The Birmingham age-herald., 1903-11-07
U.S,STEEL STOCKS FLOOD THE MARKET General List, However Strongly Resisted the Pressure SEVERAL STOCKS GAINED Room Professionals Traded In and Out of the Market on a Very Large
 Scale All Day--6ond
 Market Is Dull.

New York, November 6.-The stock market was submerged again today under a deluge of United States Steel stocks. The general list, however, responded much less readily to the depressing infiu- ence of the steel liquidation that was the case yesterday. Whenever the over-press- ure on the steel stocks was suspended, ss happened at intervals, the railroad stocks rallied easily so that their level of prices was above last night for about as much of the time as 1t was below. The market closed in one of the intervals when there was no pressure on steel, so prices else where were rising and were well above last night. Union Pacific and Pennsyl- vania show a gain of point on the day and number of New York corporation stock somewhat more. The early liquida- ton in the steel shares was very vio- lent, as is shown by the fact that the sales of the preferred for the first hour alone were well above 100000 shares.
 It is not to be supposed that this enor- nous volume of dealings was wholly liqui- dation. The room professionals traded in and out of the stocks on very large scale all day. It was said of one trader who was very active in the stock all day that he was neither long nor short for more than ten minutes at time while the aggregate of his individual deal ings amounted to many thousands of shares The low price touched for the comfnon stock was 101k. for the preferred 52 and for the bonds 65A. The relatively greater weakness of the preferred stock than the bonds was noticeable in view of the supposed conversion operation by the syndicate which would involve the purchase of preferred stock for conver- sion into the bonds which would in conse- quence be for sale. The heavy selling of the steel stocks was the expression of a fear that the announced cut of S4 per ton in the price of billets was a preliminary to reduction of prices of all the products and general process of contraction throughout the trade,
 There were some rather specific allega- tions also that some of the selling was traceable to sources from which it might be prompted by changes in the executive department of the corporation. The stock market seemed to face with equanimity the prospect of another poor bank show ing tomorrow. In addition to the losses
 
 have made net shipments by direct ex- press to the west and south of upwards of $3,0O000O The indicated cash decrease of more than $10000 GOO is about equal to the surplus reserves shown by the banks in last weeks statements. The stock market community seemed to rest in a sense of security that this threatening showing somehow would be averted from reflection in tomorrow's bank statement, as it was last week and for two weeks preceding. Further large shipments of currency were made today, and the rate of call loans touched as high as per cent, but sterling exchange fell weakly to as low as the low point of Monday, when gold was engaged in London, and there can be no doubt that any inflow of gold would easily result from any additional pressure for money
 The bond market continued dull but the price movement was irregular.
 Total sales, par value, s2497,OO0. United States 2s declined A per cent on the last call