The daily morning journal and courier., 1903-11-13
YEsTERDAY'S STOCK MARKEI,
Pennsylvania and steeI Divide Atten
 ton.

1 Fen nsyivanin anu Stoos Dtvlue Attem ton.
 | New York, Nov. 12.-Pennsylvania
 and United States Steel preferred again
 divided attention and a good degree of
 influence in to-day's stock market. The dealings were not in such overwhelm-
 ing proportions in either stock as for
 several days past. Pennsylvania was
 weak from the outset, but showed stubborn resistance in the neighbor- hood of 112 The price rallied again and again from that figure or slightly | below it, and the greater part of the trading in the stock up to late in the day was at close to 112. Its various
 rallies did not carry it quite back to | last nights prices. The contest in sup
 port of the stock seemed to be aban- doned after enormous absorption, and the price was carried to 110%, with rally at the close to 111N. The effort | to support the stock was aided at first | by the strength shown by United States Steel preferred and by the second Unit ed States Steel bonds. It was common
 belief that very large short interest was being covered in the Steel prefer
 red stock. There were rumors circu-. lated also that the prices of steel plates
 and of structural steel would be cut in spite of the announced decision to the contrary. 2S United States Steel preferred yielded its gain on account of these later de- I velepments and left Pennsylvania more vulnerable to the attack. Nothing ad- ditional became known to throw light on the large liquidation In that stock, but 1t was easily evident that well- organized bear party played large part in the operation in the stock. Oth- \ CT coalers, both anthracite and bitumi- | nous, showed the closest sympathy with | the movement. The announced cut in | the price of soft coal was accepted as one of the motives of the selling. The report of decision by Pennsylvania court against the binding legal force of | the holding of the anthracite strike
 commission also hurt the coalers. The general tone of sentiment in speculative circles became somewhat ' discouraged as the railroad list gave way here and there. The outlook in the | labor world was regarded as threatens | ing and reports of rioting in connection with the Chicago street railway strike emphasized the feeling. There was also l the report of cut of 10 per cent. in 1 wages at Fall River, which had it's ef- | feet in the cotton market as we'll as in the stock market. The reported inten- ton of the United States Steel corpora ton to entrench their outlay for wages 1 5000, GOO, or 10 per cent, and the seri-
 ous situation growing out of the coal strike in Colorado were added factors in shaping sentiment on this subject.
 The show of strength in Sugar was due l to hopes of benefit from Cuban reci- procity treaty. Amalgamated Copper 1 was another strong feature without ex- | planation. Additional engagements of $2,000000 | in gold for shipment to New York be-
 came known, part of which is already
 on the way, but not announced before. | The rate for sterling recovered some-
 what in response to the gold engage
 ments. The Bank of England refrain
 ed from advancing it's discount rate. so that further inward flow of gold is still likely. The stock market closed about steady, but not much above the lowest.
 Total sales of bonds par value were s. 100000. United States twos declined A and
 the threes and old fours N per cent. on | the last call.