Show MARKET AGAIN SWAMPED Torrent Torren f Pennsylvania Securities Securities ties Poured Out LIST CARRIED DOWN WN f t o mOn OP OJ THE SELLING IS A s 4 New NewYork York y rk Nov NV IL TodaY stock mar market ket wu was literally swamped under ua tot tor of Pennsylvania stock the Ute total sales lea of which numbered numbed half halt as much Ill ae es esthe the aggregate snares shares of or all other stocks stock d the day 7 Kven when wheel it to is al ni that the total number of Pennsyl Pennsylvania vania shares sold at 1 0 per share abate be halved off in comparison with sales aJea of at other stocks the volume of setting selling HiDe this stock tack which bad flad to be absorbed in hi inthe hithe the market was truly formidable le Dur Due During DurIng ing lag the early eally part of the day the con contrary contrary contrary movement in United States Slates Ste Steal l I preferred erred served as an offset to the downward e ia in I Pe but the persistence of the litter latter movement ultimately undermined the market and I determined det its general tendency As Aa a II result net losses of 1 to 14 1 are indicated for many of the tbt prominent active stock stocks I United States Steel preferred pret is Ie I not in included Included eluded that stock again having hiring closed M i unchanged from last night and from U Use e night before It ranged as high at 1 over last Jut nights level Ivel and aDd lost loot its lu rise rile In sympathy with the weakness e of Penn Pena Pennsylvania PennSylvania sylvania The enormous selling of 01 the latter stock tock was wa mystifying and let loose a flood ot of rumors as Ii to its Ita source and Its motives ionAl traders trader operated on a very relY heavy scale in and out of the stock at all aU stages of the movement t The evidently large arge professional operation was the ground for the conjecture that the move movement movement ment meat might be a raid against t this stock to further covering operations elsewhere as u a culmination of o a bear campaign It Its ItIs itIs Is s true that there were very ver heavy short covering operations in United States Steel preferred but they were not very evident elsewhere el h le The conviction was very ery general that genuine enuine liquidation ot of C Pennsylvania was on a very large scale The large volume of ot new bond James Issues 1 bY X subsidiary companies coupled with Ath the recent expansion lon in the compans own capital stock tock and the consequent large in increase n crease In the requirements upon earn eam earnings ings In order to maintain the present pre ent rate of return on ott honda bonds and stocks was Wall an n I acknowledged factor In tie the tle liquidation Subscribers Sub to the recent issues l e at UV may nay be counted among the disappointed dl holders at the present level There was we Interested ted discussion dl cU what whatever whatever whatever ever there might have hav been of f credence crt len of a theory that the Standard OH on party perty were in a H way to control United States State Steel with a 8 consequent co u nt power powel to divert the enormous freight traffic of the poe cor corporation t I to railroad interests ts to that party varlY had closer clo er affiliation Old Ola time disputes between the great Pit Pitt burg steel teel Interests ts and the Pennsylvania over steel freight Iatt ra f and still older conflicts between the Standard OH Oil com coni company company i pany palsy and the Pennsylvania authorities were recalled lied liedThe The report port that hs hp h United States Stat Steel Ste corporation was wa seeking a reduction redaction red In Inthe Inthe Inthe the export freight rates rate from the trunk lines was an Incident to this line of die dis discussion Ci lon So was ws wa yesterdays mont ment of the of oC an additional Standard Oil on representative to the New NewYork NewYork York Central board The rebound In United States StAte Steel securities was wee largely attributed to the round figures of or 10 16 ana and anafO anait fO it reached yesterday in the course coune of ot the thelong th thelong long lOB decline figures which have a na natural natural tural tuti attraction to th lbs speculative mind at th Ute the culmination of 0 a campaign lie Ito ports porta that yesterdays meeting had decided against further cuts at t present in tat prices also o helped these stocks The news that the Amalgamated mines 11 were to reopen reo n explained yesterdays yesterday ad advance adan advance vance an in lit that stock but did not help it more than a It fraction traction today Its reaction was wall furthered by the sharp break In the raw nw copper market following the resumption re tion non of the large larae productive operations by the Amalgamated company The rhe market markt closed rather dull and weak with Pennsylvania at 11 or only Vc i above the lowest Additional engage en gp inputs of o gold for or Import were made elade in London and the further drop n g exchange ex age indicated the probable b continuance of the movements Bonds C were e dull u and heavy a Total sales sake lea par pal valne value n 1 United States bonds bond were on the last lt call |