokers' houses now haV'
considerable leevay in their loans. On
house in particular is known to hav
an additional borrowing leeway o
| 10000, 900 and other houses are ais
said to have equally as large: yet Their
seems to he no disposition TO increas'
loans. in spite of the fact that on tech
nioal grounds, the market would seen
| to be in a position favorable to recov
ery. The foreign exchange market wa
ouiet Practically all unimportant rate
remained at the previous days closing