The Birmingham age-herald., 1903-12-12
LESS ACTIVITY IN TIE STOCK MARKET The Dealings Are Confined to a
 Few Lines U. s. STEEL IS VERY LIVELY Brooklyn Rapid Transit Is Reactionary on What Seems Profit Taking, and
 Prudence in Making Com
 mitments Is Apparent.
U. s. STEEL IS VERY LIVELY

New York, December 11.-There was rather less activity in today's stock mar ket and the dealings were more congested in a few stocks United States Steel pre- ferred was between three and four times as active as any other stock in the list and 1t was pressed upon the market dili- gently all day. It's price was forced down to 51H, which was only a trifle more than two points above the lowest The com mon sold at 10, which Is on a parallel with the low record, but the dividend Of half per cent came off the price yester- day.
 There was no actual news accompany ing the selling, but very specific assertions were in circulation that reduction of the dividend rate on the preferred for the present has been practically determined upon. Published estimates of the heavy shrinkage of the net earnings of the cor porations also affected the stock. Brook lyn Transit, which was next in the point of activity. was reactionary on what seemed profit taking. Traders in the stock affirmed that the movement was de- signed to shake off an unwieldy bull fol-,
 
 rious deals concerning this property which were talked of during the rise Amalga- mated Copper Erie, and Pennsylvania were very conspicuous in the trading and had periods of strength. Amalgamated seemed to be affected by the rumors of the final enactment of the Montana fair trial' bill. The buying of Erie was at tributed largely to London account.
 So long as the trading continued in Lon don, the market showed points of strength, but afterwards the advance melted away very generally, Brooklyn Transit receding to near the low point of the morning. The upward spurt in Peopie's Gas was apparently due to a judi cial decision in favor of the company. The reactionary forces in the market did not develop great activity and the move ment suggested rather a cessation of the advance than new factors of weakness. There is prevalent sentiment that pru- dence in the making of new commitments pending the annual settlement is desira- ble.
 The estimates of the regular express movement of currency for the week point to balance in favor of New York be- tween $2,000,000 and g. 800, 900. As the sub treasury operations have absorbed $51,- GOO, the cash reserves of the banks has probably increased during the week be- tween $,500'000 and s2,0OO,000. The active speculation of the week possibly involves some expansion of loans, and the call money rate ran up rather suggestvely to per cent late this afternoon, after an easier tendency in the early day, The news from Baltimore of clearing house measures for the protection of one of the banks caused rather unpleasant impress sion. The figures of the production of <rA1J fx. ft.~ f1- decrease of more than four thousand ounces compared with October, will be disappointing to the London market which is looking to a gradual increase of the Rand output to help towards re- lieving it's rather urgent requirements for gold. The stock market closed heavy and at about the lowest.
 Bonds were irregular. Total sales. par value, $2.329,000 United States bonds were unchanged on the last call.