The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-10-04
STOCKS AND BONDS.

New York, Oct 3.-The opportunity was
taken today for an overhauling and re-
adjustment generally of current quota
tions for Industrial stocks. An extensive
assortment came under the public re-
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 a
stock at the last quoted price it was
offered at successfully lower prices until
| the making of a purchase fixed the new
price level. The results of this process
demonstrated barrenness of the public
appetite for these securities 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 purchasers
could be attracted by the mere device OF
a sudden advance in market quotations
Actual transactions in a number of the
securities have been few and far between
for many months past. Today's operations
revealed the fact that the supporting or
ders, which were kept in these stock 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/ had been entirely withdrawn, and.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 de-
scribed. Some of the sufferers in the
various movements were affected by spe-
cif:c Developments such as declining
earnings and actual or threatened new
competition. but the whole class of stocks
was too generally affected for any expla-
nation to suffice except one of general
application. OF course the results amount
49, oIn doy,o ty,a{ Tor, hot
have been the result of fragrant manipula-
ton. In stocks to which this applies the
mere fact of the cessation of the manip-
ulation is sufficient explanation, with
out regard to developments elfecting the
actual value of the properties. The Sc
we're speculative losses caused by the
recent collapse in The price of Amalga
mated Copper is probably the Immediate
cause of the spirit of distrust engendercd
against the industrials as class, and
especially against tho most notable Of
tenders in the policy of conceaimen- of
earnings. expenses and even OF assets.
The action of the United States Slce!
Corporation on Tuesday in publishing
statement of monthly net earnings in
duced feeling that other industrial cor
porations must follow suit or suffer Joss
of confidence. Dread of Legislative at
tack and the general apprehension Of
excessive over capitalization as q rule
were elements in the results. Statement
of the extreme declines recorded will
serve to complete the story of tho day.
These were: National Salt, 15A no sales
of the preferred but quoted at 5,GG9 at
the closing compared with the previous
sale of 75E: International Power, LIZ;
New York Air Brake, IN; Glucose, 6ss ,
Bergen County Gas and U. S. Rubber
preferred, 5; National Lead preferred az ;
American Wool preferred and United
States Rubber common, 315; American
Smelling, 3A; Tennessee Coal, Twin City
Rapid Transit and Peoples Gas 3. The
list of industrial stocks which declined
from / to is too long for specification
hare The whole market closed active
and weak, after showing some resistance
during the day to the weakening effect
of the industrials.
Railroad bonds were irregular. Total
sales par value, s1,990, 600,
United States bonds were all unchang-
ed on the last call.
The total sales of stocks today were
411,3C0 shares y Gibson. - GOO;
Manhattan. $500; Reading, 9.400; ST..
Paul, 1900; Southern Pacific, $500; South
ern Railway, 800; Union Pacific, 1860;
Copper, $4,000; Car Foundry, 300 p. r..
t., 20 400; National Lead, 800, Peoples
Gas, 25,90O; Sugar, $4,000; Leather. j5d0;
Rubber, $500; Steel, $4,000; do preferred,
IL, 500