The Montgomery advertiser., 1901-10-04
WALL STREET REVIEW CURRENT QUOTATIONS FOR IN- T DUSTRIAL STOCKS OVER '"@2 a. HAULED. The Whole Market Sumped and Closed Active and Weak With Little Resistance-Railroad
 Bonds Irregular.

NEW YORK. Oct. 3.-The opportunity was taken today for overlooking and readjust- ment generally of current quotations for in under the purview of the professional traders on the exchange. who went systematically of what is called offering down. If no pur chaser was forthcoming for stock at the lower r prices until the making of purchase fixed the new price level. The result of this process demonstrated barrenness of the pub lie appetite for these quotations. which is a revelation to many persons who have been i'm presesd with the quoted prices ruling in the 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 securities have been few and far between for many months past. Today's operations re- which were kept in these stocks while there was any hope of outside purchases had been emu ssntrey Mtnarawn ana the quo.atlons ..r crIm- down process above described. Some of the sufferers in the various movements were af- clining earnings and actual or threatened new competition, but the whole class of stocks was sS,se eTcayt amee'e nns ea repeSa anncation
 ctuse. the results amount 10 clear demon- straticn that rullng prices have been the re- suit of fragrant manipulation In stocks to which this applies, the mere fact of the cessa- tion of the manipulation is sufficient explana- tion. without regard to developments offecting the actual value of the properties. The severe speculative losses caused by the recent col lapse in the price of Amalgamated Copper l. 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 concealment of earn ings expenses and even asets. The action of the United States Steel Corporation on Tues day in publishing statement of monthly net earnings induced feeling that other indus trial corporations must follow suit or suffer loss of confidence. Sentiment was affected also by some recent destructive criticism of the plans of organization and capitalization or number of minor industrial companies Dread of legislative attack and the general appre hension of excessive over capitalization as & rule were elements in the results A state ment of the extreme declines recorded will serve to complete the story of the day. These preferred but quoted at 55G6o at the clos ing. compared with the previous sale of 751e: International Power, l2M; New York Air Brake, "A; Glucose, 6&; Bergen County Gas and United States Rubber, preferred. 5; Ma tional Lead preferred 3&; American Wool pre- ferred and United States Rubber common. 3l1; American smelting. 3h Tennessee Coal. Twin list of industrial stocks which declined from l to is too long for specification here. The railroad list was extremely dull and rather sluggish. but 1t is significant of the spirit of the speculation that New York. Chicago and St. Louis second preferred relapsed 5h points.
 to 2. after their recent manipulation. The whole market closed active and weak after showing some resistance during the day to the weakening effect of the industrals.
 Railroad bonds were irregular Total sales, par value Sl eeo 900. United States bonds were all unchanged on the last call.
 Mopau and EYchau0a