The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-10
STOCKS ARE TUMBlING
Depression Continues to Mark
" all Street Trading.
STATE OF IRRITATION
Disclosure in ShipbuiIding
Company Causes Distrust.

New York, Oct s.-The stock market
this morning continued 70 show depres-
sion and encouragement. The profess
sional traders sought 10 take advantage
Of this movement 10 force liquidation by
offering prices down Their operation of
this character became so ever-extended
as 10 result in a rather urgent borrow
ing demand for stocks. Taking warning
from this condition. the shorts covered
their contracts, causing the late recovery
IN the market. This vas quite compre-
nensive and CAUSED prices 10 go above last
nights level
The predominating influence on the
market was SIN the testimony concern
ing the promotion. underwriting and 10
tation OF the United States Shipbuildlng
company elected in the receivership pro-
ceedings- The disclosures brought out
by these proceedings have caused a state
OF irritation and distrust among share
holders difficult TO describe and the char
scter Of the disposition in Wall street Is
kind regarding trusts and trust pro-
noting not often heard in financial dis
tricts. London felt the reflex Of this in
huence this morning and its sales in this
market this morning were OF a deDress-
ing character. The industrial department
was most affected by the privilege de-
partment and the common and AmaIga-
mated Copper bore the brunt OF the pres
sure United States Steel common and
Amslgamated Copper both touched lower
prices than ever before The London de-
alent there that next weeks stock MAJ
ket on the settlement would reveal some
embarrassment. The persistent down
ward cours of United States Steel bonds
is especially disturbing 10 sentiment
since the reduction OF the dividend on
the common stock The long decline In
the common stock was sought 20 be ex-
planned as due 10 the unwieldy bulk OF
that issue rather than 10 forthcoming
bad news Now hiatt the bad news is
seen 10 have been d factor feeling -
more sensitive over the continued decline
in the preferred stock and the bonds
The annual report of the earnings OF
the Metropolitan Street railway showing
a deficit payment Of the per cent div
idend guaranteed. without allowance for
the franchise tax. pending the appeal to
the courts, was not worse than had been
expected, and was followed by some re-
covery in the stock
Reports of frosts in the corn belt prob
ably had some influence on the early de-
cline. but did not interfere with the re-
covery. indicating uneasiness over the
corn crop. A falling of in wheat ex-
ports Of 1.7l8, $50 bushels. compared with
last week. was disappointing and helped
TO explain the arrest of the downward
tendency 10 the exchange market.
The shipments of currency 10 the in
terror on balances have been somewhat
larger than last week. the outward move
ment being near 100000. This move
ment is stu well below the normal for
this period OF the year and seems 70
have been more than Offset by redemp-
ton Of government bonds and other sub
treasury operations. so that a gain Of
several hundred thousand dollars in cash
reserves is promised for the banks The
loan item is IN the usual obscurity.
The bond market was heavy. in synpa-
thy with stocks. but made some recov-
cry. Total sales. par value. 81 $500.
United States threes declined Z. per cent
on the last call
Quotations were as follows: