The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-07
RAILWAY LIST Is FIRM
PRESSURE ON STEEL NO CHECK TO
AN ADVANCE ELSEWHERE.
Union Pacific and Pennsylvania Gain
About a Point IL Bank
statement Is Expected.

NEW DIRK Nov. s.-The stock market was
submerged again to-day under a deluge OF United
States Steel stocks. The general list, however
responded much less readily TO the depressing
influence OF the United States Steel liquidation
than was the case yesterday. Whenever the Sc
we're pressure on the United States Steel stocks
was suspended. as 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 !t was below. The market closed
in one OF the intervals when there was no pres
sure on Steel, so that prices elsewhere were ris-
ing and were well above last night Union Pa
cifc and Pennsylvania show a gain Of a point
on the day, and a number of the New York cor
poration stocks somewhat more.
The early liquidation in the Steel shares was
very violent. as is shown by the fact that the
sales OF the preferred for the first hour alone
were well above 10000 shares. 1t is not to be
supposed that this enormous volume of dealing
was wholly liquidation. The room professionals
traded in and out Of the stocks on a very large
scale all day 1t was said of one trader VINO
was very active in the stock all day, that ne
was neither long nor short for more than ten
minutes at a time, while the aggregate or MS
individual dealings amounted to many thousands
of shares. The low price touched for the com
mon stock was 101k, for the preferred 50, and for
the bonds 65A. The relatively greater weakness
able in view OF the supposed conversion operation
BY the syndicate, which would involve the pur-
chase of preferred stock for conversion into
bonds, which would in consequence be for sale.
The heavy selling Of the Steels was the express
sion of a fear that the announced cut OF "a per
ton in the price of steel billets was preliminary
TO a reduction of prices of all the products ana
q general process of contraction Throughout the
trade. There were some rather specific allega-
tions also that some of the selling was traceaple
to sources from which 1t might be prompted by
changes in the executive department Of the COR
poration.
The stock market seemed to face with equan-
unity the prospect OF another poor bank showing
tomorrow. In addition TO the losses to the SUB
treasury Of $7.09l, 600, the banks have made net
shipments by direct express to the West ana
South of upwards Of $500, 900. The indicated
cash decrease Of more than sl0,0 900, 900 Is about
equal to the surplus reserve shown by the banks
in last weeks statement. The stock market
community seemed to rest in a sense OF security
that this threatening showing somehow would be
averted from reflection in to-morrows bank
statement, as il was last week and for two
weeks preceding. Further large shipments OF
currency were made to-day, and the rate OF call
loans touched as high as 8 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 an 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, at par
value, were 81, 497, 900. United States twos de-
clined "a per cent. on the last call.
Following are the days share sales and the
recorded price changes: