The Montgomery advertiser., 1903-11-12
WALL STREET. REVIEW
MARKET swAMPEp UNDER DE-
 LUCE OF PENNSYLVANIA.
Flood of Rumors as to the Source of the Selling and the Reasons Therefor - Professionals
 Operate in and Out.

NEW YORK. Nov. H.--Today's stock mar ket was literally swamped under the torrent which numbered almost half as much as the aggregate shares of all other stocks sold dur ing the day. Even when 1t is allowed that the total number of Pennsylvania shares sold being $50 per share, should be halved for comparison with sales of other stocks, the vol tune of selling of this stock which had to be absorbed in the market was truly formidable
 During the early part of the day the contrary movement in United States Steel preferred served as an offset and held the downward course in Pennsylvania. but the persistence of the later movement ultimately undermined the market and determined its general tendency As result. net losses of to lh are indi- cated for many of the prominent active stocks. United States Steel preferred is not included that stock again having closed unchanged from last night and from the night before. It ranged as high as % over last nights level and lost It's rise in sympathy with the weakness of Pennsylvania. The enormous selling of the latters stock was mystifying source and Its motives. Professional traders operated on a very heavy scale in and out of the stock at all stages of the movement. The evidently large professional operation was the ground for the conjecture that the movement might be raid against this stock to further covering operations elsewhere a culmination of bear campaign. It is true that there were very heavy short covering operations in United States Steel preferred. but they not very evident elsewhere. The conviction was very general that genuine liquidation of Penn sylvania was on a very large scale The large volume of new bond issues by subsidiary com panies coupled with the recent expansion in the company's own capital stock and the con- sequent large increase in the requirements upon earnings In order to maintain the pres- ent rate of return on bonds and stocks was an acknowledged factor in the liquidation. Sub- scribers to the recent issues at l20 may be counted among the disappointed holders at the present level. There interested discus- dence of a theory that the Standard oil party were in way to control United States Steel with a consequent power to divert the enorm- ous freight traffic of the corporation to rail- road interests with which that party has close affiliations. Old time disputes between the great Pittsburg steel interests and the Pennsylvania over steel freight rates and still older conflicts between the Standard oil Com pany and the Pennsylvania authorities were recalled. The report that the United States Steel corporation was seeking reduction in the export freight rates from the trunk lines was an incident to this line of discussion. So was yesterdays announcement of the admis- sion of an additional Standard oil representa- tive to the New York Central board. The re- bound in United States Steel securities was largely attributed to the round figures of 10 and 50 reached yesterday in the course of the long decline which have a natural attraction to the speculative mind a continuation for a campaign. Reports that yesterdays steel meet ings had decided. against further cuts at pres ent in prices also helped these stocks. The news that the Amaignmated Miners were to reopen explained yesterdays advance in that stock, but did not help 1t more than a frac- tion today. Its reaction was furthered by the sharp break in the new copper market, following the resumption of the large produc- tive operations by the Amalgamated Company. The market closed rather dull and weak with Pennsylvania at I22h or only above the lowest. Additional engagements of gold for import were made in London and the further drop in exchange indicated the probable con- tinuance of the movement.
 Bonds were dull and heavy. Total sales (par value). Sl ,545. 900. United States bonds were unchanged on the last call.
 New York Stock List.