The Saint Paul globe., 1903-11-13
PENNSYLVANIA is DOWN
THIS AND STEEL PREFERRED AGAIN
MoNOPoLlZE ATTENTION
Trades In These Securities Are of Less
Volume Than on Wednesday-Contest in
Support of Pennsylvania is Abandoned
Market Closes About Steady.

NEW YORK, Nov 12.-Pennsylvania
and United States Steel preferred again
divided attention and good degree Of IN
fluence in todays stock market The deal
ingS were not in such Overwhelming pro-
portions in either stock as for the last
several days
Pennsylvania was weak from the outset.
but showed stubborn resistance in the
neighborhood of 112. The price rallied
again and again from that figure or slight
ly below it, and the greater part OF the
trading in the stock up to late in the
day at close to 112. Its various raj
nights price. The contest in support of
the stock seemed to be abandoned after
enormous absorption and the price was
carried to 110A, with a rally at the close
to 111M. The efforts to support the
stock Were aided at first by the strength
shown by United States Steel preferred
and by the second United States Steel
bonds. 1t was common belief that very
large short interest was being covered
in the steel preferred stock. The formal
announcement that it had been determined
not to cut the price of steel plates and
structural forms was help to the STOCK.
An Idle Rumor
A rumor was circulated seemingly with
the purpose of helping the stock that
some SIS 900, 900 of the sinking fund bonds
had been taken for investment by one of
the WealthieSt and most conservative of
the insurance companies. This report was
denied. There We're rumors circulated also
that the prices of steel plates and of
structural steel would be cut in spite of
the announced decision to the contrary.
United States Steel preferred yielded it's
gain because of these later developments
and left Pennsylvania more vulnerable to
the attack. Nothing additional became
known to throw light on the large liquida-
tion in that stock, but it was easily evident
that well organized bear party played a
large part in the operations in the stock.
Other coalers, both anthracite and BIZ
luminous, showed the closest sympathy
with the movement The announced cut
in the price Of soft coal was accepted as
one of the motives of the setting.
The report of decision by Pennsyl-
vania court against the binding legal
force of the holdings of the anthracite
strike commission also hurt the cOalerS.
The general tone of sentiment in Specu-
lative circles became somewhat discour-
aged 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 feel
ing.
Effect of Fall River Cut.
There was also the report of cut of
10 per cent in wages at Fall River, which
had its, effect in the cotton market as well
as in the stock market The reported in
tention nf the United States Steel cor
poration to retrench its outlay for wages
$4,000, 900, or 10 per cent, and the serious
situation growing out of the coal strike in
Colorado were added factors in shaping
sentiment on this subject.
The show of strength 3in Sugar was due
to hopes of benefit from a Cuban reci-
procity treaty. Amalgamated Copper was
another strong feature, without explana-
ton. Additional engagements of $2,000,-
600 in gold for shipment to New York be-
came known, part of which is already on
the way. but not announced before The
rate for sterling recovered somewhat in
response to the gold engagements. The
Bank of England refrained from advanc-
ing its discount rate so that further
stock market closed about steady, but not
much above the lowest
Total sales of bonds, par value, were
So, 100. 600. United States IS declined "a
per cent and the old Ss and old As 4 per
cent on the last call
CfoeIno ic&