The Montgomery advertiser., 1903-11-11
WALL STREET REVIEW
RAILRoADERS AFFECTED BY
 STEEL'S WEAKNESS.
Rebound at the End of the Bays Trading Caused Belief That
 Most of tls Selling Was by Shorts.

NEW YORK. Nov. Io.-Railroad stocks were more affected today in sympathy with the re- cent 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 stocks was for short account and room traders found the sup ply scanty when they attempted to cover. The demonstrative way in which the break in rail- road stocks was heralded and tipped from pro- fessional quarters furthered the suspicion of States Steel preferred ended the day un- changed from last night, although 1t sold at one time at 49&. The relaxation of the severe pressure against this stock seemed to deprive the bears of some of their war material and furthered their disposition to cover. It was generally expected that some further cuts in steel prices would be announced today as a result of meetings amongst authorities in the was a relief to the United States Steel securi- ties. The number of shares of Pennsylvania dealt in rose considerably 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 ll4h had much to do with the general weak ness developed fin the other raiirnad stocks. It was reported that large loan by a trust com pany in which Pennsylvania stock figures to an important extent in collateral was closed out. The argument was used with effect that the depression in the iron and coal trades wouli be bound to affect the traffic of the trunk lines unfavoraby and most of all Pennsyl- vania. The heavy bond and stock issues by sb- sidiary companies recently made which have reached an aggregate of considerably over S50.- 900, 900 was factor in the depression of the stock and was aggravated by rumors of still further issues. The fact that these issues are pushed at this time has caused an impression that the authorities making them hold an hopeful view of the future of the money mar ket being so ready to issue them under the present by no means very favorable condition of the money market. But in this connection 1t is to be considered that numerous other reqlIre- ments for railroad bond issues still overhang the market, which may be good policy to fore stall. Transfers of currency to the interior to- day again rose to half million dollars, and call money again loaned in some abundance at per cent. Sterling exchange however. made foreign bankers estimated it would be profit able to import British sovereigns. There were rumors current of impending imports of sev- eral million dollars worth, but no definite an- nouncement was made. The obvious likelihood of the rumors helped the late recovery in the market. The New York corporation stocks made an early advance in face of the general downward tendency. In the late dealings Amalgamated Copper took the lead in the ad- vance and closed with a gain of 2%. Rumors of strikes in the Rio Tinto mines. which de- ed the advance in AmaIgamated here in the same way that the decline in Amalgamated on the closing down of the Montana works caused an advance in Rio Tintos in London. The mar ket closed dull and barely steady.
 The bond market was dull and heavy. Total sales (par value), S2. 345, 900. United States bonds were unchanged on the last call.
 New York Stcck List.