The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-10-04

with the quoted prices ruling in the mar
kst. These prices in many cases were made
during the period of active speculation,
when purchasers could be attracted by the
mere device OF a sudden advance in mar
ket quotations. Actual transactions in a
number of the securities have been few and
far between for many months past. To
days 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 with
drawn, ana the quotations crumbied way
into fragments under the offerIng-doTn
process above noted.
Causes for Declines.
Some suiierers in the various movements
were Affected by speCIuc Gc~vcIopInentS,
such as declining earnings and actual or
threatened new competition, out the whole
class Uf stocks was too generally affected
for any explanation to sI.ICe except one OF
the general application. OF course, the re-
suits amount TO Il clear demonstration that
IN" ruling prices have been the result of
Migrant manipulation. In stocks TO which
t4hs applies the mere fact OF the cessation
or the manipulation Is sufficient cxplana-
ton. without regard to Developments affect
ing the actual value OF the properties. The
severe speculative losses caused by the re-
cent collapse in the price of Anialga mated
Copper Is probably the immediate. cause of
me siltlt ot distrust engendered against
against the most notable offenders in the
policy Ut concealment of earnings, ex-
peiseS ana even assets.
Corporations Must Show.
The acton Of he United States Steel Cor
Ipieti"n on Tuesday in publishing a state
:1snt OF monthly net earnings induced 4
feeling that other industrial corporations
must follow sui, or suffer loss of confidence.
:, nImtnt was affected also by some recent
destructive criticism Of the pans of organi-
zitlon and capitalization of a number of
MINOR Industrial companies. Dread of leg
~lsiatiHc attack and the general apprehcn-
SION oil excessive overcapitaliZation, as a
fule, were clemens in the results.
some Extreme Declines.
"A statement of the extreme declines re-
cnr"ea VIII serve to complete the story of
The day. These were: National Salt. I5I.:
no sales % the preferred. but quoted al
1910 at the closing. compared with the
previous sale of a5I.c: ~1nte,natonai POWER
- New York Air-Brakc "a. Glucose Ss,.
BerSen County Gas and United States
Rubber preferred 3. National Lead mr.
ierred u. American Wool preferred and
'fit.b States rubber common 81. smer:-
can sm.lting "a. Tennessee Coal. Twin CITY
Rapid Transit and Peoples Gas 3. The list
OF industrial stocks, which declined from
/ 10 Is too long for specification here.
Inc railrCtd list was extremely dull and
rather sluggish. but ii is significant of
me spirit Of the speculation that New York,
chicago and ST. Louis second preferred re-
iapsed 6i2 points. the common ga and the
"ther Ninderbilts from / to >. after their
recent manipulation. The whole market
closed active and weak after showing some
resistance during the day to the weakening
effect Of the industria!s.
Railroad bonds were irregular. Total
sales par value. S1.99o.O0O. United States
hofi's We're all unchanged on the last call.