The Birmingham age-herald., 1903-11-11
J, S.STEEL EFFECTS RAILROAD STOCKS Sympathetic Weakness Shown
 In the Stock Market CURRENCY TRANSFERS RISE Over Half Million Dollars ooes to the Interior and Gall Money Ia Again
 Loaned at Per Cent
 Bonds Dull.

Now York. November 10.-Railroad stocks were more affected today in sym pathy with the recent weakness Tn United States Steel than any time during the heavy liquidation of that stock. The sharp rebound in prices at the end Of the day gave room for the supposition that much of the selling of railroad stocks was for short account and room traders found the supply scanty when they at tempted to cover. The demonstrative way in which the break in railroad stocks was heralded and tipped from professional quarters furthered the sus- picion of the professional character of the selling.
 United States Steel preferred ended the day unchanged from last night although 1t sold at one time at 49N. The relaxa- ton of the severe pressure against this stock seemed to deprive the bears of some of their war material and furthered their disposition to cover. It was gener- ally expected that some further cuts In steel prices would be announced today as a result of meetings among authorities In the trade and the failure of these an- inducements was relief to the United States Steel securities.
 The number of shares of Pennsylvania dealt in rose considerably over the num- Der of United States Steel preferred but Pennsylvania stock is in $50 or half shares. The acute weakness of this stock which sold down to 1141a had much to do with the general weakness developed in the other railroad stocks. It was re- ported that a large loan by trust com pany, in which Pennsylvania stock fg- ured to an important extent in collateral was closed out. The argument was used with. effect that the depression in the Iron and coal. trades would be bound to affect the traffic of the trunk lines un- favorably, and, most of all, Pennsylvania. The heavy bond and stock issues by sub sidiary companies recently made, which have reached an aggregate of cohslder- ably over $50000,000, was a factor in the depression of the stock, and was aggra- vated by rumors of still further issues. The fact that these issues are pushed at this time has caused an impression that the authorities making them hold a doubtful view for the future of the money market. being so ready to issue them undeg the present by no means, very favorable conditions. But in this connection it is to be considered that nu- merous other requirements for railroad bond issues still overhang the market, which it may be good policy to forestall.
 Transfers of currency to the interior today again rose to half a million dollars and call money was again loaned in some abundance at 6 per cent. Sterling ex- change, however, made another down. ward plunge to a point where foreign bankers estimated it would be profitable to import British sovereigns. There were rumors current of impending imports of several million dollars worth, but no def- nite announcement was made. The ob- vious likelihood of the rumors helped the late recovery in the market The New York corporation stocks made an early advance in the face of the general down. ward tendency. In the late dealings, Copper closed with a gain of 21a. There was an advance in Rio tintos in London. The market closed dull and barely steady.
 The bond market was dull and heavy. Total sales, par value, $2,345,0O0. United States bonds were unchanged on the last call.