The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-04
l'NDUSTRl.ALs
OFFERED DOWN
There Was General neadjrstment
of Quotations Yesterday
MANY DECLINES REGISTERED
Lack Of Demand q, Lower Prices Made 1t
I.v:dcn, lha, High Quotations We're Re-
sui, OF Nan puIa:isn--The Market
Closed Active and Weak.
1r Associa.ca rrcss. J

NEW YORK Oct. :;.-The opportunity
was taken TO-DAY Tor an oNerhauiiiiS anu anu
4 reimbursement generally OF current quo-
tations for industrial stocks. AN eNteii-
s.y3 assortment came unoer the pubic
review OF the professional traders on Wy w,
exchange. who went systefaatcals
through the whole list with testing pro.
cess OF what is called Offering down. ~
no purchaser vas Forthcoming los d "a.
e. the last quoted price, IL was on - =
successfully lower prices untu the ma. mn
Ing OF a purchase iiSed the ts.s ~ zee
level.
the results OF this process dcmoaS .ri.ed
a baIrenness Of the public appetSe lor
these securities. which Is n reve a.i9n u
many persons who have been linp-e.'s;fS
with the quoted prices ruling In the
market These prices IN many cases Were
MADE during the perol--af active ::?ccu-
Iaticu. when purchasers coula be AZ
iracted by. The mere device of a sudden
advance in market quotations. Actucl
transactions in . Iluinecr OF the - Gull
c.ps have been few and far between Tor
To.day.s operations revealed the fact
that the supporting. orders which We're
kept in these stocks. while there WAS any
hope of outside purchases, had been en-
f4rcly witsdrawn. ana the quotations
crunbieo away into fragments under the
Offering down process above described.
Some of the sufferers in the various
movements were affected by specific de-
reloprnentS. such as declining earnings
and actual or threatened new comDeti-
ton but the whole class of stocks was
ton to suffice except one of general APP
Ilication. OF course. The results amount
10 clear demonstration that ruling
prices have been the result of fragrant
ma,lipule ton.
In stocks. 10 which this applies the
mere fact of the cessation OF the lnanipu-
lation is sufficient explanation without
REGARD to developments affecting the act
ual value of the properties. The severe
collarse in the price Of Amaleamatcd
Copper is probably the immediate cause
of the spirit of distrust ensendcre1i
against the industrials as a class, and
especially against the most notabl Of
tenders in the policy of concealment of
earnings. expenses and even Of assets.
The action of the United States Steel
Corporation on Tuesday in publishing a
statement of monthly net earnings in
duced a feeling that other industrial cor
pprations must follow suit or suffer loss
of confidence. Dread of legislative attack
and the general apprehension OF cNceS-
sive over-capitalization as a rule We're
elements in the results.
a statement of the extreme declines re-
corded VIII serve to complete the story
OF the day. These We're: National Salt
LIZ no sales OF the preferred. but quoted
thu previous sales OF 49,: international
Power. 125S: New York Air-Brslle. ~:
tlucose. 6as: Bergen County Gas ana
United States Rubber preferred :: Ma
Gonal Lead preferred. :;3. American
Wool preferred and United States Rub
her common. ~; american Smelling. 3h;
sit and Peoples Gas. s.
The list Of industrial stocks. which de-
clined from la. is too long for specifiCa-
ton here. The RAILROAD list was extreme
~ dull and rather sluggish. but it is sig
nificant of the spirit of the speculation
that New York; Chicago and st Louis
second preferred relapscd ~ points. the
common 5!4, cE the other Eanderbilts
from lG2. after Their recent lnanpula-
ton. The whola market closed active
and weak after showing some resistance
during the Gay TO the weakening effect
Of the industrials.
Railroad bonos We're irregular. Total
sales. par value. S1.99o0oo. United States
bonds all unchanged on the last call
ne total sales of stocks to-day were
4fJ,3eo shares.
MONEY AND 1sNCHANGE-Mo on
call closed steady at 364 Der cent: last
lean. :; 0er cent: ruling rate. 334c. prime
mercantile paper. fi%05la Der cent Stor-
ling exchange steaoier with actual bust
ness in bankers bills nj $4.S5I5 for de-
mand and a t s.. S21tGa4. S}3k for sixty DAYS.
posted rates. 81 "a and ciIL. cn,,,-,,..,.-