The Birmingham age-herald., 1903-11-20
PRICES HARDEN IN TIE STOCK MARKET Strength of United States Steel
 Prevents any Reaction FOREIGN BUYERS ACTIVE Retention of Present Rate of Discount of Bank of England Helps the
 Markets-An Advance In
 Exchange Rates Felt.
FOREIGN BUYERS ACTIVE

New York, November 19.-Prces in the stock market showed tendency to hard en slowly again today. The most active stock was United States Steel preferred, and the late strength of that stock saved the market from any reaction caused by profit taking on the present trades and made the closing strong at top prices and quite active. There was nothing in the news of the day to account for the strength in United States Steel preferred but the identity of the brokers most largely concerned in the buying caused the inference that they were acting for the preferred stock conversion syndicate Reports circulated seemed to show to this buying was incident to the closing Up of the syndicate's operations preparatory to it's dissolution The second bonds rose vigorously 2A on this report, the assump- ton being that the bond holdings of the syndicate had been marketed.
 The strength of the bonds seemed to un- affected by an intimation that a new syn dicate would be formed to take over the bond holdings of the present and under write them at @, presumably with the purpose of disposing of them at a profit to the public. Nothing official was forth coming regarding the syndicate opera tions 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 has been intimated, however, that the railroads were hold ing out for a reduction on steel rails. Very discouraging reports were m elrcu- lation regarding the rate of earnings on the present output of United States Steei and rumors were very persistent or the entry of large interests in the old steel companies into some of the independent combinations. The advance of 1$4 in Re- public steel preferred was reflection of these rumors.
 Light buying for foreign account was factor in the strength of the days mar ket The retention of the present rate of discount of the Bank of England helped the foreign markets and the ad- vance in exchange rates here indicated that our pressure for gold was relaxed The outgo to the interior from the sub treasury was on a moderate scale again. and although New York exchange at Chi cago rose to a slight premium, $l0O-OOO of the transfers were for that point Minor railroad stocks maintained their conspicuous position of the last few days In the market The consummation of the 5eaboard settlement was a favoring influ- enee on this class of stocks, pointing to the possibility of absorption and consoli- dation growing out of the recent troubles and losses caused by the extensive shrinkage in stock market values. Minor railroad companies which have a strate- gic value of position in the making of rates. even where their earning power is small are considered to be destined for ultimate absorption by the larger railroad systems.
 The bond market was notably firm and became more active Total sales, par value $4.1S40OO.
 United States bonds were unchanged on the last call