The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-13
STOCKS AND BONDS.


New York, Oct 12.-The stock market
spent bad half day up TO noon, but dur
ing the latter part of the day a little
better spirit showed itself and there was
some recovery There was a veritab.e
slaughter of values among the indus
trials during the morning and il was
very evident that the disfavor caused by
the developments last week in the L. S.
Shipbuilding receivership case is still an
active force in the market. Industrials
were sold at violent declines without APP
parent Discrimination just as they were
bought during the period OF prosperity IN
the stock promotion process. IL is not
to be supposed that all of the present sell
lers of these securities. however, received
their first enlightenment from the Ship
building company muddle of the processes
employed in the promotion underwriting
and flotation of Industrial stocks during
the last few years. Over-capitalization,
generalization of the constituent com
panies and market manipulation by man
ayers for inside pools. have been fragrant
" in evidence and have been persistent
ly pointed out from the outside of the
present era of expansion. But II was
evident that the speculative public was
not being deferred from buying the stocks
by these disclosures. Now, on the con-
trary. it Is evident that the speculative
public is paying exaggerated prices for
their investments while it seems war
rantable presumption that the investing
class is in a state Of disgust which turns
them from all consideration of the indus
rio r+c L NH aI, rgx
been held up in a state of partial con-
sumption with the hope of later compile
ton. are now regarded as hopeless fail
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 an
other cause for their sacrifice in the mar
ket at wide declines and the priviledged
case of the money market and the grow
ing confidence in its continuance do not
avail to overcome the repugnance TO this
collater for loans. The early stock mar
ket suffered additional depression in re-
Spouse to London selling on account OF
the aclute stage reached in the dispute be-
tween Russia and Japan.
The prevailing state Of mind over the
iildihtb ldS It's SttdNSSl tAlttl uPpI Nllt
L. S. Steel stocks and both of these
touched new low records today, the com
mon selling 12lz and the preferred ut
STA. The bonds were somewhat better
supported. The list OF losses in the in
dustrial department running from , to
Y points is too long to reeapitulate. \
number of inactive railroad stocks also
suffered severely. Reports of large re-
auctions of working forces by the New
York Central and Southern Pacific had a
strong effect on sentiment following the
last weeks resolution of the steel cor
poration to reduce its working force. With
the completion of the London selling bet
ter opportunities were given for the ef-
feet OF the unexpectedly favorable gov
eminent crop report OF Saturday to asset
itself. The very sangune view expressed
by railroad operating officials over the
outlook for traffic and their reports of the
large current traffic also helped the re-
covery. The closing was about steady and
slightly below the best.
Bonds were irregular. Total sales. par
value. sS,O76.cO0
United States bonds were unchanged
on the last cali.
Closing stock quotations were as fol-
lows: