The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-10-30
Stocks and Bonds.

New York, Oct. 2e-The stock market
showed plainly enough this morning that
the recent headlong speculation had over
done the prosperous conditions offered
by the renewed outside interest in stocks.
There was a conspicuous absence of any
sensational story of vast continental
railroad consultations and new ocean-to-
ocean combinations such as were a fea-
ture of every day last week. Like a to-
per, the stock market quickly felt the
need of the customary racer" and began
TO fail away in mood of depression
People who bought stocks last week on
the strength of some of the startling sto-
ries current were uneasy TIL morning
when prices began to go downward, in
spite of the absence of bad news, and
fastened to sell, adding to the deprts-
sion Among professional traders there
was general feeling that a reaction
was overdue and they were influenced
also by the principle that the week be-
fore national election is a bad time to
go long of stocks, owing 20 the proba-
bility Of alarmist reports becoming cur
rent. Thus the market ignored various
favorable factors in the situation and
either sold 70 realize or put out short
lines. The resumption of work among
the miners in the anthracite district was
one favorable factor, putting a mend, as
il does, to a long-standing drag on
many widely varied industries, and set
ting the persistent uncertainty as to
the final outcome of the controversy
Nevertheless the coalers were heavy.
preliminary decline in Tennessee Coal un-
covered a stop-loss order. causing a vio-
lent break of four points in the stock
and sympathetic weakness in the whole
steel group. The shutting down of some
Dc -
pany's plant at Joliet seemed also TO de-
press the group, The important special
des and industrials showed rather
acute reactionary tendency following the
higher artificial advances of last week
Declines in this group ran from a frac-
ton over a point up to and S15 points
in some Of the New York stocks. In the
railroad group the declines were mod
crate. but a heightened list fell to
IL below Saturday. Northern Pacific
was inclined to resist the depression all
day, and in the last dealings it was run
up 2 points from the lowest, giving a
better tone TO the whole market. The
sympathetic rally exceeded a point In a
number of cases, but the closing was
still below Saturdays level. Money con-
ditions were distinctly easier and the
maximum cali lean rate was per cent
The tone of the time money market was
also easy. Apparently there was no fur
Their uneasiness over the future of the
money market. The news of a further
shipment from Australia on Saturday of
100000 In gold furthered this feeling
Sterling exchange hardened in response
to the firmer money market in London,
which was a result of the operations of
the Bank of England in Withdrawing gold
from the open market with the purpose
of lifting the money rate. From Berlin
came the report that the money market
conditions have ceased 10 excite appre-
hension, a development that helps to
account for the strength of Northern Pa
cific.
The dealings in bonds were large, but
the price movement was irregular. Total
sales, par value, s1,74500o. United States
new As advanced Y and the 3's and SIS
registered 4 per cent on the last call.
FOrgers Assume Honest Hens Names
Chicago, Oct N.-t developed today that
the two men arrested last night charged
with completely in railroad ticket forg-