The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-11-13
STOCK RUMORS MANY
Considerable Interest Appears
in Wall Street,
PRICES ARE NOT STRONG
Bear Party Is Well Organized
for the Fray.

! New York, Nov. I2-PennsylvanLa and
United States Steel preferred again di-
yided attention and good deal OF infiu-
ence in todsy's stock market. The dea.-
! ings were not in such overwhelming pro-
! portion in either stock as for the last
several days. Pennsylvania was weak
on the outset. but showed stubborn re-
| sistance in the neighborhood OF liz. The
price changed again and again and the
greater part OF the trading in the stock
up to iate in the day was close to IL.
Its several rallies did no. carry ii back
TO last nights price. The contest in sup
port OF the stock seemed TO be abandone d
after enormous absorption, and the price
was carried TO 1le-4, with q rally at the
close TO I1lx
The efforts to support the stock were
aided at first by the strength shown by
United States Steel preferred and by
the second United States Steel bonds.
1t was common belief that very large
short interest was being covered in the
steel preferred stock. The formal an
nouncement that 1t had been determined
not TO cut the price Of steel plates and
structural forms was a help to the stock.
rumor was circulated. seemingly with
the purpose OF helping the stSck, that
some Sl5,tVo 900 of the sinking fund bonds
had b9en taken for investment by one OF
the wealthiest and most conservative OF
the insurance companies. This report was
denied. There were rumors circulated
also that the prices OF steel plates and
OF structural steel would be cut in spite
of the announced decision 10 the con-
trary. United States Steel yielded its
gain because OF these later developments.
Nothing additional became known 10
throw light on the large liquidation in
that stock. but II was easily evident that
well organized bear party played a
large part in the operations of the stock
Other coalers. both anthracite and BIZ
luminous. showed the closest sympathy
with the movement The report of a de
cision by a Pennsylvania court against
the binding legal force of the holdings
of the anthracite strike commission also
hurt the coalers. The general tone Of
sentiment in speculative circles became
somewhat discouraged as the railroad list
gave way here and there.
The outlook I'm the labor world was re-
GaTded as Threatening and reports OF riot
ing in connection with the Chicago street
Runway strike emphasized the feeling.
Thae was also the report OF a cut of
10 per cent in wages at Fall River. which
had its effect IN the cotton as wen as in
the stock market. The announced inten-
ton OF the United States Steel corpo-
ration TO retreueh it's outlay for }tbor
about SIS. 600 annually, or 10 per cent.
had its effect Amalgamated Copper was
another strong feature without Icsisia-
ton.
Additional engagements of 5000 900 in
gold for shipment to New York became
known. part of which Is already an the
way, but not announced before. The rate
for sterling exchange raised somewhat.
The Bank of England refrained from adj
vancing it's discount rate. so that n fur
ther inward flow Of gold is still likely.
The stock market closed about steady.
but not much above the lowest
Total sales of bonds par value. were
$4,000. United States IS declined Il per
cent and the IS and old Is 4 per cent
on the last call.
Quotations were as follows: