The Montgomery advertiser., 1903-11-25
WALL STREET. REVIEW
PRICES CONFIRMED TO YIELD
 TO oNsLAUGHTs
Taking of Profits in Southern Pacific Has Dampering Influence on the Rest of the
 List.

NEW YORK. Nov 24-A destructive on- siaught on the stocks of a number of industrial corpcrations unsettled today's stock market some show of resistance in the standard stocks. The advances in the latter which were made yesterday in face of similar unsettling influences encouraged some buying in that quarter this morning. Orders for London &C., count were conspicuously in evidence a new stock account having opened there today But southern Pacific. which was the sustaining influence yesterday and in which the princi- pal speculative influence settled was free to take profits and this served to dampen thusiasm over the whole market The rise of tZ in Sugar, which was mostly lost after wards, represented the views of speculators over the outlook for the Cuban treaty The average level of prices a fraction over last night at one time in sympathy with this and few other special movements The acute demoralization in the industrials and specialties checked any advance elsewhere, but the principal weakness in the general market developed after the specialists had been relieved from pressure, and when the call loan rate ran up to 9 per cent, the highest of the dard railroad stocks ran of to about a point under last night They steadied again and the closing was slightly irregular and dull It was asserted the floor of the Stock Exchange that the collapse in specialties was engineered by party of professional traders for effect on the general market. Whatever the cause of the break 1t clear that very vulnerable position was uncovered. Losses of l2h in corn products preferred. 4h in the common, in Locomotive preferred A in Car preferred, in the common. 3k in Leather preferred. 3 in Bag preferred and from ] to 2 in various oth- CTS are sufficient evidence of public distrust of values In the case of corn products 1t was alleged that formidable new competition was preparing. General considerations played a part in the decline. such comparisons with the price of United States Steel stocks of the industrial class. It was pointed out that the absorption at high valuations of com peting plants proving to be an invita- ton to the organization of competition fo industrial corporations. Assertions that the present level of prices for steel products was merely tentative and was likely to give way to further reductions played a part In today's market. The resumption of the hearings in the United States shipbulding suits seemed to be a fitting occasion for an onslaught upon industrial securities in general. As more specific cause. number of loans in which these stocks figured as collateral were said to have been peremptorily called and the col lateral thrown on the market. This probably helps to explain the furry in tn emoney mar ket. Sterling exchange responded to this de- velopment with a sharp drop and the fencing tactics between London and New York by which the former seeks to protect her gold supply were renewed. Announcement was made however, of an engagement of Si,- 900, 900 in London for import for account of a Boston institution. Upwards of half mill lion in gold previusly engaged arrived by an incoming steamer and went into bank re- serves.
 The bond market was irregular. Total sales (par value), were $2,3i7,ooo. United States 2's and the old 4s declined Y per cent. on the last call.
 New York Stock List.