The Birmingham age-herald., 1903-11-06
STEEL ST0CkS
 ARE VERY WEAK These Securities We're Weight
 Upon Whole Market COPPER HAD RESISTANCE Dividends Of Number of Important Stocks This Morning and the Ap- pearance of Confidence
 Caused Bidding Up.

Nav York. November 5.-The persistent weakness of the United States Steel se- curities today was a weight upon the whole market. The oppressive effect was evident at the outset when stocks of both classes and the second bonds all opened at lower prices than ever before. But the influence was resisted for time except for few stocks affiliated with the iron and steel trade. During the forenoon the effect on the railroad list was hardly perceptible, and a number of railroad stocks held above last nights level. Divi- dends of a number of important stocks this morning and the appearance or cheapness thus produced, perhaps, en- countered some bidding up. Both Pennsyl- Amalgamated Copper also offered some resistance in the early part of the day, apparently on account of the putting for ward on the calendar of the litigation in Montana. The whole market yielded, however, in the late dealing, and the clos ing was weak, with many of the standard railroad stocks point or more below last
 
 showed even wider declines In the out pouring of United States stocks in the late dealings the price of the common touched 1oN, the preferred 54ss, and the second bonds 667s. These compare with last nights prices of 12s4 for the common, STA for the preferred and CTS for the second bonds The slump in these securities after
 
 have already undergone, let loose a flood of rumors and conjectures. Some of these were colored with a sensational tinge, but the conviction was very general In the street that the situation in the iron and steel trade was very discouraging, and that conditions were much upset.
 Sales were made in the outside market of the next dividend on United States Steel, common. at A of 1 per cent on sev- eral thousand shares. Reports of cuts in steel products were very contradic- tory, but the decision to make price of $23 a ton for steel billets, compared with the recent price of s27 was known on authority. There were rumors in addi- ton of coming cuts In steel rails. and In other lines of finished product of reduce tions in wages throughout the industry and of the discharge of large forces Of working men. The announcement or the resignation of one of the executive of ficials of the corporation was used as basis for rumors of official friction wide ly extended, and of a coming extensive reduction in the executive forces for pur- poses of economy. Officials were reticent regarding all these rumors, so that the professional traders who followed the movement in the stocks were left to choose for themselves between the fact and fiction The reports of some heavy sales of the corporations product in for eign markets, gave no help to the stocks as they were accepted as indicating the downward course of prices with view to extending export trade. The west and south took $7000O0 of currency today in continuation of the outgo, and sterling ex- change weakened again. Rumors were again circulated of further engagements of gold for import, but they were un- substantiated. The Bank of England re- trained from advancing its discount rate and the price of gold was slightly lower- ed in London.
 The bond market was easy as result of the tightness of the money market but the dealings were dull. Total sales par value, were $2,047,000. United States bonds were unchanged on the last call.