The St. Louis Republic., 1903-10-13
STOCK MARKET DEPRESSED;
STEEL LOWER THAN EVER.
SHIPBULDING CASE REVE-
IATIONS EFFECT TRADING.
Speculative Public Now as Anx-
iOus TO Sell Industrials as 1t
Formerly Was TO Buy.

New York, Oct 1.-THE stock market
Epent bad half day Up TO noon, but in
the latter part OF the day 4 little better
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 shipbuii6inE re-
ceivership 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. It is not to be supposed
that all OF the present sellers Of the Sc
Curities. however. received their first en-
lEhtoument from the shipbuildiuE mud
die, or process employed In the promot-
lns. uHIef writing AID Rotation OF indus
trial stocks in the last few years.
PUBLIC TSDETERRED.
Overcapitalization. oyeTvaluation OF con-
stitucut companies and market manipula-
tion by managers for inside pools have
been fiaErautly in evidence and have been
perSlSfeutly pointed out from tho outset
OF the era of expansion But it was evident
that the speculative public was not being
deferred from buying the stock by the dis
closures. Now. OF The contrary, u IL eFl-
dent that the speculative public IS paying
exaggerated Importance 70 every sugges-
ton in this direction. while It seems a war
rantahle presumption that the investing
class is in q state Of disgust, which turns
ther1 from ali consideration Of the indus
trial stocks. Promotion deals which have
been held up in a state Of partial con-
summation with the hope of later compile
lion are now regarded as hopeless fall
ures adding TO the panS OF sacrifice OF
other securities to protect
The throwing out OF collateral Tor loans
OF some ~ the securities I'm disfavoT is
another cause for their sacrifice in the
market at wide declines, anl the prevail
ing ease Of the money market. ana the
growing confidence in its continuance do
not avail TO overcome the repuEuLnce 10
this collateral for loans. The eariv. stock
market suffered adaitonal depnt-slo on IN
response to London selling on account oi
the acute stage reached in the dispute be
tween Russia and Japan.
STEEL MOST AFFECTED.
The prevailing state Of mind over the
market has its greatest effect upon the
United States Steel stocks, and both Of
these touched new low records to-day, the
common selling ct l2ls and the preferred
at 5Ii-. The bonds We're somewhat better
supported. The list q losses in the in
dIstrial department running from ? TO y
points is too long 10 reCapirulate. Several
tns ctive railroad stocks also suffered Sc
verely. Reports OF large reductions Of
working force BY the New York Central
and Southern Pacific had q strong effect
on sentiment following last weeks deci-
sion OF the Steel CORPORATION TO reduce its
working force. With the completion OF
the London selling. better opportunity was
zfyen for the effect Of the Unexpectedly
favorable Government crop report OF Sat
uriay 20 assert itself. The very sauguine
views expressed BY railroad operating
officials over the outlook FOR traffic and
their reports 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
values. SO5sOo0. United states bonds were
unchanged On the last call