The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-11-10
STOCKS AND BONDS.

New York. Nov. 9.-The continued liq-
uidation in the United States Steel secur-
tiles again overshadowed the whole stock
market today. The sympa athletic respons.
in the general market was very Sigh
and the effect OF the speculative mark,
in United States steel was rather 10 re-
press the trading than TO depress the tone
The market as a whole was sluggish anc
unimportant
The condition in the money market had
its share in depressing activity, and tbs
traditional disposition in Wall street 70
pause and take observations upon the as
sembling Of congress was also eVidenF-
There was a feeling that the proceed
ings IN congress may take turn 20 whiSh
active interest may attach in Wall street
All three Of the active securities OF the
United States Steel corporation during
the day fell lower than ever before. the
preferred stock to 5012. the common 10
1885 and the second bonds al eos. In the
case of the bonds and common stock the
previous low records were barely shaded
at these figures and the transactions in
them We're not particularly notable In
the preferred stock however. there was
q constant outpouring all day. and an
amending succession of offerings OF Loo
share blocks and upward. The special
source of this selling was as much nlys-
terry as at all liTaCs. but the manner of
the selling gave color TO the supposition
that a very large account was IN process
Of liquidation Officials Of the corpora
ton denied the numerous reports OF
heavy cuts in prices. but this did not
prevent the general opinion that prices
would be adjusted to the new basis fixed
by the reduction in steel billets- In
general way. il was argued that since the
eiy,4 ric
steel had not awaited to conserve the
consumptive demand, there was reason
to doubt whether the price reduction
would restore the demand The street
was flooded with rumors and calculations
based on theories as to the effect on
the earnings Of the corporation and us
consequent dividend paying power or the
new basis of prices. All Of this was, OF
course based on very imperfect data but
was nevertheless an effective influence
upon sentiment regarding the securities.
The transfers of currency to the in
terror were limited to 500 600 to Chicago
which is the lightest for any one day FOR
some time past. Additional announce
ments We're made of gold engaged TO inn
port to the extent OF $4,000 Call money
however, rose TO per cent In the late
dealings, and the necessity for conseTva-
tive action in the money market is gen
rose in London and discounts were lifted
to above the Bank of England 5 rate.
This is believed to foreshadOw an ad-
vance to per cent in the bank rate
Sterling advanced sharply at Paris and
Berlin and exchange here upon those
centers declined, indicating the effect OF
Lordon's efforts to divert New York 5
demand for gold upon the continental
centers.
There was a special upward movement
in the New York corporation stocks
which was unexplained. The Colorado
coal miners strike affected some OF the
stocks of the corporations concerned
The special heaviness Of Pennsylvania
seemed due to the expanding volume or
bond issues by subsidiary companies ana
the death of a prominent Philadelphia
capitalist it was believed contributed
causes. The market closed about steady
at the decline.
Bonds were dull and irregular. Total
sales. par value. Sl,929,OOo. United States
2s. SIS and old is declined Y per cent on
the last call
Quotations were as follows: