The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-11-25
STOCKS AND BONDS.

New York, Nov. PA destructive on
slaught on the stocks of a number of in
dustrial corporations unsettled today:
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 unsettling influences en-
couraged some buying in that quarter this
morning.
Orders for London account were con-
! spicuously in evidence, a new stock ac-
! count having opened there today. But
! Southern Pacific, which was the sustain
/ ing influence yesterday, was freely sold
to take profits, and this served to dampen
enthusiasm over the whole market The
rise of 1a4 points in sugar. which was
mostly lost afterward, 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
Il few other special movements. The
acute Generalization in industrials and
specialties checked any evidence else
where. but the principal weakness in the
general market developed afr the spec
ialties had been relieved from pressure
and when tie call loan rate ran up TO
per cent, the highest Of the season. 1t
was then that standard railroad stocks
ran off about a point under last night.
The closing was slightly irregular 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
general market. 1t was clear that n very
vulnerable position was uncovered.
Losses of 12@ points in corn products
preferred AZ in the common, s in Lo-
connective preferred, ~ in Car preferred.
in the common. ga in Leather preferred,
in Bag preferred and from 1a2 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 considerations played a part
in the decline, such as comparisons with
the price of United States Steel stocks.
of the industrial class. 1t was pointed
out that the absorption at high valua
tons of competing plants was proving 10
be an invitation to the organization of
new competition for industrial corpora
ton 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 to-
days market
The resumption Of the hearings in the
United States Shipbuiding suit seemed 10
be considered 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 We're said to have
been temporarily called and the collateral
thrown on the market This helps 70
explain the furry in the money market
Sterling exchange responded 10 this de-
velopment with a sharp drop and the
fencing tactics between London and New
York, by which the former seeks to pro-
tect her gold supply. were renewed. An
nounCement was made, however. Of an
engagement Of 100000 in London for
import for account of a Boston institu-
tion. Upward Of half million in gold
previously engaged arrived by an incom-
ing steamer and went into bank reserves
The bond market was irregular. Total
sales. par value. S3.s17oo. United States
Is and the old IS declined : per cent on
last call
Quotations were as follows: