The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-10
STEEL IS STILL LOWER
LIQUIDATION THEREIN oVERSHAp-
oWS WHOLE MARKET
All Three of the Active Securities Of the
Steel Corporation React the Lowest
Point Ever Touched-WalI Street Ex-
poets Something From Congress.

NEW YORK. Noy. 9.-The continued
liquidation In the United States Steel Sc
curities again overshadowed the whole
stock market today. The sympathetic re-
Spouse in the general market was very
slight and the effect of the special move
ment in United States Steel was rather
to repress the trading than to depress
the tone. The market as whole was eX-
tremely sluggish and unimportant The
condition in the money market had its
share In REFRESHING activity and the ira
ditional disposition in Wall street to
pause and take observations upon the
There was a feeling that the proceedings
in congress may take turn to which ac-
tive interest may attach in Wall street.
All three of the active securities OF the
United States Steel corporation sold during
the day lower than ever before, preferred
stock at 50K. the common at 109s ana the
second bonds at 65Ss. In the case OF the
bonds and the common stock the previous
low records were barely shaded at these
figures and the transactions in them were
not particularly notable. In the preferred
stock. however, there was constant out
pouring all day and an unendlnS sue
cession of offerings of 1,0OO-Shafe DOCKS
and upwards
Source of Selling Is Mysterious.
The special source of this selling was
as much a mystery as at all times, but
the manner of the selling gave color TO the
supposition that very large account was
in process of liquidation. Officials OF the
corporation denied the numerous reports
of heavy cuts in prices, but this did not
prevent the general conviction that prices
throughout the trade would be feadJusted
to the new basis fixed by the reduction
in steel billetS. In a general way Is was
argued that since the restraint upon the
rise of price of steel had not aValied TO
conserve the consumptive demand, there
was reason to doubt whether the price
reaction would restore the demand. me
with
culations based on theory as to the effect
On the earnings of the corporations ana
it's consequent dividend paying power on
the new basis of prices. All OF tnlS was
but was nevertheless an effective lnnu-
ence upon sentiment regarding the Sc
curity The transfer OF currency TO tne
interior were limited to $200.0Oo 10 Chl-
day for some time past. Additional an,
Inducements were made of gold engaged
for export to the extent OF S750,000. 90
Conservative Action Is Necessary.
Call money, however, rose to per
cent in the late dealings and the neces-
sity for conservative action in the money
market is generally recognized. The price
of gold rose in London and discounts were
lifted to above the Bank of England rate.
This Is believed to foreshadoW an ADVANCE
to 5 per cent in the bank rate. Sterling
advanced sharply at Paris ana Bef RI
ciined. Indicating the effect of London 8
efforts to divert New Yorks demand for
gold 1,pon the continental centers. There
was special upward movement in the
New York corporation stocks which. was
unexplained. The Colorado coal miners
strike affected some of the STOCKS OF the
cnrnorati ons concerned. The special heay-
mess of Pennsylvania seemed due to the
expanding volume Of bond issues by sub
sidary companies. and the death OF L., a =
prominent Philadelphia capitalist, It was
believed might also be a contributory
cause The market closed about steady at
the decline. MI,
Bonds were dull and irregular. Total
sales. par value, 81 1928, 900. United States
IS IS and the old As declined " per
cent On the last call.
Closing List.