The Birmingham age-herald., 1903-12-13
MARKET IRREGULAR AND RATHER DULL Some Support Accorded to
 United States Steel MONEY NOMINAL, AS USUAL  Gain in Cash by the Banks Conforms Closely to Forecast-DaiIy Aver
 age Dealings of Stocks Has Risen.

New York, December 12.-The stock market was irregular and rather dull to- day. but the reactlonary 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 Fo 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 a limited number of shares of the stock for the coming year at 5S% in the curb market.
 The money and exchange markets were nominal as usual on a Saturday, but ca- bled reports were of an expected arrival in London next week of S2500,0O0 in gold, which Is likely to be taken for New York. Bank clearinSs for the week throughout the country show a slight increase over last year, for the first time in many weeks. 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 $S.01l,9lo compared with sS,3s6, 300 a year ago. The market closed irregular but near the low est. after a very lively selling movement following the publication of the bank statement.
 The daily average of dealings in stocks has risen to near a million shares this week. The market has been highly 1rres- ular which leave the net results or the movements of prices small. But large distribution of securities has presumably been effected at profit and the new holders have shown little disposition to. 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, ana 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 Norfh- eru securities case. set for next Monday, and the belief in an early decision in that case, will be the occasion of forebodings It is true that the prevalent beiief IS that the decision of the lower court against the company foreshadows the decision of the supreme court. but prece- dent shows that supreme court decrees on eases 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 play a large part in the approaching national campaign. The vulnerability to adverse criticism of some of the combina- lions Is an additional factor in making speculative sentiment on the subject sem 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.
 The2 bond market has been moderately active and irregular. United States 3s advanced Y per cent and the new Is de- ciined A from the closing call of last week.