The Birmingham age-herald., 1903-10-13
STOCK MARKET
 MORE CHEERFUL Better Spirit Developed in the
 Afternoon Session WAS SOME RECOVERY There Was verltabIe Slaughter of Values Amongst the Industrials In
 the Morning, But Twas
 Brighter in Afternoon.
WAS SOME RECOVERY

New York. October 12.--The stock mar ket spent bad half today up to noon, but during the latter part of the day little better spirit showed itself, and there was some recovery. There was a veritable slaughter of values amongst the industrials during the morning, and it was very evident that the disfavor caused by the developments last week in the Uni- ted States shipbuilding receIvership case, was still an active force in the market. Industrial stocks were sold at violent de- clines without apparent discrimination, just as they were bought during the period of prosperity in the stock promo tion process. It is not to be supposed that all of the present sellers of these securi- ties, however, received their first en- hghtenment from the shipbuilding mud dle of the processes employed in the pro- motion, underwriting and Notation Of in- dustrial stocks during the last few years. Overcapitalization, overvsluation Of con stituent companies, and market manipu- lation by managers for inside pools' have been fiagrantly in evidence and
 
 the outset of the present era of expan- sion. But it was evident that the specu- lative public was not being deterred from buying the stocks by these disclosures Now, on the contrary, 1t is evident that the speculative public is paying exag- gerated importance to every suggestion in that direction, while 1t seems a war antable presumption that the investing class is in state of disgust which turns them from all consideration of the indus trial stocks. Promotion deals which have been held up in state of partial consum- nation with the hope of later completion, are now regarded as hopeless failures, adding to the pang of sacrifice of other securities to protect them.
 The throwing out of collateral for loans of some of the securities in disfavori is another case for their sacrifice Iii the market at wide declines, and the prevail ing case of the money market and the growing confidence in it continues, do not avail to overcome the repugnance to this collateral for loans. The early stock mar ket suffered additional depression in re- sponse to London selling, on account of the acute stage reached in the dispute between Russia and Japan. The prevail ing state of mind over the market, has its greatest weight upon the United States Steel stocks and both of these touched new low records today, the common sell ing at 12ik and the preferred at 571a.
 The bonds were somewhat better sup ported. The list of losses in the indus trial department running from to F points is too long to recapitulate. A num- Der of inactive railroad stocks also suf- fered severely Reports of large reduc- tions of working force by the New York Central and Southern Pacific had strong effect on sentiment, following last weeks reduction in the United States Steel divi- dends and the announced purpose of the Steel corporation to reduce its working > force. With the complexion of the Lon- done selling, better opportunity was given for the effect of the unexpectedly favor able government crop report of Saturday to assert itself. This very sanguine view expressed by railroad operating officials, over the outlook for traffic, and their re- ports of the large current traffic, also helped the recovery.
 The closing was about steady and slightly below the best.
 Bonds were irregular. Total sales, par value, $3, ,O56pO0. United States bonds were unchanged on the last call