The Montgomery advertiser., 1903-11-20
WALL STREET REVIEW
PRICES SHOW TENDENCY TO
 HARDEN.
Late Strength in United States Steel Saves the Market from Re- action Caused by Profit
 Taking,

NEW YORK. Nov. I9.-Prices in the stock market showed a tendency to harden again today. The most active stock was United States Steel preferred and the late strength of that stock saved the market from any reac- tion caused by profit taking on the part of the traders and made the closing strong at top prices and quite active. There nothing in the news of the day to account for the strength in United States Steel preferred, but the iden- tity Of the brokers most largely concerned in the buying caused the inference that they were acting for the preferred stock conversion syn dicate. Reports circulated seemed to show that this buying was to indicate the closing up of the syndicate's operations preparatory to its dissolution The second bonds rose vigor- ously 2k on this report, the assumption being that the bond holdings of the syndicate had been marketed. The strength of the bonds seemed to be unaffected by an intimation that new syndicate would be formed to take over the bond holdings of the present and under write them at 65. presumably with the pur- pose Of disposing of them at a profit to the public. Nothing official was forthcoming re- Bardng the syndicate operations before the market closed. United States Steel preferred may have been affected by the session of the trunk line officials to consider the request of steel manufacturers for a reduction on export steel freight rates It was intimated, however, that the railroads were holding out for a re- duction on steel rails. Very discouraging re- ports were fin circulation regarding the rate of earnings on the present output of United States entry of large interests in the old steel com- panies into some of the independent combina- tions The advance of I% in Republic Steel preferred was a reflection of these rumors Light buying for foreign account was factor in the strength of the days market. The re- tention of the present rate of discount of the Bank of England helped the foreign markets and the advance in exchange rates here indi- cated that our pressure for gold was relaxed. The outgo to the interior from the sub-treasury was on . moderate scale again and although New York exchange at Chicago rose to a slight premium. SIoo. 900 of the transfers were for that point. Minor railroad stocks main tained their conspicuous position of the last few days fin the market. The consummation of the Seaboard settlement was a favoring influence on this class of stocks. pointing to the possibility of absorption and consolida- tion growing out of the recent troubles and losses caused by the extensive shrinkage In stock market values. Minor railroad compa- nies which have a strategic value of position in the making of rates. even where their earn ing power Is small. are considered to be des- tined for ultimate absorption py the larger railroad systems.
 The bond market was notably firm and be- came decidedly more active. Total sales (par value). S4. I4S. 900. United States bonds are unchanged the last call.
 New York Stock List.