The Birmingham age-herald., 1903-12-16
DULLNESS RULES THE STOCK MARKET One or Two Standards Show
 Heavy Dealings ANAL GAMATED IS ACTIVE Leads the Market In Point of Llvellness and Is Lifted to the Top Level.
 The Close Is Barely
 Steady.
AMALGAMATED IS ACTIVE

New York December 15.-Except for the considerable volume of dealings in one or two stocks todays market was dull and at times practically idle. The oc- casional periods of activity were buying movements for the first part of the day, but prices slipped back to below last nights level before the closing, and the closing itself was barely steady. During the early periods of dullness holders of stocks seemed content to await the de- mand and there was no pressure on of- ferings, when buyers paused in their op- erations.
 Amalgamted Copper led the market in point of activity and was lifted 17s at the top lovel. The strength and activity of the London market for copper seemed to be the inspiring cause of the buying, and copper securities in other markets esympathized with the movement. Even United States Steel preferred had some share in the early strength of the market and the urgent borrowing demand of the stock for delivery pointed to the necessi- ties of a short interest The announce ment of the extensive economies contem- plated by the company were accepted as Momising well for the net earnings of the corporation. The late reaction in the market, however, centered in this stock and its drop to over point below last nights price upset the whole list and wiped out the days gains.
 The report of the passing of the divi- dend on crucible steel preferred was an Influence on the stock, although that company is recognized as the victim of trouble peculiar to itself. The pending meeting of the members of the various steel pools was subject of interested surmise and information of their proba- ble action on the subject of maintaining present prices was hard to get. Rumors were heard of an intended cut in the price of steel rails and of the difficulty in holding the pool together, which may have helped the weakness of United States Steel preferred.
 The considerable decrease in net earn ings reported by Baltimore and Ohio for November was an influence on the side of reaction which was supplemented by reports of an intended reduction in the prices of soft coal. The speculative ee- ment seemed to have put aside any mis- givings over the Northern Securities case. It was argued that the test of the deci- sion might serve to define the legal limi tation under which the purposes of the merger could be accomplished and so clear up the present unstable conditions on the matter.
 Sterling exchange developed a very strong tone on strong demand for bills, which was partly attributable to the need to cover engagements of gold in London for import Several hundred thousand dollars additional were engaged for today and the first arrival of Japa- nese gold at San Francisco was made available to the New York banks by tel egraphic transfer. The extraordinary showing of the country's foreign trade for November was studied with satisfaction in the financial district. With an in- crease in value of exports over last year of $35, GOO 900, and a decrease In value of imports of $10,000,O0O, the powerful con trol of the international exchanges in favor of New York is made clear.
 Bonds were dull and steady. Total sales. par value, $1, 7SO.00O United States bonds were unchanged on call