The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-11-25
Eirtaurial.
YESTERDAYIS STOCR MARKET

Destructive Onslaught aR IndustrtaIs
New York, Nov. ga destructive on
sIaught on the stocks of a number of
Industrial corporations unsettled to-
days market and turned the course of
prices downward after some short Of
resistance in the standard stocks. The
advances in the latter which were made
Yesterday i nface of similar unsettling
influences encouraged some buying in
that quarter this morning. Orders for
London account were conspicuously in
evidence, a new stock account having
opened there to-day. But Southern
Pacific, which was the sustaining infiu-
ence yesterday and in which the prin-
cipal speculative influence centered,
was freely sold to take. 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 lev
ell of prices was fraction over last
night at one time, in sympathy with
this and a few other special move
ments. The acute decentralization in the
industriaIs and specialties checked any
advance elsewhere, but the principal
weakness in the general market devel-
oped after the specialties had been re-
lieved from pressure and when the call
loan rate ran up to 9 per cent, the
highest of the season. 1t was then
that a number of standard railroad
stocks ran off to about a point under
last night. They steadied again, and
the closing was slightly irregular and
dull.
1t was asserted on the floor of the
stock exchange that the collapse in spe-
cialties, was engineered by a party of
professional traders for effect on the
general market. Whatever the cause
of the break, it was clear that a very
vulnerable position was uncovered.
Losses of 1211a in Corn Products prefer
red, AZ in the common, s in Locomotive
preferred, Az in Car preferred 2 in the
common, 81 in Leather preferred, 8 in
Bag preferred and from to 2 points in
various others are sufficient evidence of
public distrust of values. In the case
of Corn Products 1t was alleged that
formidable new competition was pre-
pairing. 1s
General considerations played a part
in the decline, such as comparisons
with the price of the United States Steel
stocks of the Industrial class. 1t was
pointed out that the absorption at high
valuations OF competing plants was
proving to be an Invitation to the or
! ganization Of new competition for In
dustrial corporations. Assertions that
I the present level Of prices for steel pro.
ducts was merely tentative and was
| likely to give way to further reductions
played a part in to-day's market.
| The resumption of the hearings in the
United States Shipbuilding suit seemed
to be considered a fitting occasion fol
an onslaught upon Industrial securities
| in general. AS more specific cause, 6
number of loans in which these stocks
| figured as collateral were said to have
been peremptorily called and the collat.
eral thrown on the market. This prob
| ably helps to explain the furry In the
money. Sterling exchange responded Il
this development with sharp drop ant
the fencing tactics between London ant
New York, by which the former seek:
TO protect her gold supply, were re
newed s
Announcement was made however, O.
, the engagement of s1,000,00O in Londor
for import for account of Boston In.
stitution. Upwards Of half million Ii
gold previously engaged arrived by al
incoming steamer and went into banl
/ reserves.
The bond market was irregular. Tht
total sales, par value, aggregated 49,.
$4,000.
United States twos and the old fours
declined " on the last call.