The Montgomery advertiser., 1903-11-26
WALL STREET REVIEW
STOCKS SUFFER WIDE BREACH.
 Es IN VALUES.
Continuation of the Process So Con spicious the Day Before-Some of the Weaker Securities
 Acutely Affected.

NEW YORK, Nov. 2s.--A number of in. dustrial stocks suffered wide breaches in their valuation again today in continuation of the process which was so conspicuous in yester- days dealings. Some of the weaker stocks then were acutely affected today. while new ones were brought into the movement. There was little in the way of specific news to &C., count for the decline. News of shutting down of mills to work off supplies hurt International Paper. Fluctuations In Colorado Fuel seemed to represent varying views of the provision made for capital needs by a sale of coal and iron lands of the company. Regarding the railroad equipment stocks, it was argued that much of the recent enormous increase In rail- road equipment was owing to the use of cars to make good inadequate terminal and stor- age facilities so that there might be consid- cred an over-supply of cars on hand at pres ent The only news accompanying the break of over 9 points in Railway Steel Spring pre- ferred was the application to the Stock Ex- change to list additional stock which was a surprise for those conversant with the com pany's affairs It may be taken for granted that well organized party skillfully directed the attack on these securities. The quick re- bound in their prices was sufficient evidence of this in itself. But there Is no reason to doubt the current reports of a general sweep ing out of collateral in loans of industrial securities especially of the new undigested class. It Is fair to bear in mind that the dis favor with which money lenders view these se- curitfes has to do with the readiness of the market for them as well as their intrinsic value and soundness. Many of these securi- ties have never had a wide market and oth- CTS have lost what they ever had during the recent period of distrust over the whole in- dustrial outlook. There is apparent also an intention to adjust the basis of prices of the whole body of industrials to that of the stocks which already have been severely scaled down. A relative frinness growing into strength of the United States Steel stocks and of Amal- gamated Copper were consistent with this view. United States Steel was probably af- fected also by the reduction granted in freight rates on steel rails for export. sharp rally in the raw copper market in London may have helped Amalgamated and AnacondaA The spe- cial movement in Southern Railway was with out explanation. although the stock had been hberaliy tipped for an advance. The late re- covery in the market wiped out about all of the principal losses and established some fair gains in the industrials. Sterling exchange made Another wide drop in spite of the quieter tone of the local money market and rumors of large aditionai engagement of gold for import were thus made plausible.
 The bond market became very duh and was irregular. Total sales tpar value), S2 280 900. United States refunding 2s and the old and new 4s declined < and the & # per cent. on the last call.
 New York Stock List.