The Montgomery advertiser., 1903-11-06
WALL STREET. REVIEW
WEAKNESS OF STEEL A WEIGHT
 ON THE MARKET.
Stocks of That Corporation Opened at Lowest Prices Ever Known The Whole List Yields to
 the Influence.

NEW YORK Nov s.-The persistent weak. ness of the United States Steel stocks today pressive effect was evident at the outset when the stocks of both classes and the second bonds all opened at lower prices than ever before. But the influence was resisted for a iron and steel trade. During the forenoon the effect on the railroad list was hardly percep- tible and number of railroad stocks held above last nights level. Dividends came of a number of important stocks this morning and the appearance of cheapness thus produced per haps encountered some bidding up Both Pennsylvania and Atchison were in this class. -Amalgarnated Copper also offered some resist ence in the early part of the day. apparently on account of the putting forward on the calendar of the litigation in Montana. The whole market yielded. however. in the late dealings and the closing was weak with many of the standard railroad stocks point or specialties showed even wider declines In the outpouring of United States Steel stocks tn the late dealings the price of the common touched lo7s. the preferred s4Fs and the sec- ond bonds 66k. These compare with last nights prices of i2% for the common 57& for the preferred and 67x for the second bonds. The slump in these securities after the long continued decline which they have al ready undergone let loose a food of rumors and conjectures. Some of these were colorei with a sensational tinge, but the conviction was very general in the street that the situa- tioh in the iron and steel trade was very dis ouraging and that conditions were much up- set Sales were made in the outside market of the ex- dividend on United States Steel common at Y of per cent. several thousand shares. Reports of cuts in steel products were very contradictory, but the decision to make a price of S2S ton for steel billets compared with the recent price Of S27 was known authority. There ruriors in addition of coming cuts in steel rails and In other lines of finished pro- ducts of reductions in wages throughout the industry and of the discharge of large forces of working The announcement of the resignation of of the executive officials of the corporation used a basis for rumors of official friction widely extended and of coming extensive reduction In the executive reticent regarding all these rumors. SO that movement in the stocks were left to choose for themselves between the fact and fiction. The reports of some heavy sales of the cor poration's product in foreign markets gave no help to the stocks as they were accepted as i'm dicating tho downward course ot prices with view to extending export trade. The West and South took S70o. 900 of currency today in continuation of the outgo and sterling exchange weakened again. Rumors again circulated of further engagements of gold for import. but they were unsubstantiated The Bank of EnRr land refrained from advancing its discount rate and discounts and the price of gold was slightly lowered in London
 The bond market was easy result of the tightness of the money market, but the dcai- ings were dull Total sales (par value). S2.- o47. 900. United States bonCs were unchanged on the last cali.
 New York Stcck Last.