New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-07
MORE STEEL RECORDS.
Common, 10 I-2; Preferred, 52-
Price of BdletS Reduced.

Following the Official confirmation on Thursday
OF the report thar the price o. steel bets had been
reduced from 50 to sos ton. step which accord
nS 70 the general view. must soon be followed BY
q corresponding reduction in the prices Of many
forms OF finished steel products the securities of
che United States Steel Corporation yesterday, on
enormous -',rgs. declined to new low Levels.
OF the preferred stock more than 10000 shares
were sold in The FIRST hour. carrying down that
issue which had closed Thursday at 54$s. to 52ss
while the common. also under heavy selling, de-
ciine6 l0<. From these levels the stocks subse-
quently rallied but in the afternoon there came
another slump the common going Gown lGiz and
The preferred s. both new low records. late
rally brought the stocks back TO II and 5Sss, re-
spectively. al the close the common closing IN
changed from Thursday and the preferred at a net
loss for the day OF lss points. The sinking fund
touched S5s4. a new low level. and closed at e6Ss
About s. 900 shares Of the Steel issues were sold FOR
London account but Il declared in some quar-
tiers that part OF this selling on orders from
this city. Short selling feature OF the trading
in the Steel shares and It also said that many
Thousand shares Of long stock were sold by one
uf the promip~ot in the Steel Corporation his
action not being 8, -ative OF financial embarrass-
uent. however. but being due 10 his desire 10 mar
Ehal g large amount OF cash for certain purpose
The point was made yesterday by some Of the
Street operators that the bond conversion syn1i-
cate must have bought In nearly enough Of the
preferred stock the low prices OF the last two
or three DAYS 20 complete the conversion OF 500
10000 Of this issue into bonds. their theory
depress Steel feTreC TO low q point as posi-
DE and WIDEN as Ear as j could TIE gan between
the bon6s into which il. excl sirey. is convert
ing the stock. and that with the removal OF this
alleged depressing influence the price Of Steel pre-
terred should advance, or, at any rate decline no
further.
Al tae, close there, were al sort. Of beaTish
about the Steel stock. spread by shorts who
were unable 10 cover during the rush in the last
quarter OF an hour which carried the stocks UP 10
their final prices.
No further announcements were made yester-
day OF cuts in steel goods. bat IL was reported
good authority that uniform reduction in the
prices Of finished products would soon be made by
agreement between the United States Steel Cor
porariua and the most important OF the indepen-
dent iron and steel companies. Among these
changes, il said, would be reductions in
structural steel from = G0 z 80 per 100 pounds;
iron bars. s. 20 to 80; steel plates, 81 60
10 s 80 and tin plates price at New
York;. from $3.50 20 s. 3. There is also
almost universal belief that TIE price OF steel rails
canrct long he maintained at SIS ton Predictions
sre freely made thar tic poo WI within The next
few weeks reduce the rr.ce 10 SOS and II was even
asserted IL usually wei informed quarters that the
LARGE railroad companies would insist upon a cut
SD a. which figure they would come into the
market as purchasers 81 heavy quantities OF rails