The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-10-07
REACTION IN
WALL STREET
Bears Fought to Take Market
Away From Longs.
COAL STRIKE SITUATION
Had Considerable Influence on
Value of Stocks.

New York. Oct s.-Todsy's resctouary
stock market was typical OF vel order
ed liquidation The bears were alert ard
aggressive all day 70 take away the mar
Eet from the long interests. but they
showed their fear nof ovsr-unnins the
market BY the frequency OF which .hey
bought 70 cover their short contracts.
This operation caused a number OF checks
70 the downward course OF prices and OF
rallies reaching from ! 20 points II a
few stocks Reading was twice lifted
above last weeks level b. these rallies
and ruuor was busy IN Wall street al
day regarding the next developments IL
the coal strike situation The continued
manifestation Of interest IT. the subject
BY President Roosevelt gave rise 10 the
expectation OF new steps 10 be taken BY
him There was many inconsistent re-
ports as 10 the intentions OF Governor
Stone. Of Pennsylvania, concerning the
use OF the military. The Anthracite
group wss inclined 10 resist the reaction
ary tendency on this account 81. Paul
also made . visible resistance 10 the de-
cline and shared in the occasional rallies.
The determination OF the stockholders
10 issue new stocks 10 the extent OF
thus implied helped stocks. Il will De
seen that neither Of these stocks entirely
escaped the prevailing pressure 10 sell.
which carried the general list down from
10 over three points. with a large
sprinkling OF over four point losses. The
Southwestern Cotton and Corn carriers
were sufferers doubtless OF account Of
Unfavorable crop reports. There were
scme heavy declines in the inactive list
Wells Fargo and United States Express
cropped Is points New York Airbrake
u; Northwestern nearly 2. Lackawanna
~ and Brooklyn. Union Gas and Rock
Island each. Some OF the losses were
curtailed by the rally which was in pro-
gress at the close OF the n arket. due
70 the covering Of shorts Today money
market reflected clearly enough the policy
Of the banks in recalling loans from the
stock market as was foreshadoved by
the action Of the clearing house COM
mittee on Saturday in sb-taining from
avsiling themselves Of the preferred re-
lease of the reserves against government
deposits. The money rate ran up 70 =
percent at midday and again 70 that level
before the close. There was strict dis
CriuinatiOn also in accepting collateral
for loans This policy by the banks IS a
preemptory announcement OF necessity for
stock spectators 70 take in sail II IS a
y ell recognized tenet OF financial policy
10 accord credits very freely in period
Of distrust or panic in order % check the
disastrous contraction Of credits The
emergency measure Of clearing house GER
tihcate issue IS considered justified in
such a crisis That the banks should
insist on the contrary. upon liquidation
proceedings AT this time Is evidence Of
their confidence II the solidity OF the
general situation and the absence Of
fears that any substantial and lsgiti-
mate business viii be harmed BY the
liquidation OF loans employed In the spec
Ulative holdings Of stocks. X Is eminent
j. true that the present stringency q
money is not due 10 distrust OF discredit
at any point. but TO the fact that avail
able ready money for the imperative
needs Of the circulation is absolutely
lacking ard ca monty Be secured By d.
veTting funds now placed in loans.
Bonds were weak. but 81 less degree
thsn stocks Total sales. par value.
s. 9e5 so u S IS coupon. advanced \
PER cent on the last call Sterling ex-
change continued % advance today Ia
SPITE Of the renewed strfngency money
here ard easier money abroad. showing
the h0pelessneSs OF immediate relief by
gold exports
Closing quotations II stocks were IS