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

New York, Nov 1.-Railroad stocss
were more affected today IN sympathy
with the recent weakness OF United
States steel than at any time during
the heavy liquidation Of that stock he
sharp rebound IN prices at the end OF
the Jay gave room for the superstition
that much OF the selling Of railroad
stock was for short account and room
traders found the supply scanty when
they attempted 10 cover their shorts
The demonstratfve way in which The
break in railroad stocks was hera-ded
and tippeu from professional quarters
furthered the suspicion Of the profess
sional character Of the selling.
United States Steel preferred ended to-
day unchanged from last night. although
il sold at one time at 49@s. The relaxa-
ton OF the severe pressure against this
stock seemed to deprive the bears or
some Of their war material and further
their disposition 10 cover. Il was gener-
ally expected that some further cuts IN
steel prices would be announced today as
q result of the meetings among author
tiles in the trade and the failure OF
these announcements was q relief 70 the
steel securities The number Of shares
OF Pennsylvania dealt in rose cOns.dera-
bly, over the number OF United States
Steel preferred, but Pennsylvania stock
weakness Of this stock. which sold down
to I14ls, had much 10 do with the gen
eraI weakness developed in the other
raiiroad stocks. 1t was reported that q
large loan by trust company IN which
Pennsylvania stock figured 70 n inpor-
tant extent as collateral was closed out
The argument was used with effect
that the depression in the iron and coal
trades would be bound 20 AFFECT the
60 =
and most OF all, Pennsylvania The
heavy bond and stock issues by suhs.d-
larry companies, recently made, which
have reached an aggregate OF consider
ably over SO, GG9. Coz. was & factor n the
depression Of the stocks, and was aggra-
waited by rIuoTs OF sul further issues
The fact that these Issues are pushed
at this time has caused an impression
that the authorities making them hold
an unhopsful view OF the future IN the
money market, being so read 10 issue
them under the present by no means
favorable condition Of the money market
But in this connection, II is 70 be con-
sidered that numerous other requirements
for railroad bond issues still overhang
the market which II may be good policy
70 forestalI
Transfers CT currency TO the interior
today again rose 10 half a million dol
lars ana Cait money again ttGIcG II
some abundance at per cent Sterling
exchange. however made another down
ward plunge to a point where foreign
bankers estimated that it would be prof
liable TO import British s9vereigls- There
were runners current Of impending i'm
ports OF several million dollars worth
but no definite announcements were
made. The obvious likelihood Of the
runors helped the late recovery in the
market.
In the late dealings Amalgamated Cop
per took the lead in the advance and
closed with a gain of 64s Rumors or
strikes in the Rio Tfntos mines, which
depressed that stock in London, prob
ably prompted the advance in ATnalge-
mated here in the same way that the
decline in Anlalgamated on the closing
down Of the Montana works caused an
adyanee in Rio Tintos in London. The
market closed dull and barely steady.
The bend market was dull and heavy
Total sales, par value, were sZ-S45.Gl0.
United States bonds were unchanged on
the last call
Quotations were as follows: