The Saint Paul globe., 1903-11-06
STOCKS CLOSE DOWN
STEEL SECURITIES SINK TO THE
LOWEST POINT YET
Montana Mining Litigation Influences the
Tradlne-RaiIroads Close With Loss
of a Point or More-Windup of Market
Is Weak.

NEW YORK, Nov. 5.-The persistent
weakness of the United States Steel Sc
curitieS today was a weight upon the
whole stock market. The repressive eff
feet was evident at the outset, when the
stocks of both classes and the second
bonds all opened at lower prices than ever
before. But the influence was resisted for
time except for a few stocks affiliated
with the iron and steel trade. During the
forenoon the effect on the general list was
perceptible and a number of railroad
stocks held at about last nights level.
Dividends came off number of impor-
tant stocks this morning and the appear
ance of cheapness lhus produced per-
haps encouraged some bidding up. Both
Pennsylvania and Atchison We're in this
class. Amalgamated Copper also offered
some resistance in the early part of the
day, apparently on account of the putting
forward on the court calendar of the liti-
cation in Montana. The whole market
yielded, however, in the late dealing and
the closing was weak, with many Of the
standard railroad stocks a point or more
below last night
The induStrialS and specialtieS showed
even wider declines. In the outpouring of
United States Steel stocks in the late
dealings the price of the common touched
10B, the preferred 543s and the second
bonds 667s. These compare with last
nights prices of 12a4 for the common, 81 q
for the preferred and 67B for the sec
ond bonds.
The slump in these securities after the
long continued decline which they have
already undergone let loose a flood of ru-
mors and conjectures. Some of these
were colored with a sensa tional tinge, but
the conviction was very general in the
street that the situation in the iron and
steel trade was very discouraging and that
conditions We're much upset. Sales were
made in the outside market of the next
dividend on United States Steel common
at quarter Of l per cent on several thou
sand shares.
The Cut on BiIets.
Reports of cuts In steel products were
very contradictory. but the decision to
make price of $23 ton for steel billets
compared with the recent price of $27 was
known on authority. There were rumorS
in addition of coming cuts in steel rails
and in other lines of finished product of
reductions in wages throughout the in
duStry and of the discharges of large
forces of workingmen. The announcement
of the resignation of one of the executive
officials of the corporation was used as a
basis for rumors of official friction widely
extended and of a coming extensive re-
duction in the executive forces for pur-
poses of economy Officials were reticent
regarding all these rumors. SO that the
professional traders who followed the
movement in the stocks were left to
choose for themselves between the fact
and fiction.
The reports of some heavy sales of the
corporations product in foreign markets
gave no help to the stocks as they Were
accepted as indicating the downward
course of prices with a view to extend
ing export trade. The West and South
took 100000 of currency today in con-
tinuation of the outgo and sterling ex-
change weakened again. Rumors again
circulated of further engagements of gold
for import. but they were unsubstan-
tiated. The Bank of England refrained
from advancing its discount rates and dis
counts and the price of gold was slightly
lowered in London.
The bond market was easy as a result
of the tightness of the money market,
but the dealings were dull Total sales,
par value, $2,047, 600. United States bonds
were unchanged on the last cfbl.
Closing List.