The daily morning journal and courier., 1903-11-11
YESTERDAYjS STOCK MARKET
RaIIrOnd stocks Affected by steel's
 Weakness.

"CNRuehA
 New York, Nov. 1O.-RaiIroad stocks were more affected to-day in sympathy with the recent weakness of United States Steel than at any time during the heavy liquidation of that stock. The sharp rebound in prices at the end of the day gave room for the supposition that much of the selling of railroad stock was for short account and room traders found the supply scanty when they attempted to cover the shorts. The demonstrative way in which the break in railroad stocks was heralded and tipped from professional quarters furthered the suspicion of the profess sional character of the selling. United States Steel preferred ended to-day un- changed from last night, although it sold at enc time at 49%. The relaxa- tion of the severe pressure against this stock seemed to deprive the bears of some of their war material and further ed their disposition to cover. It was generally expected that some further cuts in steel prices would be announced to-day as a result of meetings among authorities in the trade, and the failure of these announcements was relief 10 the United States Steel securities. The number of shares dealt in rose consid- erably over the number of United States Steel preferred, but Pennsylva- mia, stock is in $50 or half shares. The acute weakness of this stock, which sold down to 114k had much to do With the general weakness developed in the other railroad stocks. -.+~s. s ,. It was reported that large loan by trust company in which Pennsylvania stock figured to an important extent as | collateral was closed out. The argu- ment was used with effect that the de- | pression in the iron and coal trades | would be bound to affect the traffic ot I the trunk lines unfavorably, and, most of all, Pennsylvania, The heavy bond | and stock issues by subsidiary compa- nies recently made, which have reached | an aggregate of considerably over fifty ! million dollars, was factor in the de- 1 pression of the stock and was aggra- I vated by rumors of still further issues 1 The fact that these issues are pushed at | this time has caused an impression that
 the authorities making them hold an
 unhopeful view of the future of the
 money market, being so ready to issue them under the present by no means
 very favorable condition of the money
 market. But in this connection it Is to be considered that numerous other re- aurements for railroad bond issues still overhang the market, which it may be good policy to forestaE.
 Transfers of currency to the interior
 to-day again rose to half million dol
 lars and call money again loaned in
 some abundance at 6 per cent, Ster-
 ling exchange, however, made another
 downward plunge to point where for |. eign bankers estimated that it would be profitable to import British sover-
 eigns, There were rumors current oi , impending imports of several million dollars worth, but no definite an
 nouncements were made. The obvious Likelihood of the rumors helped the lat recovery in the market. The New Yorl corporation stocks made an early ad
 vance in face of the general downward tendency. In the late dealings Amalgamate( Copper took the lead in the advance 7 and closed with gain of 2%. Rumor ] of strikes in the Rio Tinto mines, whicl
 depressed that stock in London, proba r bly, prompted the advance in Amalga - mated here in the same way that th I decline in Amalgamated on the closing !. down of the Montana works caused al = advance in Rio Tinto in London. Tn S market closed dull and barely steady. 3 The bond market was dull and heavy ], The total sales par value aggregate,
 $2, 345,0 ,000.
 V United States bonds were unchange = on the last call.