The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-13
Early Firmness i'm u. s. Steel Pre-
ing to the General Weakness.
LABOR SITUATION DIsoUIETING
CUT IN SOFT COAL PRICES ANOTHER
FACTOR IN THE DECLINE.
Sugar and Amalgamated Copper the
Gold Coming from Abroad.

NEW YORK, Nov. 12.-Pennsylvania and
United States Steel preferred again divided at
tention and exerted a good deal of influence in
to-day'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 re-
sistance in the neighborhood of 1l2. The prices
rallied again and again from that figure or
slightly below 1t, and the greater part of the
trading In the stock, up to late in the day. was
at close to lip. Its various rallies did not carry
it quite back to last nights price. The contest
in support Of the stock seemed to be abandoned
after enormous absorption, and the price was
carried TO llOA, with a rally at the close TO
I2h. The efforts TO support the stock were
aided at first by the strength shown by United
States Steel preferred and the second United
States Steel bonds. 1t was common belief that
a very large short interest was being covered in
the Steel preferred stock. The formal announce
ment 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 circu-
lated. seemingly with the purpose of helping the
stock, that some Sis, ooo,o 900 of the sinking fund
bonds had been taken for investment by one Of
the wealthlest and most conservative of the
insurance companies. This report was denied.
Rumors were circulated also that the prices
be cut In spite OF the announced decision to
the contrary. United States Steel preferred
yielded its gain because of these later develop
10 attack. Nothing additional became known to
throw light on the large liquidation in that
stock, but 1t was easily evident that a we'll
organized bear party played a large Fart In the
operations In the stock.
Other coalersa both anthracite and bituminous.
show ed the closest sympathy with the movement.
The announced cut in the price of soft coal was
accepted as one Of the motives for the selling.
The report of a decision by a Pennsylvania
court against the binding legal force Of the
holdings OF the anthracite strike commission
also hurt the coalers. The general tone Of senti-
merit 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 Chicago street-railway
the report of a cut of 10 per cent. in wages at
Fall River. which had its effect in the cotton
market as well as the stock market. The re-
ported intention OF the United States Steel Cor
poretion to retrench it's outlay for wages 81, OOO,-
0U, or 10 per cent, and the serious situation
growing out Of the coal strike in Colorado. were
active factors in shaping the sentiment on this
subject. The show of strength in Sugar was
due 10 hopes OF benefit from a Cuban reciprocity
treaty. Amalgamated Copper was another strong
feature without explanation.
Additional engagements of 81. 900, 600 for ship
ment 10 New York became known, part of which
is already on the way, but not announced be-
fore The rate for sterling recovered somewhat
In response 10 the gold engagements. The Bank
OF England refrained from advancing its dis
count rate, SO that another inward flow of gold
Is still likely. The stock market closed about
steady: but not much above the lowest.
Total sales of bonds at par value were e. 100 -
Vvo- united states twos declined Il and old
Following are the days share sales and the
recorded price changes: