The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-11

NEW YORK, Nov. 10.-Railroad stocks
were more affected today in sympathy
with the recent weakness of United States
Steel than at any time during the heavy
liquidation OF that stock. The sharp re-
bound in prices at the end of the day
gave room for the supposition that mucn
of the selling CT railroad stocks was Tor
short account, and room traders found
the supply Scanty when they attempted
to cover their shorts.
The demonstrative way in which the
break in railroad stocks was heralded
and tipped from professional quarters
furthered the suspicion of the profession
al character of the selling. United States
Steel preferred ended today unchanged
from last night, although 1t sold at one
time at 1874. The relaxation of the Sc
we're pressure against this stock seemed to
deprive the bears of some of their war
material and furthered their disposition
to cover. 1t was generally expected thaI
some further cuts in steel prices would
be announced today as result OF meet
ngs among authorities in the trade, ana
the failure of these announcements was a
relief to the United States Steel securi-
ties.
Weakness in Pennsylvania.
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 or TINS
stock. which sold down to 114h had
much to do with the general weakness
developed in the other railroad stocks
1t was reported that a large loan by a
trust company in which pennsylvania
stock figured to an important extent as
collateral was closed out. The argument
was used with effect that the depression
In the iron and coal traders would be
bound to effect the traffic of the trunk
lines unfavorably, and most of all. Penn
sylvania The heavy bond and stock Is
sues by subsidiary companies recently
made. which have reached an aggregate
of considerably over $50, 100000, was a
factor in the depression of the stock, and
was aggravated by rumors of still further
issues. The fact that these issues are
pushed at this times has caused an I'M
preston that the authorities making them
hold an unhopeful view of the future of
the money market being so ready to issue
them under the present by no means very
favorable condition of the money mar
ket. But in this connection 1t is to be
considered that numerous requirements
for railroad bond issues still overhang
the market, whichc may be good policy to
foreStall
Currency to the interior.
Transfers of currency to the interior to-
day again rose to $4,000 and call money
again loaned in some abundance at per
another downward plunge to a point
where foreign bankers estimated that it
would be profitable to import British Sow
ereigns. There were rumors current OF
lIupeHutlt5 VI ScNcIdi uol7
lars worth but no definite announcements
were made. The obvious likelihood Of
the rumors helped the late recovery in
the market. The New York corporation
stocks made an early advance in face OF
the general downward tendency. In the
late dealings Amalgamated Copper took
the lead in the advance and closed with
a gain of 2ss. Rumors of strikes in the
Rio Tinto mines, which depressed that
stock in London. probably depressed that
advance in Amalgamated here in the
same way that the decline in Amalgamat-
ed on the closing down Of the Montana
works caused 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, $2,345.060. United
States bonds were unchanged on the lasts
CALL
CLOSING List