The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-12
STOCKS SHOW LESS LIFE
UNITED STATES STEEL AGAIN UNDER
CONTINUED PRESSURE.
Result Is n Decline to the Lowest ut
the CIose-Monetary Outlook Sug-
gests Conservatism.

NEW YORK, Dec 11.-There was rather less
activity IN to-day's stock market. and the deal
ings were more congested in a few stocks. United
States Steel preferred was between three and
four times active any other stock in the
list, and Il pressed the market diligently
all day. Its price forced down to 517s. which
was only trife more than two points above the
lowest. The common stock sold at TO- which is
on a parallel with the lowest. but the dividend
Of Y per cent came of the price yesterday.
There was no actual news accompanying the
selling. but very specific assertions were in cir
culation that reduction Of the dividend rate
the preferred for the present had been prac-
tcally determined. Published estimates of the
heavy shrinkage in the net earnings of the cor
poration also affected this stock. Brooklyn Rapid
Transit which was next in point of activity.
reactionary what seemed profit-taking.
Traders in the stock affirmed that the movement
was designed to shake off an unwieldy bull fol-
lowing Less heard to-day of the various
deals concerning this property which were talked
OF during the rise.
Amalgamated Copper. Erie and Pennsylvania
were very conspicuous In the trading and had
periods Of strength. The buying of Erie was
attributed largely to London account So long
as trading continued in London the market
showed points OF strength. but afterward the
advance melted away very generally, Brooklyn
Rapid Transit recedng to near the low point of
the morning The upward squirt in Peoples Gas
apparently due to judicial decision in ia
of the company The reactionary forces In
the market did not develop great activity, and
the movement suggested rather cessation OF
the advance than new factors of weakness.
There Is a prevalent sentiment that prudence
in the making OF new commitments pending the
annual settlements is desirable. The estimates
of the regular express movement of currency for
the week point to balance in favor OF New
York of between 100000 and 81 5OO 900. AS the
subtreasury operations have absorbed $5110 eco, the
cash reserves OF the banks probably have in
creased during the week between 81. 500. 900 and
s., OO0, 900. The active speculation of the week
possibly involves some expansion of loans. and
the call money rate ran up rather suggestively
to 6 per cent late this afternoon. after an easy
tendency in the early part of the day. The news
from Baltimore of clearing house measures for
the protection OF one Of the banks caused a
rather unpleasant impression. The figures of the
production of gold in the Rand for November,
showing a decrease of more than 1900 ounces
compared with October will be disappointing TO
the London market. which is looking to grad
ual increase OF the Rand output TO help toward
relieving its rather urgent requirements for gold.
The stock market closed heavy and at about the
lowest.
Bonds were irregular. Total sales. at par value.
were 81. 329. 900. United States bonds un-
changed on the last call.
Following are the days share sales and the
recorded price changes: