The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-11-12
STOCKS AND BONDS.

New York Nov I.-Todays stock
market was literally swauped under the
torrent OF Pennsylvania stock. the total
s. les Of which numbered half as much
as the aggregate shares OF all other
stocks sold during the day. Even when
it is allowed that the total number Of
Pennsylvania shares sold. being go per
share should be halved In comparison
with sales OF other stocks. the volume
of selling of this stock which had 10 be
absorbed in the market was truly for
midabie
During the early part of the day the
contrary average IN United states Steel
preferred served as an Offset TO the down
ward course in Pennsylvania. but the
persistence Of the Atter movement ulti-
mately undermined the market and de-
teruiued its general tendency. AS
resu I. net losses OF from 1G1ls are in
dicated. United States Steel preferred
is not included. that stock having
closed unchanged from last night and
the night before Ii ranged as high as
Ia over last nights level and lost its
rise in sympathy with the weakness Of
Pennsylvania. The enormous selling OF
alter stock was mystifyins and lot
loose a food Of rumors as 10 its source
and its motive Professional traders OPP
Grated on a very heavy scale in that
stock The evidently large professional
operation was the ground for the con-
lecture that the movement might be
"a d geirst this stock TO further cover
ing operations elsewhere as elimination
OF bear campaign. 1t IS true that mere
were heavy short covering operations IN
United States Steel preferred. but they
were not very evident elsewhere. The
convicuou was very general that liauida-
ton OF Pennsylvania was on very large
scale. The large volume OF new bond
issues BY subsidiary companies. coupled
with the recent expansion in the COM
pany's own capital stock and the conse-
auent large increase in the requirements
on earnings in order TO maintain the
present rate OF return on bonds and
stocks was an acknowledged factor in
the Ifquidat ton Subscribers 20 the re-
cent issues at 10 may be counted among
the disappointed holders at the present
level There was interested discussion.
whatever there might have been OF cred
encc. of theory thai the Standard OH
party were in q way 10 control United
states Steel with a consequent power
10 divert the enormous freight traffic
Of the corporation to railroad interests
with which that party has closer aftsh-
alton Tie report that the United States
Steel corporation was seeking a recuc-
ton in tie export = light rates from the
trunk lines was an incident TO this line
OF discussion So vas yesterday an
nounceuent Of the admission OF an aG-
ditional Standard on report TO the New
York Central board The rebound in
United States Steel securities vas large
Is attributed 70 the round figures OF ~
and % reached yesterday IN the course
CT the long deciins. figures which have
A national reaction 10 the speculative
mind al the elimination Of a campaign.
Reports that yesterdays steel meeting
had decided against further cuts at pres
ert in prices also helped these stocks
The news that Amelgamated mines were
to reopen explained yesterdays advance
IN that stock but did not help It more
man a fraction today Its reaction was
furthered by the sharp break III the ra~
COPPER market. following the resumption
of The large productive operations by the
Analgamated company.
The market closed rather dull and
weak. with Pennsylvania a. llZ1z. or oniy
Z. above TIE lowest
Additional engagements q gold ser m
Port were made in London and the fur-
Their drop in exchange indicated the prob
ab.e continuance Of the movement
Bonds were dun and heavy Tctai
sales par value. si.5z.co United states
bonds were Unchanged On the last cali
fl--o+q-s0rS ryere IS follows