The Montgomery advertiser., 1903-11-10
WALL STREET. REVIEW
coNTrNuED' LraU1DATroN IN
 UNITED STATES STEEL.
Again overshadows the Whole Stock Market-As . Whole the Price Movement Was Sluggish
 and Unimportant.

NEW YORK. Nov. o.--The continued iiquida- tion in the United States steef securities again overshadQwed the whole stock market today. srS sns he 70 as Ss cial movement in United States Steel was rather to repress the trading than to depress the tone. The market as whole was extreme ly sluggish and unimportant. The condition in the money market had its share in repressing activity and the traditional disposition in Wal Street to pause and take observations upon the assembling of Congress was also evident. There was a feeling that the proceedings in Congress may take c turn to which acaive in- terest may atach in Wall Street All three of the active securities of the United States Steel Corporation sold during the day lower than ever before, the preferred stock at boh the common at l0% and the second bonds ct 65K In the case of the bonds and the com mon stock the previous low records were barely shaded at these figures and the transactions in them were not particularly notable. In the pre- ferred stock. however. thcre was constant outpouring ell day and an unendins succession of offerings of one-thousand-share blocks and upwards. The special source of this selling was as much . mystery as at all times, but the manner of the selling gave color to the sup- cess of liquidation. Officials of the corpora ton denied the numerous reports of heavy cuts in prices. but this did not prevent the general conviction that prices throughout the trade would be readjusted to the new basis fixed by the reduction in steel billets In a general way it was argued that since the restraint upon the rise of price of steel had not availed to conserve the consumptive demand there was reason to doubt whether the price reduction would restore the demand. The street was flooded with rtfnors and calculations based on the theory as to the effect on the earnings of the corporation and its consequent dividend paying power on the new basis Of prices. All of this was. of couorse. based on very imper- feet data. but was nevertheless an influence upon sentiment regarding the security. The transfers of currency to the interior were lim- ited to S20o. 900 to Chicago. which Is the lghtest for any one day for some time past Additional announcements were made of gold Gail money. however, rose to per cent. in the late dealings and the necessity for conserv- alive action in the money market is generally recognized. The price of gold rose In London and discounts were lifted to above the Bank of England rate. This is believed to fore shadow an advance to per cent. in the bank rate. Sterling advanced sharply at Paris and Berlin and exchange here upon those centers declined indicating the effect of London's ef- upon the continental centers. There was a special upward movement in the New York corporation stocks. which was unexplained. The Colorado ccal miners strike affected some of the stocks of the corporations concerned. The special .heaviness of Pennsylvania seemed due to the expanding volume of bonds issued by subsidiary companies and the death of . prominent Philadelphia capitalist 1t was be- lieved. might also be contributary cause.
 Bonds were dull and irregular. ToaI sales (par value), $I ,o26, 900. United States 2s, 3s and the old 4s declined 4 per cent. on the last call.
 New York 8tcck List.