The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-25
Course of Prices Was Downward
After Standard Stocks Had Made
Weak Resistance.
FENCING TO PROTECT GOLD
LONDON AND NEW YORK IN SPAR
RING MATCH OF YELLOW METAL.
Resumption of Hearings i'm United
States ShipbuiIding Suit Had Dam
aging Eject ON IndustriaIs.

NEW YORK, Nov. PA destructive onslaught
on the stocks of a number of industrial corpora
tons unsettled to-day's market and turned the
course of prices downward after some show of
resistance in the standard stocks. The advances
in the latter which were made yesterday, in face
Of similar unsettlng influences encouraged some
buying in that quarter. Orders for London
count were conspicuously in evidence, a new
stock account having opened there to-day. But
Southern Pacific, which the sustaining infiu-
ence yesterday and in which the principal spec
ulative influence centered. freely sold to
profits, and this served to dampen enthusiasm
over the whole market. The rise of 1% in Sugar,
which was mostly lost afterwards represented
the views of SPECTATORS over the outlook for
the Cuban treaty. The average level of prices
was fraction over last night at time. in
sympathy with this and a few other special
movements.
The acute Generalization in the industrials and
specialties checked any advance elsewhere, but
the principal weakness in the general market de-
veloped after the specialties had been relieved
from pressure and when the call loan rate ran
up to per cent, the highest of the season. 1t
was then that a number of standard railroad
stocks ran off to about point under last night.
They steadied again. and the closing slight
ly irregular and dull 1t was asserted on the
floor of the Stock Exchange that the collapse in
sional traders for effect on the general market
Whatever the cause Of the break IL was clear
that very Vulnerable position was uncovered
Losses Of 1212 in Corn Products preferred 41a
in the common in Locomotive preferred. Az In
Car preferred, Az in the common, 3A in Leather
preferred. in Bag preferred, and from 20 2
in various others sufficient evidence of public
distrust of values. In the case of Corn Products
it alleged that formidable 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. 1t pointed out that the
absorption at high valuations of competing plants
was proving to be an invitation to the organiza-
ton of competition for industrial corpora
for steel products merely tentative and was
likely to give way to further reductions played
a part in to-days market. The resumption of
the hearings in the United States Shpbuilding
suit seemed to be fitting occasion for on
slaught upon Industrial securities in general.
AS more specific cause a number of loans in
which these stocks figured collateral were
said to have been peremptorily called. but col
lateral thrown on the market This probably
helps to explain the furry in the money market.
Sterling exchange responded to this develop
ment with sharp drop and the fencing tactics
between London and New York. by which the
former seeks to protect her gold supply. were
the engagement of 81. 900 in London for inn
port for account of Boston institution. Up
wards of half million in gold previously en-
gagged arrived by an incoming steamer and went
into bank reserves.
The bond market Irregular. Total sales.
and the old tours declined u per cent. the
last call.
Following are the days share sales and the
recorded price changes: