Daily press. [volume] (Newport News, Va.) 1896-current, 1908-12-02
!rinsd Spectators Managed Trad
ibQ il Stocks Yesterday,
oFfER|EG; OF STEEL
Disposition to Sell Steel Stocks AP-
parentIy Prompted by Premonition
Of Coming Hostile Tariff Legislation
"A Rise In Exchange.


SiOnal operators III STOCKS ulu Hio"'
of the business in the days market
Their transactions were in the class
OF srcuriti, s designated as Specialties
for the mos1 part. market pOo's max
Ing their infucnc" felt in more than
on. case in moving prices much at
will. Yesterdays heavy fall in the
price OF the United States Stee!
shares are followed today by free
further offerings OF that stock. a
single transaction of 10000 shares OF
steel was mad on the floor during
the day. The selling Of this stock is
regarded as being prompted to some
extent, at least by tn" growing prob
ability of more radical action on TN"
tariff than has been th'. expectation
in financial quarters. Another ue-
velOpmcnt OF the day was the d"hnlt"
arrangement by interior banking
houses to ship gold 10 Paris on Thurs
day Another ris" of the for'ign tx
change rate tOda;; wiped ont the mar
gin separating the price from me
point Of profit on gold shipments
Banking estimate that the movement
NAV run to $4,000, 900 or $l2.""".o on.
II is believed that uninterrupted sell
ing 1f American securities h fore gn'
,rs is tn" dominating cauS" OF IN"
movement, The call loan rate wa
affected today although in slight d =
gree. Suh-tro aSurE operations 1000
so.G24 600 from the banks oil account
Of a return Of government deposits
called for last week hv III" secretary
Yesterdays ANNOUNCEMENT OF n" sal
Of s5n.Gn0. nhn OF American Telephone
bonds Wa stIpplem" BY the r.
port OF tn. coming i>su" OF S@".'"''. '""
United States Rutber bonds. Next
Saturday trds are TO b" submitted 10Y
the $50 600 n"o Panama cana! bonds.
The irregular liq'iitaton which has
been in progress for s@vera! daTS
pas. probably was prompted in vary
ing degree. b. all Of thoS-a mo:lv' 5
II proceeded 10 an extent that cTrlsht
rcl'-t during the course OF today
dealings. ard opened the way tor a
considerable recovery. Tn" CESSATION
Of The pressure on tn!t'd SaTs
Steel and some other stocks was o.
more influence in bringing this about
than the more Sensational! a1VaAc'~>
in a group OF sIscialtirs ROCK is
Land preferred was conspicuous IN
this class. its volatile r!-@ icing NJ
exn,ain"d By am news bearing Oh ne
prop.r'y.
Tn" -. pr cent. for "a! loans
touched TODAY raS not b+-'n "Hual~d
nee III" second week in September
when the sharp break in prices o.
stock caused L furry il rates. r.
market cos. in considerable uDse;-
tlrmcnt
Bonds wcr" irregular. To,a! sales,
rar value s7.122 '.i" Uni'ed Sfa'"-
bonds were unchanged or cali. To
DAYS total stock sale-- were ess goa
shares. including: Smelling 2j.2M :;
Tobacco. pfd. J'": Atlantic Coast
Linz. 2.3"o: Brooklyn Rapid Transit.
$500: ST. Pau. 3S""; Consolidated
Gas, 3oo.3n0; Louisville & Nashville.
:,uo: Missouri! Pacific. 2+.3""; Nilsson
ri. Kansas & Texas. 1920: Norfolk
& Western. goo: Pacific Mail. 20,
leo: Reading, $500: Rock Island.
25.IOO; Rock Island. pfd.. l212";
Sloss -Sheffeld. 500. southern PACING.
10000: Southern Railway, 100:
Southern Railway. ptd.. 500: Tenn"s-
sre Copper. 1900: Union Pacific. "x
div. Io5.so0: United States Steel.
1l5. 400: Virginia Carolina Chemical
$500: Virginia-Carolina Chemical,