The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-12-11
YIELDS TO SELLERS
Wall Street Stocks Are Inclined
to Lower Level.
HEAVY LILO UlDAT ION
Persistent Sales of Steel Have
Depressing Effect

New York Dec. la-The stock market
made another struggle today against the
tendency 10 reaction. but ultimately sue
cumbed and pielded 10 lower level.
points for many prominent stocks An
important influence in discourag:ng The
efforts TO hold the market was the heavy
and persistent liquidation in United
States Steel preferred. The weekly re-
view by the leading authority in the trade
was also regarded as decidedly unfav-
orable owing 10 the continued accumu-
lation of stocks of pig iron. notwithstand-
ing contraction in production in the
last two months unprecedented for sud
denness and amount. The accumula-
ton is said 10 apply 10 the southern fur
naees as well as 10 the northern. not
withstanding the heavy sales reached in
the southern market The existence Of
better current demand for pig iron
failed TO offset the effect OF this showing.
as did the favorable report of the bet
ter tone of the market for structural
steel. United States Steel preferred ran
off points in the final dealings. thus
deciding the dealings in that direction.
Rapid Transit ran off 3 points. That
stock opened at decline of Z. of point
and. after numerous fluctuations, up 10
535s, fell back 10 the lowest and closed
there.
The publication of the briefs filed by
the defendants In the Northern Securities
case brings into the near perspective the
pending decision in the case after argu-
ment TO be heard on next Monday. There
is a general feeling that this decision
may have no effect on the securities.
The danger OF money fiurries before the
end of the year, while preparations are
making for the annual settlements, also
comes up for considerable The sum
mary of returns made by national banks
throughout the country on November Il
is not altogether reassuring With an
increase of individual deposits over last
year of nearly sa0.oo coo, the total cash
held by the banks shows shrinkage of
over S14000,0oo, while the loan item has
expanded nearly $122, ooeoOo. Compared
with the condition at the time of the
previous can. on September of this
year, there is shown an Increase in fndi-
vidual deposits of nearly s2o.oDe.o9o. and
in United States deposits of over VIZ
600 oc0 Notwithstanding contraction in
loans of upward OF s56ooo,o0o. The. cash
holdings OF the banks have declined for
same period S34.77o249. In the items due
to other national and state banks and
trust companies there is, however, a fall
ing off of more than sso00c,0o0 since the
September statement. 1t was not until
near the close of the market that the
summary was published of the domestic
exports for November. These show an
increase over November of last year OF
S34,7 .23s, owing to the unprecedented
value of the cotton exports, which
reached nearly SOS. 90 800. the largest fig
ure for any month in the history Of the
country. The persistent inward move
ment of gold was supplemented again
today needs no other explanation The
stock market closed irregular, but near
the lowest of the day.
The tone of the bond market was easy.
Total sales. 81, 5o5oo0. United States %
declined Is per cent on the last call
Quotations were as follows: