The San Francisco call., 1903-12-11
EASTERN MARKETS.
Neuy York Stock Market.

NEW YORK, Dec 1O-The stock market
made another struggle to-day against the
tendency 70 reaction. but ultimately sue
caubed and yielded 10 lower level Net de-
clines ran 20 between I and > points Tor many
prominent stocks An important influence In
discouragiug the efforts 10 hold the market
was the heavy ana persistent LIQUIDATION IN
United States steel preferred. The fact that
much III this selling was attributed TO Pitts
burg account gave II a sinister import 70 the
speculative mind. owing 20 SPECIAL facilities
n information as 20 trade conditions at that
iror and steel center.
The weekly review by the Leading authority
ln the trade YVES also regarded as decidedly
unfaE Eorable, ewing 70 the continued accumu-
lation a stocks Of pigiron,D Notwithstanding
months unprecedented for suodenness and
amount. The increase in accumulation is
said 10 apply 10 southern furnaces az Wen as
- the northern The existence q better
demand for current pigiron failed 20 Offset
The effect Of this showing. as did the favorable
report or the better tone of the market Tor
structural steel United States Steel preferred
ran or three points in the hnal dealings, thus
deciding The tone Of the market which had
been waverinE and uncertain Up 20 that time
The furious speculation in Brooklyn Transit
continued bat served rather 10 cause distrust
than 20 foster an advance. owing 10 lack
Of Information of any substantial grounds for
fhe buying Of this stock The stock opened
a. = decline of q and after numerous fuc-
fustions up 70 53ss, fell back 10 the lowest and
closed there
The publication Of the briefs fled by the de-
feudants IN the Northern Securities case brings
into the near perspective the pending decision
in that case after the argument 10 be heard
on next Monday There is general feeling
that this decision may have no overshadowing
effect the securities market The danger
~ money furries before the end Of the year
while preparation are making for the annual
settlements also comes Up for consideration.
The summary of returns made by national
banks throughout the country of November
~ Is not altogether resssurinE. With an in
erase IN individual deposits over last year Of
a -srlv SO. 000. .e1o. the total cash held by the
INKS shows shrinkagc 81 over S14. 900 0o0.
while fhe loan item has expanded nearly Sl22,-
QO0 000 Compared With the condition at the
time rhe E.-eViouE e-afr-rleut on sent en-, her
= ~ this year there is shown an increase ia
individual deposits % nearly 500. 600. 600 and
IN United States deposits ~ over S12 coo 09O.
Outstanding contraction fn loans Of up
ward or $50 600 000. The cash holdings Of the
banks have declined for the same period S34
7-n a49 II the items due 10 other national
and state banks and trust companies there Is.
however falling cn n more than $50 600 COO
since he SeutembeT Statement. n Was not
unfn uear tho close - the market that the
summary vas publishes of the domestic ex-
no~re f0r Novern be-. Thesa show an increase
over November q last year % S34. 7s7- rs.
owing 70 the Unprecedented value of the cot
-0u exports. which reached neariy sGs 600 GOO.
HE Tar zcst figure FOR any month IN the history
aent of gold which was supplemented again
today. needs no oth-r explanai ion. The stock
market closed rather Irregular. bat near The
lowest Cf TIE daE.
The tone ~ the bond market was easy.
TCra ealeF. - sos 600 United States IS de-
cilreQ i ner cent on the last call