The daily morning journal and courier., 1903-11-10
Eiarat.rfaI.
YESTERDAYS STOCK MARKET
Continued Liquida,ioM in Steel Again
 Overshado nIarket.


 New York. Nov. s.--The continued liquidation in the United States Steel securities again overshadowed the whole market to-day. The sympathetic response in the general market was very slight and the effect of the special movement in United States Steel was rather to repress the trading than to depress the tone. The market as a whole was extremely sluggish and un- important. The condition in the money market had it's share in expressing ac- tivity and the traditional disposition in Wall street to pause and take observa- tons upon the assembling of congress was also evident. There was feeling that the proceedings in congress may take turn to which active interest may attach in Wall street. All three of the active securities of the United States Steel Corporation sold during the day lower than ever before, the preferred stock at 50 1-2, the common at 10 3-S, and the second bonds at 65 5-S In the case of, the bonds and the commons stock the previous low records were barely shaded at these figures and the transactions in them were not particu- larly notable. In the preferred stock, however, there was constant outpour- ing all day and an amending succession of offerings of one thousand share blocks and upwards. The special source of this selling was as much mystery as at all times but the manner of selling gave color to the supposition that very large account was in pro- cess of liquidation. Officials of the cor poration denied the numerous reports of heavy cuts in prices, but this did not prevent the general conviction that prices throughout the trade would be readjusted to the new basis fixed by the reduction in steel billets. In a gen. eral way it was argued that since the restraint upon the rise of price of steel had not availed to conserve the con- st1mptive demand there was reason to doubt whether the price reduction would restore the demand. The street was flooded with rumors and calcula- tions based on theory as to the effect on the earnings of the corporation and its consequent dividend paying power on the new basis of prices. All of this was of course based on very imperfect data, but was nevertheless an effective influence upon sentiment regarding the security.
 The transfers of currency to the in- ferior were limited to $200,000 to Chi cago, which is the lightest for any one day for. some time past. Additional an- nouncements were made of gold en- gagged for import to the extent of $780, OO0. But call money rose to per cent. in, the late dealings and the necessity for conservative action in the money market is generally recognized. The price of gold rose in London and dis counts were lifted to above the Bank of England rate. This is believed to foreshadow as advance to per cent. in the bank rate. Sterling advanced sharply at Paris and Berlin and ex- change here upon those centers de- cilned, indicating the erect Of London efforts to divert New York's demand for gold upon the continental centers. There was special upward movement in the New York corporation stocks which was unexplained. The Colorado coal miners strike affected some of the stocks of the corporations concerned The special heaviness of Pennsylvania seemed to be due to the expanding vol" urne of bond issues by subsidiary com panies and the death of a prominent Philadelphia capitalist it was believed might also be contributary cause. The market closed about steady at the de- cline. &.
 Bonds were dull and irregular. Total sales par value $1,929,000. -.
 United States twos, threes, and the old fours declined 1-2 per cent. on the last call. -a