The Birmingham age-herald., 1903-11-13
TWO FACTORS IN
 THY STOCK MARKET Tennessee and United States
 Steel Share Attention RUMORS CAUSE FLURRIES Sentiment In Speculative Circles Be- comes Discouraged by Giving Away of the Railroads Here and
 There-close Steady.
RUMORS CAUSE FLURRIES

New York, November 12.-Pennsyivania and United States Steel preferred again divided attention and a good degree Of Influence in todays 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 stub born resistance in the neighborhood of 112. The price rallied again and again from that figure or slightly below it, ard the greater part of the trading in the stock up to late in the day was close to 112. It's 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 i10% with rally at the close to l1lA. The efforts to support the stock were aided at first by the strength shown by U S. Steel preferred and by the second bonds. It was common belief that very large short interest was being cov- cred in the steel preferred stock. The formal announcement that 1t had been determined not to cut the price of steel plates and structural forms was help to the stock. rumor was circulated, seemingly with the purpose of helping the stock, that some $15,00O,000 of the sinking fund bonds had been taken for investment by one of the wealthiest and most conservative of the insurance com panies. This report was denied. There were rumors circulated also that the prices of steel plates and structural steel would be cut in spite of the announced decision to the contrary.
 U. s. Steel preferred yielded its gain because of these later developments and left Pennsylvania more vulnerable to tie attack Nothing additional became known to throw light on the large liqui- dation in that stock, but it was easily evident that a we'll organized bear party played large part in the operations in the stock Other coalers, both anthracite { and bituminous, showed the closest sym pathy with the movements.
 The announced cut in the price Of soft coal was accepted as one of the motives of selling. The report of decision by Pennsylvania court against the binding legal force of the holdings of the anthra- cite strike commission also hurt the coal CTS. The general tone of sentiment in speculative circles became somewhat dis couraged 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 strike emphasized the feeling. There was also the report or a cut of 10 per cent in wages at Fall River, which had it's effect in the cotton market as well as in the stock market.
 The reported intention of the United States Steel corporation to retrench their outlay for wages $15000,00O and the seri- ous situation growing out of the coal strike in Colorado were added factors in shaping sentiment on this subject. The show of strength in sugar was due to hopes of benefit from a Cuban reciprocity treaty. Amalgamated copper was anoth- CT strong feature, without explanation Additional engagements of $2,0O0,0OO in gold for shipment to New York became known, part of which is already on the way, but was not announced before The rate for sterling recovered somewhat in response to the gold engagements. The Bank of England refrained from ad- yancing it's discount rate. so that fur their inward flow of gold is still likely. The stock market closed about steady, but not much above the lowest.
 Total sales of bonds, par value, were s31O0.O0O. United States 2s declined IS per cent and the 9s and old 4s 4 per cent on the last call.