The Birmingham age-herald., 1903-11-25
PUBLIC D|STRUST
 r STOCK VALUES Aa Onslaught Was Made Upon
 Industrial Securities STERLING EXCHANGE DROPS It Was Asserted on the Exchange Floor That the Collapse In specialties
 Was Engineered By the Pro-
 fessional Element.
,TERLING EXCHANGE DROPS

New York, November 24.-A destructive onslaught on the stocks of number of industrial corporations unsettled today's stock market and turned the course of prices downward after some show of re- sistance in the standard stocks. The advances in the latter which were made yesterday in the face of similar influences encouraging some buying in that quarter this morning Orders for London account were conspicuous, in evidence new stock account having been opened there today, but Southern Pacific which was the sus- taining influence yesterday, and in which the principal influence centered today, was freely sold to take profits and this served to dampen enthusiasm over the whole market. The rise of 1s4 in sugar which was mostly lost afterwards, rep resented the views of speculators over the outlook for the Cuban treaty The average level of prices was fraction over last night at one time. in sympathy with this and a few other special move ments. The acute demoralization in the industrials and specialties checked any advance elsewhere, but the principal weakness in the general market develop cd after the specialties had been relieved from pressure and when the call rate ran up to g per cent, the highest of the sea- son. It was then that number of stand ard railroad stocks ran off to about a point above last night. They steadied again and the closing was slightly irregu- lar and dull. It was asserted on the floor of the stock exchange that the collapse in specialties was engineered by a party of professional traders for effect on the general market. Whatever the cause of the break 1t was clear that very vul- nerable position was uncovered. Losses or l21s in corn products preferred AZ in the common, 8 in locomotive preferred. "A in car preferred, in the common 3A III leather preferred, 3 in bag preferred, and from to invarious others are suf- ucieht evidence of public distrust of values.
 In the case of corn products it was al- ieged that formidable new competition was preparing. General considerations played part in the decline such as comparisons with the prics O the Unit sd States steel stocks of the industrial class. It was pointed out that the ab- sorption at high valuatlan of ,ompe.ii 2 pants was proving to be an invitation to the organization of new cu.noetit,on fer industrial corporations. Assertions that the present level Of prizes for steel pro- uucts was merely tentative, and was Ike " to give way to further reductions played part in today's market The resumption of the hearing In the United States shipbuilding suit seemed tc be considered fitting occasion for m on siaught upon industrial securities in eef.- eraL AS more specific cause, 9 num- Der of loans in which these stocks figured as collateral were said to have been per emptorially called, and the collateral thrown on the market. This probably helps to explain the furry in the money market. Sterling exchange responded to this development 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 s 900, 900 in London for import for account of a Boston institu- ton. Upwards of half a million In gold previously engaged arrived by an in- coming steamer and went into bank re- serves.
 The bond market was irregular. Total sales, par value, were S23I7ooo.
 United States 2uRnd the old As declined "a per cent on the last call.