The Birmingham age-herald., 1903-11-10
STOCK MARKET
 AGAIN SLUGGISH Continued Liquidation in the U'
 S. Steel Securities RESPONSE IS VERY LIGHT Condition In Money Market Had Its Share In Expressing Activity, and Assembling of Congress Also
 Caused Pause.
RESPONSE IS VERY LIGHT

New York, November 9.-The continued liquidation in the United States Steel se- curities again overshadowed the whole stock market today. The sympathetic re- sponse in the general market was very slight, and the effect of the special move ment in United States Steel was rather to repress the trading, than to depress the tone The market. as a whole, was ex- tremely sluggish and unimportant. The condition in the money market had its share in repressing activity and the tra- ditional disposition in Wall street to pause and take observations upon the assembling of congress was also evident. There was a feeling that the proceedings in congress may take a turn to which active interest may attach in Wall street. All three of the active securities of the United States Steel corporation sold during the day low CT than ever before, the preferred stock at 50la, the common at 10ss and the second bonds at 65ss. In the case of the bonds and the common stock, the previous low records were barely shaded at these fig ures and the transactions In them were not particularly notable. In the preferred stock however there was a constant out pouring all day, and an amending success sion of offerings of one thousand share blocks and upwards. The special source of this selling was as much a mystery as at all times but the manner of the selling gave color to the suppostion that very large account was in process of liquida- tion Officials of the corporation denied the nf n prices. but this did not prevent the general conviction that prices throughout the trade would be readjusted to the new basis fixed by the reduction in steel bil- lets. In general way. 1t was argued that since the restraint upon the rise of price Of steel had not availed to conserve the consumptive demand there was reason to doubt whether the price reduction would restore the demand. The street was flood ed with rumors and calculations based on theory as to the effect on the earnings of the corporation and it's consequent divi- dend paying power on the new basis of prices. All of this was of course based on very imperfect data, but was nevertheless an influence upon sentiment regarding the security. The transfers of currency to the interior were limited to $200000 to Chicago, which is the lghtest for any one day for some time past. Additional announce menus were made or gOlu engaged TOT lm- port to the extent of $7500O0. Call money, however. rose to six per cent in the late dealings and the necessity for conservative action in the money market is generally recognized. The price of gold rose in Lon don and discounts were lifted to above the Bank of England rate. This is believed to foreshadow an advance of per cent in the bank rate Sterling advanced sharp ly at Paris and Berlin. and exchange here upon those centers declined, indcat-
 ing the effect of Londons efforts to divert New York's demand for gold upon the continental centers. There was special upward movement in the New York cor poration stocks which was unexplained The Colorado coal miners strike affected some of the stocks of the corporations concerned. The special movement In Penn sylvania seemed due to the expanding vol ume of bond issues by subsidiary compa- nies and the death of a prominent Phila- delphia capitalist it was believed might al- so be a contributory cause. The market closed about steady at the decline.
 Bonds were dull and irregular. Total sales par value $1.929 900. United States 2s and 3s and the old 4s declined ]s per cent on the last call