The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-11-11
If Power Has Actually Been
Transferred, Business Will
Be Given to the Wabash.
PENNSYLVANIA STOCK DOWN.
Rockefeller-Frick- Gould Crowd,
1t Is Asserted by Bankers,
Could Swing the Big Deal
Now for $50, 100000.
REPUBLIC SPECIAL

REPUBLIC SPECIAL
New York, Nov. 1o.-New low records
were made by the common and preferred
] stock and sinking fund bonds OF the
United States Corporation to-day.
The bonds sold down to 65. the common
| stock TO 10 and the preferred stock to
&9&. The transactions in the preferred
stock were in enormous volume. reaching
a total Of nearly 10000 shares in the first
hour. and aggregating quarter of a mil
lion shares on the day.
The marked feature of the days trading,
however. was the pressure put on Pennsyl-
vania in particular and on other railroads
to which the coal and steel industries con-
| tributed large tonnage. The trading
amounted to 240 600 shares at a net loss of
per cent, new low record for the year
being established at l1iia. The stock closed
last night at 116;s. The previous low price
was 115ls. made on September IS. The rest
of the market was heavy. with tendency
TO weakness. with the exception of the
fractions. which were strong throughout.
In some important quarters 1t was said
that it was of the greatest significance
when taken in connection with the con-
tinued slump in the stocks of the steel
corporation.
At the figures made by the steel stocks.
the actual stock value capitalization,
bankers said of the corporation repre-
sented In round figures just $3.50. OO00 900 in
stead of sl.c0o,OoOOO the nominal capital
on which dividends are paid.
If the United States Steel Corporation has
passed into the control of John D. Rookie
feller and Mr. Gould, not at all an i'm
probable contingency. their bankers said,
the cause for the decline in the price of
the Pennsylvania Railroad stock is at
once manifest.
WOULD SHIFT BUSINESS
With the Rockefellers and Gould in con-
troll of the United States Steel Corpora
ton. all the immense freight traffic OF that
company would be at once diverted to the
Wabash Railroad, which covers every
point in which the steel company is served
by The Pennsylvania Such coup would
explain many things that have puzzled
Wall street for some months.
BY computing the actual cash value of
the capital stock at to-day's quotations for
the stock. allowances should be made for
the amount of preferred stock that has
been converted into per cent sinking
fund bonds. According to the latest report
to the Stock Exchange, the amount Is
Sl33 900 0p. so that there is outstanding only
s37e. SO 100 of the preferred stock. AT 80
per cent on the dollar. which is less than
the common stock once sold for. that
would represent a valuation of s1S9 ,935 o5o,
which. added to s5O,s3o25O. the cash value
of the common stock outstanding at to-
days quotation of 10 cents on the dollar,
would mean total of s240, $500.
Thus, 1t was said to-day, 1t would only
require at to-days quotations stock of the
casn value of sl2l.OO0.oOO to control the
81. 900. 100000 corporation. A cash margin
of S3O,OO0OOO would be sufficient ,e carry
1t If it could be or has been acquired by
any one interest.
Since September last there has been
sold on the New York Stock Exchange q
800, $50 shares of preferred stock of the
United States Steel Corporation. Within
the same period the sales Of common
stock total 1,sO2,03o, making a total in
shares of 4,l92,590 or In par value of si19,-
259, 900
The bulk of the shares transferred re-
Gently is credited with having gone TO
the Rockefeller. Frfck and Gould interests,
now believed to be the strongest element
in tn corporation.