The Birmingham age-herald., 1903-12-14
MARKET IRREGULAR AND RATHER DULL as se
 Some Support Accorded to
 United States Steel MONEY NOMINAL, AS USUAL Gain in Cash by the Banks Conforms Closely to Forecast-Daily Aver.
 age Dealings of Stocks
 Has Risen.

New York, December 12.-The stock market was irregular and rather dull to- day, but the reactionary tendency prevail ed. There was no perceptible response to new causes in the movement, which rep resented. the working out of the specula- tive contracts. Some support was ac- corded to United States Steel preferred, and this had sentimental effect upon the general market. The advance in that stock. however, encountered fresh sell ing. and the bears did not show great un- easiness. Profit taking in Brooklyn Transit was conspicuous and cost that stock nearly two points at one time. There was pressure against Pennsylvania, and the bears resorted to the device of offering the dividends on limited number of shares of the stock for the coming year at 53M in the curb market
 The money and exchange markets were nominal as usual on Saturday, but ca- bled reports were of an expected arrival in London next week of $2500,O00 in. gold, which is likely to be taken for New York. Bank clearin-s for the week throughout the country show a slight increase. over last year, TOT the 11TSI Lltlc III many "SShS. The gain in cash by the banks conformed closely with the forecast, and the decrease of over a million in loans, left only small change in the deposit item and in the reserve requirements so that the sur plus is expanded $1,752,565 to sS,O7i,97o compared with sS.3S6,s00 a year ago. The market closed irregular but near the low est. after very lively selling movement following the publication of the pank statement.
 The daily average of dealings in stocks has risen to near a million shares this week. The market has been highly irreg- ular, which leave the net results or the movements of prices small. But large distribution of securities has presumably been effected at a profit and the new holders have shown little disposition 10 throw over their holdings at recessions. The reactionary movement is regarded as normal after so considerable an advance. The approach of the end of the year. and the annual settlements to be met at that period beget a conservative spirit about financial commitments owing to the like lihood of fiurries in the money market through the large temporary requirements upon resources.
 The hearing of arguments in the North ern securities case, set for next Monday, and the belief in an early decision in that case, Will be the occasion or lorepouiiSS. It is true that the prevalent belief is that the decision of the-, lower court against the company foreshadows the decision of the supreme court but prece- dent shows that supreme Ncourt decrees on cases of this wide-reaching character are of long continued and sweeping effect on the securities market And this pre- cedent is reinforced by the prevalent dread that an agitation against the great Industrial and financial combinations may playa large part in the approaching national campaign. The vulnerability to adverse criticism of some of the combna- tions is an additional factor in making speculative sentiment on the subject sen sitive- Next weeks meeting of the steel billet pool is awaited with great interest. to disclose if the demand at current price is enough to avoid further concession. Apprehension is growing in importance upon the domestic financial situation and the extraordinary course of our foreign trade.
 The bond market has been moderately active and irregular United States 3s advanced A per cent and the new As de- cfined A from the closing call of last week.