The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-27

NEW YORK. Nov. 25.-A number of in
dustrial stocks suffered wide breaches
in their valuations again today IN contln-
uation of the process which was so con.
spfcuous in yesterdays dealings. Some OF
the weaker stocks then We're acutely ar
fected today. while new ones were brought
into the movement. There was little IN
the way Of specific news to account for the
decline and those concerning which there
was news were not the most acutelys af-
fected.
News Of the shutting down Of mills to
work off supplies hurt International "a
per Fluctuations in Colorado Fuel SEEM
ed to represent varying views of the pro-
vision made for capital needs by sale
of coal and iron ore lands OF the COM
pany. Regarding the railroad equipment
stocks it was argued that much of the re-
cent enormous increase in railroad equip
ment was owing to the use OF cars 70
make good adequate terminal and storage
facilities, SO that there might be con-
sidered an oyersupply of cars on hand at
present. The only news accompanying
the break of over nine points in railway
steel spring preferred was the Application
to the stock exchange TO list additional
stock which contained no surprise for
those conversant with the companys af-
fairs.
1t may be taken for granted that we'll
organized party skiilfully directed the at
tack on these securities. The quick re-
bound in their prices was sufficient evil
dence of this in itself. But there Is no
reason to doubt the current reports OF a
general sweeping out of cola ter2i in loans
of industrial securities, especially Of the
newer undigested class.
Keep This In Mind.
1t Is fair to bear in mind that the dis
favor with which money-lendefs view
these securities has to do with the readi-
ness Of the market for them as We'll as
their intrinsic value and soundness.
Many Of these securities have never had
a wide market and others have lost such
as they ever had during the recent period
of diStruSt over the whole industrial out
look. There Is apparent also an intention
to adjust the basis of prices of the whole
body. of industrials to that OF the stocks
which have already been severely scaled
down. A relative firmness growing into
strength of the United States Steel stocks
and of Amalgamated Copper Were conso-
nant with this view.
United States Steel was probably af-
fected also by the reduction granted in
freight rates on steel rails for export. A
sharp ralley in the raw copper market
in London may have helped AmaIgamated
and Anaconda. The special movement in
ton. although the stock had been literally
tipped off for an advance. The late re-
covery in the market wiped out all the
principal losses and established some fair
gains in the industFials. Sterling ex-
change made another wide drop in spite
of the quieter tone of the local money
market and rumorS of large additional en-
gagements of gold for import were thus
made plausible. although no definite in
formation could be obtained of such en-
gagementS.
The bond market became very dull and
was irregular Total sales, par value,
were 81, 28Q. 600. United States refunding
IS and the old and new As declined Il and
the IS II per cent on the last call
Closing List.