The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-09
STOCKS WERE LOWER
No Relief for the Bull from
Start TO Finish.
OCCASIONAL LULL IN DEAL
Disgust and Encouragement
Seem to Be the Cause.

New York, Oct. S-There was practi-
cally no relief 10 the weakness OF today :
stock market from start 20 finish. There
was an occasional pause in the DOWN
ward course of prices. which was simply
GHe TO a luH in the selling movement.
but the usual rebound on short covering
was. IN every case. feeble and ineffective.
The last prices were practically the low
est of today and the closing was weak
Net declines Of I 10 points and up
ward are quite general throughout the
list There was nothing 70 show that the
liquidation was due 10 contraction OF
credits. such as forced the heavy selling
in the recent past. although there are
time loans maturing from time 10 time
which are called for payment and diff
ficult 10 secure any extension for. But
tOday's liquidation seemed 10 be prompted
more by sentiments Of disgust and dis
couregament at the whole situation in
the securities market
The extended reports this morning in
the testimony ELECTED in the United
States Shipbuilding combine case show
some impression throughout the financial
world The details set forth that the
liACES VI A44c EOl POI dNAb4A Lie AAA--A y HI
ing Of stock, etc. gave rise to disturb
ing analogies with large mass OF indus
trial securities which have come into the
market within the last few years and
are practically water-logged- The as
sumption growing out OF yesterdays dis
closures were Of so grave a character
and applied 70 such important quarters
as TO unsettle the mind of the financial
public over the most conservative convic-
tons. The gravity Of the occasion re-
ceived its recognition in the unusual
course Of the public statement issued later
in the day formally disclaiming the inn
plications of the incident by J. p. Morgan
& Co.
Following the widespread disturbance
of sentiment in the market caused by
the reduction OF the dividend on United
States Steel the industrial stocks had "a
bad day OF il. United States Steel com
mon sold down to its previous low record
of 49,. and the preferred stock was even
more severely handled. with a decline Of
o. Yesterdays argument that the re-
duction OF the dividend on the common
increased the security of the dividend on
the preferred lost its force in face OF com
putations that the net earnings was a
rate greater than the reduction in the
dividend disbursement. Amalgamsted
Copper was the fellow sufferer most
acutely affected The stock fell to new
10 wrecord Of 35ss in the late dealings,
after some show Of support had been
accorded II after 50. II was argued that
the reaction in the iron and steel mar
ke+ must extend to copper. while the
relative price Of Amalgamated and United
States Steel on a similar dividend Level
was again used TO disadvantage OF the
former stock The weakness was by no
means confined TO the industrials and
the railroads suffered from the general
depression. Specific news was entirely
lacking TO account for the selling pres
sure. all through the market
The bond market behaved better than
stocks and showed scene evidence Of in
vestment absorption Total sales, par
value g so 90. United States twos de-
cuned i, per cent on the last call.