The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-25
INDUSTRIALS ATTACKED
ONSLAUGHT TURNS WALL STREET
PRICES DOWNWARD
Evidence of Public Distrust of Values Is
Stronghold Loan Rate Rises to 9 Per
Cent, the Highest of the Season-corn
Products Suffer the Heaviest Loss.

NEW YORK, Nov. PA destructive
onslaught on the stocks of number OF
industrial corporations unsettled today
market and turned the course of prices
downward after some show of resist
ance in the standard stocks: The ad-
vances in the latter, which were made
yesterday in the face of similar unset
Ting Influences, encouraged some buying
in that quarter this morning.
Orders for London account were conspic-
uously in evidence; new stock account
having opened there today. But Southern
Pacific, which was the sustaining inf1u-
ence yesterday and in which the principal
speculative influence ecentered, was freely
sold to take profits and this served TO
dampen enthusiasm over the whole mar
ket. The rise of IL 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 a fraction over last night at
one time in sympathy with this and few
other special movements.
Call Loan Rate Highest.
The acute decentralization in the indus
trials and speculatives checked any adj
vance elsewhere, but the principal weak
ness in the general market developed
after the specialties had been relieved
from pressure and when the call loan rate
ran up to 8 per cent, the highest of the
season 1t was then that number of
standard railroad stocks ran off to about
a point under last night They ,steadied
ular and dull. 1t was asserted on the floor
of the Stock exchange that the collapse in
specialties was engineered by party of
professional traders for effect on the gen
eral market. !
Whatever the cause of the break, 1t was
clear that very vulnerable position was
uncovered. Losses of II in corn products
preferred, Az in the common, s in Loco
motive preferred, Az in Car preferred, 2
in the common, 3A in Leather preferred,
in Bag preferred and from l too in
various others are sufficient evidence of
public distrust of values. In the case of
Corn Products, it was alleged, that for
midable new competition was preparing.
General consideration played part in the
decline, such as comparisons with the
price of the United States Steel stocks or
that the absorption at high valuations of
competing plants was proving to be an in
Vltatlon to the organization of new COM
petition for industrial corporations.
Merely Tentative.
Assertions that the present level of
prices for Steel products was merly tenta-
tive and was likely to give Way to fur
market. The resumption of the hearings
in the United States Shipbuilding suit
seemed to be considered a fitting occa-
sion for an onslaught upon industrial Sc
cause, a number of loans in which these
stocks figured as collateral. were said to
have been peremptoriiy called and the col
lateral thrown on the market. This prob
ably helps to explain the furry in the
money market. Sterling exchange respond
ed to this development with 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 en-
gagement of 81, 600, 600 in London for i'm
port for account of a Boston Institution.
Upwards of $780, 900 in gold previously en-
gagged arrived by an incoming steamer
and went into bank reserves /
The bond market was irregular Total
sales, par value, were $2,317 ,O00 United
States IS and the old As declined Il per
cent on the last CALL
CIncnd icf