The Birmingham age-herald., 1903-11-12
RAILROAD STOCK
 SWAMPS MARKET Torrent of Pennsylvania Shares Pours on Exchange NET LOSSES IN THE LIST Professional Traders Operated on Very Heavy Scale In and Out of
 the Stock at All Stages of
 the Movement.

New York, November 11.--Today's stock market was literally swamped under the torrent of Pennsylvania stock. the total sales of which numbered almost hair as much as the aggregate shares of all other stocks sold during the day, Even when II Is allowed that the total number or Penn- sylvania shares sold at $50 per snare should be halved for comparison with sales of other stocks. the volume or selling of this stock which had to be ab- sorbed in the market was truly formlda- ble. During the early part of the day the contrary movement in United States Steel preferred served as an offset to the course In Pennsylvania, but the persistence of the latter movement ultimately undermined the market and determined its general tendency. As result, net losses of to 1h are indicated for many prominent ac- tive stocks. United States Steel preferred is not included, that stock again having closed unchanged from last night and from the night before. It ranged as high as 1% over last nights level and lost Its rise in the weakness of Pennsylvania. The enormous selling of the latter stock was mystifying and let loose flood or
 
 Professional traders operated on very heavy scale, in and out of the stock at all stages of the movement. The evidently large professional operation was the ground for the conjecture that the move- ment might be a raid against this stock to further covering operations elsewhere as continuation of bear campaign. It Is true that there were heavy short cov- ering operations in United States Steel preferred. but they were not very evident elsewhere. The conviction was very gen eral that genuine liquidation of Pennsyl- vania was on very large scale. The large volume of new bond issues by sub sidiary companies, coupled with the recent expansion of the companys own capital stock, and the consequent large increase in the requirements upon earnings in order to maintain the present rate of return on bonds and stocks was an acknowledged factor in the liquidation. Subscribers to the recent issues at 120 may be counted among the disappointed holders at the present level.
 There was interested discussion what ever there might have been of credence of a theory that the standard oil party were in a way to control United States steel with a consequent power to divert the enormous freight traffic of the cor poration to railroad interests with which that party has close affiliations Old time disputes between the great flttS- burg steel interests and the Pennsylvania over steel freight rates and still older conflicts between the standard oil com pany and the Pennsylvania authorities were recalled The report that the United States corporation was seeking reduc- tion in the export freight rates from the trunk lines was an incident to this line of discussion. So was yesterdays an nouncement of the admission of an addi- tional standard oil representative to the New York central board. The rebound in United States steel securities was large ly attributed to the round figures or ten and fifty reached yesterday in the course of the long decline which have a natural attraction to the speculative mind as a continuation for a campaign. Reports that yesterdays steel meetings had decided against further cuts at present in prices also helped these stocks The news that the amalgamated mines were to reopen explained yester- days advance in that stock but did not help it more than a fraction today. Its reaction was furthered by the sharp break In the new copper market, following the resumption of the large productive oper- ations in amalgamated copper. The mar ket closed rather dull and weak with Pennsylvania at 1121s, or only 4 above the lowest. Additional engagements of gold for import were made in London and the further drop in exchange indicated the probable continuance of the movement.
 Bonds were dull and heavy. Total sales, par value, S1,545, 900. United States bonds were unchanged on the last call.