The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-10
The INDIANAPOLIS JOURNAL. TUESDAY. NOVEMBER 10. 1903.
STILL ON THE TOBOGGAN
STEEL STOCKS OF ALL CLASSES
MAKE NEW Low RECORDS.
Efec Is to Repress Activity Rather
than to Depress Prices Elsewhere
Gold Engaged for Import.

YORK. Nov. s.-The continued liquida-
ton in the United States Steel securities again
overshadowed the whole stock market to-day.
The sympathetic response in the general market
was very slight, and the effect or the speciai
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 unimportant. The condition in the money
market had its share in REFRESHING activity, and
the traditional disposition in Wall street to pause
and take observations on the assembling of Con-
gress was also evident. There was a feeling that
the proceedings in Congress may take a 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
5O1z. the common at 10as and the second bonds at
65A. In the case of the bonds and the common
stock the previous low records were barely
shaded at these figures. and the transactions in
them were not particularly notable. In the pre-
ferred stock, however. there was a constant out
pouring all day and an unending succession OF
offerings of 1.00O-share blocks and upward. The
special source of this selling was as much a
mystery as at all times, but the manner OF the
selling gave color to the supposition that a very
hcials of the corporation 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 i'm steel billets.
In a general way IL was argued that, since the
restraint on the rise of the price of steel had not
there was reason &c doubt whether the price re-
duction would restore the demand. The street
was Hooded with rumors and calculations based
on theories as TO the effect of the earnings or
the corporation and its consequent dividend-pay-
Ing power on the new basis of prices. AL of this
but was nevertheless an effective influence on
sentiment regarding the security.
The transfers OF currency to the interior were
limited to 5000. 900 to Chicago, which is the light
est for any one day for some time. Additional
announcements were made of gold engaged for
import to the extent of $3.50, 900. Call money,
however. rose to 6 per cent. In the late dealings.
money market is generally recognized. The
price of gold rose in London, and discounts were
lifted to above the Bank of England rate. This
Is believed to foreshadow an advance to 5 per
cent. in the bank rate. Sterling advanced sharp
ly at Paris and Berlin. and exchange here on
those eenters declined. indicating the effect of
London's efforts to divert New York's demand
for gold on the continental centers.
There was a special upward movement In the
New York corporation stocks, which was I'M
explained. The Colorado coal miners strike
affected some of the stocks of the corporations
concerned. The special heaviness of Pennsylva-
MIA seemed due to the expanding volume of bond
of a prominent Philadelphia capitalist. it was
believed. might also be a contributOry cause.
The market closed about steady at the decline.
Bonds were dull and Irregular. Total sales, at
par value, were 1,929, 600. United States twos,
threes and the old tours declined u per cent. on
the last call.
Following are the days share sales and the
recorded nrlCe changes.