The Saint Paul globe., 1903-11-07
LIQUIDATION IN STEEL
1T BRINGS THAT STOCK TO A STILL
LOWER LEVEL
Market Is DeIuged With These Securities
Opinion Based on Reduction of s7rice
of Biiets Causes the Siump-Another
Poor Bank Showing is Looked for.

NEW YORK, Nov 6.-The stock mar
ket was submerged again today under
deluge of United States Steel stocks. The
general list, however, responded much
less readily to the depressing influence of
the steel liquidation than was the case
yesterday Whenever the severe pressure
on the steel stocks was suspended, as
happened at intervals, the railroad STOCKS
rallied easily, so that their level of prices
was above last night for about as much of
the time as it was below The market
closed in one of the intervals when there
was no pressure on steel, so that prices
elsewhere were rising and were well above
last night. Union Pacific and Pennsylvania
show gain of a point on the day. and
a number of the New York corporation
stocks somewhat more.
The early liquidation in the steel shares
was very violent, as Is shown by the fact
that the sales of the preferred for the
first hour alone were well above l0O,OU0
shares. 1t is not to be supposed that tnlS
enormous volume of dealings was wholly
liquidation The room professionals trad
ed in and out of the stocks on very
large scale all day. 1t was said OF one me
trader who was very active in the stock
all day that he was neither long nor
short for more than ten minutes at
time while the aggregate OF his lndlviduai
dealings amounted to many thousands OF
shares The low price touched for the
common stock was 101a, for the preferred
So and for the bonds 65A The relatively
greater weakness of the preferred stock
imam the DOnQS was pOtdDly III view VI tiio
supposed conversion operation by the
syndicate which would involve the pur-
chase of preferred stock for conversion
into bonds which would in consequence
be for sale.
What the Selling Meant.
The heavy selling of the steels was the
expression of a fear that the announced
cut of 81 per ton in the price of steel BILL
lets was a preliminary to reduction OF
prices of all the products and general
process of contraction throughout the
trade. There were some rather speclnc
allegations also that some of the selling
was traceable to sources from which IL
might be prompted by changes IN the ex-
ecutive department of the corporation.
The stock market seemed to race with
euuanimity the prospect of another poor
bank showing tomorrow In addltlon 10
the losses to the SubtreaSury OF $IO9l, :
900, the banks have made net shipments
by direct express to the West and South
of upwards of $3,000,0 900. The indicated
cash DECREASE of more than $40, 900 is
about equal to the surplus reserves SHOWN
by the banks in last weeks statement.
The stock market community seemed 10
rest in a sense of security that the
threatening showing would be averted,
however by tomorrow's bank statement,
as it was last week and for two weeks
preceding Further large shipments OF
currency were made today and the rate
of call loans touched as high as per
cent but sterling exchange fell weakly
to as low as the low point OF Monday,
when gold was engaged in London, ana
there can be no doubt that an inflow OF
gold would easily result from any addl-
tional pressure for money.
The bond market continued dull, but
the price movement was irregular. Iotal
sales. par value, 2,497, 900. United States
rs declined "A per cent on the last call.
Closing List.