The daily morning journal and courier., 1903-11-12

for comparison with sales of other stocks, the volume of selling of this stock which had to be absorbed in the market was truly formidable During the early part of the day the contrary movement in United States Steel pre- ferred served as an offset to the down ward course in Pennsylvania. But the persistence of the latter movement uI- timately undermined the market and determined it's general tendency. As a result, net losses of 1 to 1-2 are indi- cated for many of the prominent active 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 9-S over last nights level and lost its rise in sympathy with the weak ness of Pennsylvania.
 The enormous selling of the latter stock was mystifying and let loose a flood of rumors as to it's source, and its motives. Professional traders oper- ated on very heavy scale in and out of the stock at all stages of the move ment. The evidently large professional operation was the ground for the con- lecture that the movement might be a raid against this stock to further cov- ering operations elsewhere as a cul- imitation of a bear campaign. It is true that there were very heavy short cover ing operations in United States Steel preferred, but they were not very evil dent elsewhere. The conviction was very general that genuine liquidation of Sxylrv 1e l. The large volume of new bond issues by subsidiary companies coupled with the recent expansion m the company's owf capital stock and the consecr ent large increase in the requirements up- on earnings in order to maintain the present rate of return on bo,ids and stocks, was an acknowledged factor in the liquidation. Subscribers to the re- cent issue at 120 may be counted amongst the disappointed holders at the present level.
 There was an interested discussion, whatever there might have been of eredence, of a theory that the Standard Oil party were in way to control United States Steel with a consequent power to divert the enormous freight traffic of the corporation to railroad in- terests with which that party has closer affiliations. Old time disputes between the great Pittsburg steel interests and the Pennsylvania over steel freight rates and still older conflicts between the Standard Oil company and the Pennsylvania authorities were recalled,
 The rebound in United States. Steel securities was largely attributed to the round figures of 10 and 50 reached yes- terday in the course of the long de- cline, figures which have natural at- traction to the speculative mind as a continuation for campaign. Reports that yesterdays steel meetings had de- oided 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 fraction to-day. Its reaction was furthered by the sharp break in the raw copper market, follow ing the resumption of the large pro- ductive operations by the Amalgamated company.
 The market closed rather dull and weak with Pennsylvania at 112 1-2 or only 1-4 above the lowets. Additional engagements of gold for import were made in London and the further drop in exchange sterling indicated the prob- able continuance of the movement.
 Bonds were dull and heavy. Total sales par value $1,545, ,00O. United States ponds were unchanged on the last call.