The Montgomery advertiser., 1903-11-13
WALL STREET. REVIEW
PENNSYLVANIA AND STEEL
 AGAIN LEADERS.
Former Showed Weakness But stub-
 bornness, While the Latter for Time Resisted the on- slaught Upon It,

NEW YORK, Nov. Ia.--Pennsy,cyan,a and steel preferred again divided attention and q good deal of influence in today's stock market The dealings were not in such overwhelming proportions in either stock as for the last several days. Pennsylvania was weak from the outset. but showed stubborn resistance in the neighborhood of ii2. 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 close to t2 Its various rallies did not carry 1t quite back to last nights price. The contest in SUD- port of the stock seemed to be abandoned after enormous absorption and the price was car ried to [ lo% with rally at the close to iiIN. The efforts to support the stock were aided at first by the strength shown by United States Steel preferred and by the second bonds. It was common belief that Q very large short interest was being covered in the steel pre- ferred stock. The formal announcement that 1t had been determined not to cut the price of steel plates and structural forms was a help to the stock A rumor was circulated seem- fngly with the purpose of helping the stock that some SIS. 900 900 of the sinking fund bonds had been taken for investment by one of the wealthiest and most conservative of the insurance companies. This report was de- nied. There were rumors circulated also that the prices of steel plates and structural steel would be cut in spite of the announced deci- sion to the contrary. United States Steel pre- ferred yielded Its gain because of these later developments and left Pennsylvania more vul- nerable to the attack. Nothing additional be- came known to throw light on the large liaui-
 
 that we'll organized bear party played a large part in the operations in the stock. Other coalers both anthracite and bituminous, showed the closest sympathy with the move- ment The announced cut in the price of soft coal was accepted as one of the motives of the selling. The report of a decision by a Penn sylvania court against the binding legal force of the holdings of the anthracite strike com mission 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 threatening and reports of rioting in connection with the Chi cago Street Railway strike emphasized the feeling. There was also the report of a cut of 10 per cent. in wages at Fall River, which had its effect in the cotton market as well tion of the United States Steel Corporation to retrench their outlay for wages 6 5,0o0- 900 and the serious 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 to hopes of beneft from Cuban reciprocity treaty. Amal- gamated Copper was another strong feature. of S2ooo. 900 in gold for shipment to New York became known. part of which is already on the way, but not announced before. The rate for sterling recovered somewhat in re- sponse to the gold engagements. The Bank of England refrained from advancing It's dis count rate so that further inward flow of gold is still likely. The stock market closed Total sales of bonds Cpar value) were s3- 100, 900. United States 2s declined h per cent and the 3s and old 4s < per cent. on the last call.
 New York Stock List.