The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-09-25
STOCK PRICES FELL
Wall Street Resembled the
Panicky July Days.
BREAK is NOT EXPLAINED
Air Full of Rumors That Men
aCed Values.

New York, Sept 24-The stock market
wallowed in e slough of Dependency to
day Prices crumbled away first here
and then there and the closing showed a
resumption OF the tone OF demoraIiza-
ton which characterized the markets Of
July The break in prices was unac-
counted for BY any new Developments.
All news. whether good or bad. was in
terpreted in an unfavorabie way by dis
Outraged traders The relief measure OF
the United States treasury announced
which seems 10 make S20.o.a Oe1 readily
availcble to the money market was used
by the traders on the stock exchange 10
insinuate dark possibilities undiscIosed
in the situation which made necessary
this unexpected measure OF relief The
air was fun Of rumors OF something
overh2nging the market" Dingent in
puiry in the banking community and in
brokers' Offices failed 10 disclose any der
mite information OF this mysterious seme-
thing The persistent and urgent char
acter OF the selling. however. gave force
to the runners and kept sentiment dis
Of the treasury relief measure TO afford
comfort 10 holders OF securities as well
as the prevailing low rate for money. is
a pretty reliable indication that the
trouble is not with the money condition
Those VINO can borrow money at ali can
borrow il on reasonable terms.
This points to the conclusion tina those
who are being forced into liquidation are
those who cannot borrow money on any
terms al least for employment in the
projects for which they seek funds. The
Consolidated Lake Superior episode is
looked upon as 10 some extent sympto-
matte over extension in new enter
prises whose securities II is proposed 20
float sbelieved TO be bringing a crop OF
casualties into effect. which Is reflected
in the large selling CT such stocks as
have any market. 10 make good these
casualties IL was reported also that
some OF the large combinations which
have carried long standing accounts have
grown tired OF failures TO respond 10 re-
peated calls for additional margins and
have been selling out some very extern
sive accounts. United States steel pre-
ferred which was the sensation Of the
this way. Growing realization of frank
ness. admissions as Othe traction in the
iron and stee ltrade Of course, agra
waited the weakness OF this stock All
sorts OF assertions were in circulation OF
cancellation OF orders in different lines
OF industry. Sales for account OF PhiIa-
delphia and Pittsburg were again re-
ported 10 be on a large scale. The down
ward plunge in United States steel pre-
ferred at the last carried is TO 30. where
it closed. at a net loss Of AZ. Losses ran
to about 3 points in 3. and O. Reading.
Union Pacific and st. Paul, which were
among those most acutely affected. Loss
es of l to over 2 points were quite gen
eral throughout the list The grangers
showed some early resistance. owing 10
the reported escape from damage Of the
corn crop from last nights frost But
they shared fully in the later weakness.
The anthracite carriers were weak on re-
ports of shutting down OF collieries.
while the argument for the selling Of the
carriers was that the accumu-
lating OF steam sizers Of anthricite
threatened the tension OF the soft coal
trade. which resulted from last years
anthracite strike. The market closed &C !
tive and weak at the lowest
Bonds were weak in sympathy with I
stocks. Total sales. par value s.. 10000 /
United States steel declined Z per cent +
on the last call.
Quotations were as follows: