The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-11-08

able condition. 1t was current rumor
in the stock. also, that some Of the sell
ing was due 10 changes in the executive
department Of the corporation at differ
ent times since its formation. AS a re
suit of these suppositions there was a
crop Of rumors also, OF further changes
TO come in the executive department and
Of friction and antagonism. Authorita-
tive Information on these points was not
to be had. and the market improvements
in the securities were left TO surmise
whether these rumors were not set afsoat
70 confuse the public as to the causes
in the Industrial situation TO induce the
selling. The influence Of the operations
Of the bond conversion syndicate was
also subject for consideration The dif-
ference in the prices of the preferred
stock and the bonds OF steel was consid-
erabiy extended. and this measures the
profit to the syndicate for the process
OF conversion aside from the 4 per cent
secured previously. The incident which
was most effective in disturbing sent-
ment over the iron and steel trade cOndi-
tions was the cut in the price Of steel
billets of 81 per ton. Reports Of large
sales OF steel products for foreign ac-
count were considered cOTrobative Of the
shrinkage of the domestic demand and
the break in prices to secure the foreign
market Fears were felt of a general re-
duction Of prices for all lines Of steel
products and a process Of contraction
throughout the state. Plans for further
restriction OF output a decrease Of the
scale of wages and large reduction in
the force of labOrers employed. helped
TO feed the apprehension Of the specula-
tive public over the future in the indus
trials of this class Stocks OF indepen-
dent iron and steel companies were az
fected in sympathy though less activity
than the United States Steel securities.
There was resumption of the ccnserva-
tive attitude of banks and money lend
ers. which had begun to be somewhat
relaxated with the London delay in the
crop moving demand for currency. This
demand. though but little. was above the
normal Of the preceding years. warning
the banking community that their pre-
parations for such n contingency were
not mistaken. The heavy movement Of
cotton and the high price Al which the
crop is selling has increased the needed
volume of currency 20 move il. Foreign
money markets have made some show cf
opposition 10 the New York pressure fos
gold the Bank of England 5 selling Tucc
Of gold having been advanced. But con-
fdence is felt that any approach to strin-
gency in the New York money market
would lead 70 prompt relief by gold ship
ments as the international trade move
ment has given New York a control =
the situation The week events on the
Isthmus of Panama have passed without
apparent notice in the stock market in
spite of the importance attached 10 The
Panama canal project in its bearing on
trans-continental freight traffic Re
ports OF an adjustment IN the relations
between Japan and Russia in the ia-
East have had some reflected effect from
the London market.
The tightness of the money market l'as
reduced the demand for bonds and 5fe
recent average Of business in that de-
partrnent has been considerably imi1-
ished. The prices havs yielded 70 de-
clincs.
United states g declined Z. from last
weeks closing prices
Quotations were as follows: