The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-12
Many Causes Contributary to the
slump, the influence Extending to
Nearly the Entire Market.
u. S. STEEL HOLDS STEADY
THIS AND AMALGAMATED COPPER
RESIST DEPRESSION.
Sharp Break i'm Northern Securities on
the Curb-MOre Gold Engaged for
Import from London.

NEW YORK, Nov. u.-To-day's stock market
was literally swamped under the torrent Of Penn
sylvania stock, total sales of which numbered
almost half as much as the aggregate shares Of
all other stocks sold during the day. Even when
1T is allowed that the total number of Pennsyl-
vania shares sold. being $50 per share, should
be halved for comparison with sales of other
stocks the volume of selling of this stock which
had to be absorbed in the market was truly for
midable. During the early part of the day the
contrary movement in United States Steel pre-
ferred served as an offset to the downward
course In Pennsylvania, but the persistence of
the latter movement ultimately undermined the
market and determined its general tendency. AS
a result net losses OF l to IA are indicated for
many Of the prominent active stocks. United
States Steel preferred is not included, that stock
again having closed unchanged from last night
ana the night before. 1t ranged as high as Ia
over last nights level. and lost its rise in SYM
pa1ny with the weakness of Pennsylvania. The
enormous selling OF the latter stock was mysti-
lying, and let loose a flood Of rumors as TO its
source and ITS motives; Professional traders OPP
Grated on a heavy scale in and out of the stock
at ali stages OF the movement.
Inc evidently large professional operation was
the ground for the conjecture that the movement
might be a raid against this stock to further
covering operations elsewhere as a elimination
Oh d pear campaign. Ii Is true that there were
very heavy short covering operations in United
States Steel preferred. but they were not very
eVldent elsewhere. The conviction was very gen.
erai that genuine liquidation of Pennsylvania
was on a very large scale. The large volume of
new pond issues by subsidiary companies, coupled
with the recent expansion in the company's own
capital stock and the consequent large increase
maintain. the present rate OF return on bonds
and stocks. was an acknowledged factor in the
Liquidation. Subscribers to the recent issues at
10 may be counted among the disappointed hold
ers at the present level.
Inere was interested discussion, whatever
there might have been Of credence, Of a theory
onat the Standard OIL party was in a way to
power TO divert the enormous freight traffic of
the corporation to railroad interests with which
putes between the great Pittsburg steel interests
and the Pennsylvania over steel freight rates
company and the Pennsylvania authorities were 3
recalled. The report that the United States Steel
freight rates from the trunk lines ne " WAS an e1iR pef.
dent to this line Of discussion. So was yester-
days announcement of the admission of an addi-
York Central board. The rebound in United
States Steel securities was largely attributed to
the round figures of 10 and 50 reached in the
course OF the long decline, figures which have
a elimination for a campaign. Reports that to-
days Steel meetings had decided against fur
stocks. The news that the Amaisamatei mines
s Tere s TO reopen Ps1 ak explained lain Ss yes !, advance in
ton to-day. Its reaction was furthered by the
sharp break In the raw copper market following
b n ffSsum ImSIrS on she large productive operations
closed rather dull and weak. with Pennsylvania
Northern securities broke 3 points on the
curb shortly before to-day's close. Early in
A prominent commission house offered 1000 shares
In the last half hour, and the price promptly fell
to IS. The late selling was reported to be of a
Additional engagements of gold for import were
change indicated the probable continuance Of the
movement.
Bonds were dull and heavy. Total sales, at
were unchanged on the last call.
Following are the days share sales and the
| recorded price changes: