The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-16
STOCKS keep BEARISH
lndustriaIs Drag Railroads in
Their Decline.
MARKET WAS NEGLECTED
Trade Conditions Thought TO
Be Unfavorable.

New York. Oct I5.-The professional
traders in stocks renewed their attempt
today TO divorce the movement OF the
railroad stocks from the depressing in
fiuences now overhanging the industrial
securities. The effort met with rather less
success even than was made yesterday.
There was more business done during
the first hour than any other time during
the day. The market fell into neglect
There was no urgent or general liquida-
ton. but the Industrial securities con-
tinued to suffer in spots. The reported
disruption Of the southern pig iron asso-
citation. further slight reduction in the
price OF northern pig iron and decline
in the official price OF copper were
pointed 10 concrete evidence of un-
favorable trade conditions. This view
was not frightened by the favorable
opinion of the Iron Age. which asserts
'Inat evidently consumption is keeping
up much better than would be supposed
from the discouraging reports in circu-
lation."
The renewed break in Crucible Steel
preferred at Pittsburg. with the official
intimation of a possible passage Of the
dividend. was another unfayorable fac
tor. and the explanation that this might
be necessary to carry the Charlton steel
plant. the sale of which to the United
States Steel corporation has fallen
through. gave an impression OF growing
friction in the trade. Operators in stocks
also kept one eye on the proceedings in
the shipbuilding hearing all day. While
the Wall street mind may be supposed to
be sufficiently sophisticated 10 have been
already instructed on some of the meth
DDS of corporation administration which
are being disclosed. Wall street has
grown exceedingly fearful OF its effect
upon the public at large which may re-
suit from the heated interest now focused
upon this hearing.
The poor market for industrials. while
due in part to state OF mind on the
part of the public. has a serious effect
upon their acceptability as collateral
Some of their weakness is plainly due
to the fact that bankers are throwing
them out of collateral for loans. owing TO
the unready market that now exists for
them. Amalgamated Copper shared In
the early weakness If this department
and made new low record. There was
an active speculation in this stock on
dividend chances, but the announcement
that the regular dividend had been de-
clared passed almost unnot.ced. The
declaration of an initial dividend on Read
ing second preferred immediately follow
ing the amalgamation notice seemed TO
have n good effect and there was sharp
scramble among shorts TO cover just at
the last.
Norfolk and Western. Baltimore and
Ohio and Chesapeake and Ohio were ex-
coptionaIly heavy in the railroad list.
apparently on the report of reduction
in freight rates on soft coal 10 the sea-
board The rumor that the GoulG inter-
ests would acquire the Seaboard Air Line
possibly had come influence also on this
group.
Money continued TO work easier and
sterling was inclined to harden, the cot
ton bills in the market being insufficient
to supply the demand for bills to cover
exchange, sold previously.
The bond market was dull and inclined
to be heavy. Totcl sales. par value.
s.. 0o4 600 United States bonds were IN
changed en- the last call.
Quotations were as follows: