The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-06
The Common Falls Below IL, the Pre-
ferred Below 55 and the Second
Bonds Decline to 81 rs.
ALL KINDS OF RUMORS AFLOAT
ALL MANNER OF FACT AND FICTION
IRRENEDIABLY TANGLED.
Railroad List Little Affected by the
DemOraIixed IndustriaI-MOney
shipped to the Interior.

NEW YORK, Nov. 5.-The persistent weakness
of the United States Steel securities to-day was
a weight on the whole market. The repressive
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 in
fuence was resisted for a time, except for a
few stocks affiliated with the iron and steel
trade. During the forenoon the effect on the
railroad list was hardly perceptible, and a num-
Der of railroad ctocks held above last nights
level. Dividends came off a number Of impor-
tant stocks this morning and the appearance Of
cheapness thus produced encouraged some bid
ding up. Both Pennsylvania and Atchison We're
in this class. Amalgamated Copper also offered
some resistance in the early part of the day, ap-
parently on account of the putting forward on
the court calendar of the litigation in Montana.
The whole market yielded, however. in the late
dealing. and the close was weak with many
standard railroad stocks a point or more below
last night. The industrials and specialties
showed even wider declines.
In the outpouring Of United States Steel stocks
In the late dealings the price of the common
touched 1913, of the preferred 5i& and of the
second bonds 667s. These compare with last
nights prices Of 12A for the common, 57% for
the preferred and e77s for the second bonds. The
slump in these securities, after the long-con-
tinued decline which they have already under
SShe, e d hOOd u LuO anu cOnJeCturtS.
Some OF these were colored with a sensational
tinge. but the conviction was pretty general in
the street that the situation in the iron and
ditions were much upset. Sales were made in the
outside market OF the next dividend on United
States Steel common of Il of l per cent. ON sew
eral thousand shares. Reports OF cuts in steel
products were very contradictory, but the de-
cision to make a price of s23 a ton for steel
biilets compared with the recent price of s27
was known on authority. There were rumors in
addition'of coming cuts in steel rails and in other
lines or finished products; OF reductions In wages
throughout the industry, and OF the discharge
OF large FORCES OF workingmen. The announce
ment OF the resignation Of one OF the executive
of1cials OF the corporation was used as a basis
Tor rumors OF official friction widely extended
and OF a coming extensive reduction in the ex-
ecutlve forces for purposes of economy. or
nclals were reticent regarding all these rumors.
so that the professional traders who followed
the movement In the stocks were left to choose
for themselves between the fact and fiction.
Reports of some heavy sales of the corporation's
stock. as they were accepted as indicating the
downward course OF prices with q view TO ex-
tend export trade.
The West and South took 500, 600 In currency
to-day in continuation of the outgo. and sterling
exchange weakened again. Rumors again cir
port. but they were unsubstantiated The Bank
Of England RETAINED from advancing its dis
count rate and discounts and the price of gold
were slightly lowered in London.
The bond market was easy, as the result of
the tightness or the money market, but the deal
ings were small. Total sales at par value were
s~2,0i7,0O0. United States bonds were UNCHANGED
on the last call.
Following are the days share sales and the
recorded price changes: