The Birmingham age-herald., 1903-12-11
ANOTHER STRUGGLE AGAINST REACTION 
 Stock Market Finally Yields to
 Lower Level LIQUIDATION TO BLAME Weekly Trade Review Is Also Regarded as Very UnfavorabIe to the op- erators-cIose Loweot of
 the Day. 

New York December 10.-The stock market made another struggle today against the tendency to reaction, but ul- timately succumbed and yielded to a lower level. Net declines ran between 1 and ? points for many prominent stocks An important influence in discouraging the efforts to hold the market was the heavy and persistent liquidation in Unit ed States steel preferred. The fact that much of this selling was attributed to Pittsburg account, gave a sinister import to the speculative mind, owing to the special facilities of information as to trade conditions at that center.
 The weekly review by the leading au- as decidedly unfayorable. owing to the continued accumulation of stocks of pig iron, notwithstanding a contraction in the last two months unprecedented for suddenness and amount.
 The increase in accumulation is expect ed to apply to the southern furnaces, as we'll as to the northern. notwithstanding the heavy sales reported in the southern market. The existence of a better cur rent demand for pig iron failed to offset the effect of this unfavorable showing, as did the favorable report of the better tone of the market for structural steel. United States steel preferred ran off points in the final dealings, thus decid- ing the tone of the market, which had been wavering and uncertain up to that time Speculation in Brooklyn Rapid Transit continued, but served to cause rather distrust than to foster an advance owing to a lack of authoritative informa- tion. of any substantial grounds for the buying of this stock The stock opened at a decline of s4 and after numerous fluctuations fell back to the lowest and closed there.
 The publication of the briefs filed by the defendants in the Northern Securities Tease brings into the near perspective the ipending decision of that case after the argument to be heard on next Monday. Where is a general feeling that this de- 'cision may have an overshadowing eff feet on the securities market. The dan ger of money fiurries before the end of the year while preparations are being made for the annual settlements, also comes up for consideration.
 The summary of returns made by na- tional banks through the country as of November + is not altogether reassuring With an increase in individual deposits over last year of nearly $20,000,000, the total cash held by the banks shows a shrinkage of over s14,O00,0O0, while the loan item has expanded nearly $122, 000, O00 Compared with the conditions at the time of the previous call on September of this year. there is shown an increase in in- dividual deposits of nearly $200Q0000, and In United States deposits of over $12000,- GOO, notwithstanding a contraction in loans of upward of $56,000.000. The cash holdings of the banks have declined for the same period $34 ITO, 249 In the items due to other national and state banks and trust companies there is, however. a falling off of upwards of. SSO,000,000, since the September statement. It 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, 7S7, 23S owing to the unprecedented value of the cotton exports, which reached nearly S6S,0o0,000. the largest figure for any month in the history of the coun- try.
 The persistent inward movement of gold, which was supplemented again to- day, needs no other explanation. The stock market closed rather irregular but near the lowest of the day.
 The tone oftthe bond market was easy. Total sales, par value. $2,5O5,OO0
 U. s. 2's declined IS per cent. on the last call.