Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-11-10
FINANCE AND TRADE
Stocks Continue Their Down
ward Course.
RALLY LATE IN DAY
SELLING OF STEEL AND BUYING
OF COPPER THE FEATURES.
Standard Railway Issues Suffer Under
the General Pressure-Pennsyl-
vania Goes Low.

NEW YORK, November 1o.-On very
heavy offerings the L. s. Steel issues once
more established new low records today,
all three issues-the common and preferred
stocks and the five per cent bonds-sold on
at the opening, rallied slightly, and before
the end of the hour went lower than before.
The common touched TO- and the preferred,
which came out in large blocks at 49&4, and
the bonds at 65h. Trading in the steel
issues completely overshadowed the balance
of the market. The great bulk of the Of
ferings seems to be short stock, but it is
quite likely that considerable long stock
came out, especially of the preferred. many
stop loss orders being uncovered when this
stock touched 30. London sold the Steel
stocks, and so did various out-of-town
houses. The balance of the list was ma
terially affected some of the high grade
railway shares declining point or more.
with Pennsylvania showing especial weak
ness.
First sales of United States Steel pre-
ferred were of $500 shares at 501A yester-
days low record. but the price subsequently
sagged to sos The second bonds and the
common stock opened al new low records
the bonds selling at 6oh. Five hundred
shares of the common stock sold at 1014 and
the 0ext sale was of 400 shares at los
The transactions in both classes of stocks
continued in very heavy volume. Union
Pacific also opened wide on the sale of
$500 shares at 71A and al, compared with
Tx last night, and there was a subsequent
sale at IO7s. Prices were down, varying
fractions throughout the list
There was an upward movement in the
New York fractions after the opening,
Manhattan. Brooklyn Rapid Transit and
Metropolitan Street Railway were lifted
rapidly and IA and the other stocks stiff
ened slightly, including United States Steel
Enormous selling of United States Steel
preferred was then resumed, the price fall
Ing to 49A. The common stock touched
10 and the second bonds 65.
Railroad stocks weakened under the
drive and the fractions also lost most of
their rise. Baltimore and Ohio, New York
Central, Colorado Fuel and Iron and Ma
tional Enameling declined a point or over
When United States Steel rebounded a
fraction Amalgamated Copper was lifted
to 81, but Pennsylvania then fell 2 and
the market became feverish and uncertain
United States Steel preferred made a full
recovery on buying by uncovered shorts
but renewed liquidation in Pennsylvania
interrupted the sympathetic rally else
where. Pennsylvania lost 2Ss in all, Read
ing second preferred %, and ST. Paul. Mis-
souri, Pacific. Canadian Pacific. Smelling.
Pressed Steel Car. Tennessee Coal and
Realty preferred 1 to 1R
There was a decline of rs in Lackawahna.
The market steadied before noon. Bonds
were heavy at noon.
Pennsylvania dropped to 1141s and Read
lIlS anu NOTIOlk anu " eSlefu anu Il lew
other less important stocks ran off point
or more before the heavy buying of Anal
gamated turned the market Amalgamated
rose from 30. the lowest, to So without en-
countering much resistance. The ease with
which the advance was accomplished in
fiuenced a moderate demand from the gen
eral list, but the disposition current to sell
United States Steel on rallies kept the mar
ket from improving much. Anaconda
gained 3 and Consolidated Gas 1.
When the room traders attempted to take
their profits in Amalgamated the buying
proved to be not so insistent and 1t fell
back to BIS. Louisville and Hooking Val
ley preferred were dragged down 1 and III
and United States Steel preferred went be-
low So A rally of a point in Pennsylvania.
coupled with a rebound to 81 by United
States Steel preferred. placing 1t at Il above
yesterdays close, strengthened the market
recovery