The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-11-26
STOCK MARK Ell.
wide Breaches in a Numbe of Indus-
trials.

"iue hFehcnes IN umoeF OF 1ndu1-
trials.
New York, Nov pa number Of in
dustrial stocks suffered wide breaches
in their valuations again to-day in con-
tinuation of the process which was so
conspicuous in yesterdays dealings.
Some Of the weaker stocks then were
acutely affected to-day, while new ones
were brought into the movement. There
was little in the way of specific news to
account for the declines, and those con-
corning which there was news were not
the most acutely affected. News of the
shutting down of mills to work off sup
plies hurt International Paper Fluctu-
ations in Colorado Fuel seemed to rep
resent varying views of the provision
made for capital needs by sale Of coal
and iron lands of the company. Re-
garding the railroad equipment stocks,
it was argued that much of the recent
enormous increase in railroad equip
ment was owing to the use of care to
make good inadequate terminal and
storage facilities, so that there might
be considered an over-supply of cars on
hand at present. The only news &C.
companying the break Of over points
in Railway Steel Spring preferred was
the application to the stock exchange to
list additional stock, which contained
M INT with
the company's affairs. ..., ..
1t may be taken for granted that a
well organized bear party directed the
attack on these securities. The quick
rebound in their prices was sufficient
evidence of this in itself. But there is
no reason to doubt the current reports
of q general sweeping out of collateral
in loans of industrial securities, espe-
cially of the newer undigested class. 1t
is fair to bear in mind that the disfa-9
vor with which money lenders view
these securities has to do with the
readiness of the market for them as
well as their intrinsic value and sound
ness. Many of these securities have
never had a wide market and others
have lost such as they ever had during
the recent period of distrust over the
whole Industrial outlook. There is APP
parent also an intention TO adjust the
basis of prices of the whole body Of in
dustrials to that of the stocks which
have already been severely scaled
down.
A relative firmness growing into
strength of the United States Steel
stocks and of Amalgamated Copper
was consonant with this view. United
States Steel was probably affected also
by the reduction granted in the freight
rates on steel rails for export. A sharp
rally in the raw copper market in Lon
don may have helped Amalgamated
and Anaconda. The special movement
in Southern Railway was without ex-
PLANTATION, although the stock had been
literally tipped off for an advance. The
late recovery from the market wiped
out all the principal losses and estab-
ais.
Sterling exchange made another wide
drop in spite of the quieter tone Of the
local money market, and rumors of
large additional engagements of gold
for import were thus made plausible,
although no definite information could
be obtained of such engagements.
The bond market became very dull
and was irregular, Total sales, par
value, s2,2So,0oO.
United States refunding twos and the
old and new tours declined "A and the
threes n on the last call.