The Montgomery advertiser., 1903-11-07
WALL STREET REVIEW MARKET SUBMERGED UNDER
 DEUCE OF STEEL. The General List, However, Re- sponded Much Less Readily to
 the Depressing Effect of the
 Heavy Liquidation.

NEW YORK, Nov. 6.-The stock market was submerged again today under a deluge of United States Steel stocks. The general list, however. responded much less readily to the depressing influence of the steel liquidation than was the case yesterday. Whenever the severe pressure on the steel stocks was sus- pended, as happened at intervals. the railroad stocks rallied easily that their level of prices was above last night for about as much of the time as 1t was below. The marke; closed in one of the intervals when there was no pressure on Steel so that prices elsewhere were rising and were well above last night. Union Pacific and Pennsylvania show 6 gain of a point on the day and number of the New York corporation stocks somewhat more. The early liquidation in the steel shares was very violent is shown by the fact that the sales of the preferred at the first hour alone were we'll above 100. 900 shares. It is not to be supposed that this enormous volume of dealings wholly liquidation. The room professionals traded in and out of the stocks on a very large scale all day. It was said of one trader who was very active in the stock all day that he was neither long nor short for more than ten minutes at time while the aggregate of his individual dealings amounted to many thousands of shares. The low prices touched for the common stock was loh. for the preferred 52 and for the bonds 65%. The relatively greater weakness of the preferred stock than the bonds was noticeable in view of the supposed conversion operating by the syndicate which would involve the purchase of preferred stock for conversion into the bonds, which would in consequence be 
 the expression of a fear that the announced cut of S4 per ton in the price of billets was e preliminary to a reduction of prices of all the products and a general process of. eontrac tion throughout the trade. There were some rather specific allegations also that some o the selling was traceable to sources fror which 1t might be prompted by changes in tn, executive department of the corporation. Th' stock market seemed to face with equanimit! the prospect of another poor bank showing tomorrow. In addition to the losses to tn sub-treasury of $7.oeo.ooo the banks hav made net shipments by direct express to tn West and South of upwards of S3. 900, 900 The indicated cash decrease of more than s o, GOO. GOO is about equal to the surplus re serves shown by the banks in last week statement. The stock market communit seemed to rest in sense of security that thi threatening showing somehow would be avert ed from reflection in tomorrow's bank state ment, as it was last week, and for two week preceding. Further large shipments of cur rency made today and the rate of ca
 loans touched as high per cent. bu sterling exchange fell weakly to as low a the low point of Monday. when gold was en gagged in London. and there can be no dout that an inflow of gold would easily result fror any additional pressure for money.
 The bond market continued dull. but tn price movement irregular Total sale (par value), S2. .4e7. 900. United States 2 declined Y per cent. on the last call,