The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-12

NEW YORK. Nov. 11.-Todays stock
market was literally swamped under the
torrent Of Pennsylvania stock, the total
sales of which numbered almost half as
much as the aggregate shares of all other
stocks sold during the day. Even when
it is allowed that the total number OF
Pennsylvania shares sold, being $50 per
share, should be halved for comparison
with sales of other stocks, the volume of
selling of this stock which had to be alb
Sorbed in the market was truly formld-
able During the early part OF the day
the contrary movement in United States
Steel served as an offset to the down
ward course in Pennsylvania, but the
persistence of the latter undermined the
market and determined it's general tend
ency.
As result net losses Of 1 to 11A are in
dicated for many of the prominent ac-
tive stocks. United States Steel pre-
ferred is not included, that stock again
having closed unchanged from last night
and from the night before. 1t ranged as
high as 1ss over last nights level. and
lost its rise in sympathy with the weak
ness of Pennsylvania. The enormous sell
ing of the latter stock was mystifylng
and let loose a flood of rumors as to It's
source and its motives. Professional
traders operated on a very heavy scale
in and out of the stock at all stages Of
the movement.
To Prevent Covering Elsewhere.
The evidently large professional opera
ton was the ground for the conjecture
that the movement might be raid
against this stock to further covering OPP
erations elsewhere as elimination of a
bear campaign 1t is true that there
were very heavy short covering operations
in United States Steel preferred, but they
We're not very evident elsewhere. The
conviction was very general that genuine
liquidation of Pennsylvania was on a
very large scale. The large volume of new
bond issues by subsidiary companies,
coupled with the recent expansion in the
company's own capital stock and the con-
sequent large increase in the require
ments upon earnings in order to maintain
the present rate of return on bonds and
stocks was an acknowledged factor in
the liquidation. Subscribers to the re-
cent issues at 100 may be counted among
the disappointed holders at the present
level
There was interested discussion what
ever there might have been of credence
of a theory that the Standard Oil party
was in a way to control United States
Steel with a consequent power to divert
the enormous freight traffic of the cor
poration to railroad interests 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 con-
f1lcts between the Standard Oil company
and the Pennsylvania authorities were re-
called The report that the United States
Steel corporation was seeking reduction
in the export freight rates from the trunk
lIleS was dn Incident TO CnlS line or dis
cuSsion. SO was yesterdays announce
ment Of the admission Of an additional
Standard Oil representative to the New
York Central board
Rebound In Steel.
The rebound in United States Steel Sc
curities was largely attributed to the
round figures of 10 and SO reached yes
terday in the long decline, figures which
have natural attraction to the specu-
lative mind as a elimination for a cam
paign. Reports that yesterdays steel
meetings had decided against further cuts
against present 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 a fraction today. It's
reaction was furthered by the sharp
break in the raw copper market, follow
ing the resumption Of the large productive
operations by the Amalgamated company.
The market closed rather dull and weak.
with Pennsylvania at 112k. or only n
above the lowest. Additional engage
ments of gold for import were made in
London and the further drop in exchange
indicated the probable continuance Of the
movement.
Bonds were dull and heavy. Total sales,
par value 81, 545, 600. United States bonds
were unchanged on the last call.
Closing List.