The Indianapolis journal., 1903-10-13
NO USE FOR INDUSTRIALS
HOLDERS THROW THEM OVER IN A
PANTCKY MORNING MARKET.
Steel Issues Touch New Low Records
Better Tone i'm the Afternoon, with
FAIRLY Stable Close.

NEW YORK, Oct 12--The stock market
spent bad half day up to noon, but dur
ing the latter part Of the day little bet
ter spirit showed itself and there was some
recovery. There was a veritable slaughter
of values among the industrials during
the morning and it was very evident that
the disfavor caused by the developments
last week in the United States Shtpbuilding
receivership case was still an active force
in the market. Industrial stocks were sold
at violent declines without apparent dis
elimination, just as they were bought dur
ing the period of prosperity in the stock
promotion process. 1t is not to be supposed
that all of the present sellers of these
securities, however, received their first en-
hghtenment from the shipbuilding muddle
of the processes employed in the promotion,
underwriting and fotation of industrial
stocks during the last few years. Over
capitalization, generalization of constituent
companies and market manipulation by
managers for inside pools have been
fiagrantly in evidence and have been per-
sistently pointed opt from the outset of the
present era of expansion. But it was evil
dent that the speculative public was not
being deferred from buying the stocks by
these disclosures. Now, on the contrary, it
is evident that the speculative public is
paying exaggerated Importance to every
suggestion in that direction, while it seems
a warrantabie presumption that the invest
ing class is in state of disgust which
turns them from all consideration of the
industrial stocks. Promotion deals, which
have been held up in state Of partial con-
summation with the hope of later COM
roo tod oc hny, foil
ures, 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 disfavor is another
cause for their sacrifice in the market at
wide declines, and the prevailing ease Of
the money market and the growing con-
idence in its continuance do not avail to
overcome the repugnance to this collateral
for loans.
The early stock market suffered addi-
tional depression in response to London
reached in the dispute between Russia and
Japan. The prevailing state of mind over
the market had its greatest effect upon
the United States Steel stocks, and both
of these touched new low records to-day,
the common selling at 1z15, and the pre-
ferred at 5715 The bonds were somewhat
better supported. The list of losses in the
industrial department, running from 2 to
12 points, is too long to recapituate. A
number of inactive railroad stocks also
suffered severely. Reports of large reduc-
tions of working force by the New York
Central and Southern Pacific had a strong
effect on sentiment, following last week s
reduction in the United States Steel divi-
dend. and the announced purpose of the
Steel Corporation to reduce its working
| force. With the completion of the London
selling. better opportunity was given for
the effect of the unexpectedly favorable
crop report of Saturday to assert itself.
| The very sanguine view expressed by rail-
| road operating officials over the outlook
| for traffic and their reports of the large
| current traffic also helDed the recovery
| The close was about steady and slightly
| below the best
| Bonds were irregular. Total sales at par
value, were $3,Oo6.0OO. United States bonds
were unchanged on the last call.
Following are the days share sales and
| the recorded price changes: