The age-herald., 1901-10-04
nOFFERING DOWN" ,,...,. STOCK PRICES aA9i1s assibll FeelerS Were Put Out for a
 New Level
  SOME BIG DROPS SHOWN No Public Appetite for Ruling Quota lions Was Brought Forths Great
 Ing Much surprise--Market
 Closed Active and Strong.

New York, October 3-The opportunity was taken today for an overhauiing ana readjustment generally of current quota tions for industrial stocks. An extensive assortment came under the view of the professional traders on the exchange who went systematically through the whole list with a testing process of what Is called offering down." If no purchaser was forthcoming for stock at the last quoted price 1t was offered at successive ly lower. prices until the making of a purchase fixed the new price level The results of this process demonstrated a barrenness of the public appetite for these quotations, which is revelation to many persons who have been impressed with the quoted prices ruling in the market. These prices in many cases were made during the period of active speculation when the purchasers could be attracted by the mere device of a sudden advance in market quotations. Actual transactions in a number of securities have been few and far between for many months past Today's operations revealed the fact that the supporting orders which were kept in these stocks, while there was any hope of outside purchases, had been entirely withdrawn and the quotations crumbled away into fragments under the offering down process above described. Some of the sufferers in the various movements were affected by specific developments, such as declining earnings and actual or threatened new competition, but the whole class of stocks was too generally affected for any explanation to suffice ex- cept one of general application. Of course the results amount to a clear demonstra- tion that ruling prices have been the re- suit of fragrant manipulation In stocks to which this applies, the mere fact of the cessation of the manipulation Is sufficient explanation without regard to develop ments affecting the actual value of the properties. The severe speculative losses caused by the recent collapse in the price of Amalgamated Copper is probably the immediate cause of the spirit of distrust engendered against the industrials as a class. and especially against the most notable offenders in the policy of con- cealment of earnings. expenses and even assets.
 The action of the United States steel corporation on Tuesday in publishing a statement of monthly net earnings in- duced feeling that other industrial cor porations must follow suit or suffer loss of confidence.
 Sentiment was affected also by some re- cent destructive criticism of the plans of organization and capitalization of a num- Der of minor industrial companies. Dread of legislative attack and the general ap- prehension of excessive over-capitaliza- tion, as a rule, were elements In the re- suits. A statement of the extreme de- clines recorded will serve to complete the story of the day. These were National Salt, --A; no sales of the preferred, but quoted at 5ss ,J at the closing, compared with the previous sale of 751s; Interna- tional Power, 1271s; New York Air Brake, "A; Glucose, 6as; Bergen County Gas and United States Rubber preferred, g. Ma tional Lead preferred, 3%; American Wool. 3h: American Smelling, 3A; Ten nessee Coal, Twin City Rapid Transit and Peoples Cas- 3. The list of industrial stocks which declined from 1 to 3 is too long for specification here. The railroad list was extremely dull ana rather slug gish, but it is significant of the spirit of the speculation that New York, Chicago and St. Louis second preferred relapsed 51a points, the common 3A and tlie other Vanderbilts from 1 to after their recent active and weak after showing some re- sistance during the day to the weakening effect of the inrustrials
 Railroad bonds were irregular. Total sales par value $1,990.00O United States bonds were all unchanged on the last call
 New York Stock Market.
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