The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-04
PRICES OFFERED DOWN
TESTING PROCESS L DE-
CREASE IN MANY QUOTATIONS.
The REIMBURSEMENT DisclOses the Fact
that Ruling Prices Were the Re
suit OF Fragrant ManipuIations.

NEW YORK, oct. S.-The opportunity
was taken to-day for an ~overhauling and
a readjustment generally of current quotas
tons for industrial stocks. An extensive
assortment came under the purview 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 purchases were
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 a barrenness of the
public appetite for these quotations that
is a revelation to many persons who have
been impressed with the quoted prices ruiz
ing in the market. To-day's operations re-
vealed 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had been entirely withdrawn and the quota
tons crumbled away into fragments under
the ofering-dOwn process above described.
Some of the sufferers in the various move
ments were affected by specific develop
ments, such as declining earnings and ac-
tual or threatened new competition, but
the whole class OF stocks was too gen.
orally affected for any explanation to suf-
flee. except one of general application. OF
course the results amount to a clear dem
onstration that ruling prices nave been
the result OF fragrant manipulation. The
severe speculative losses caused by the
recent collapse of Amalgamated Copper Is
probably the immediate cause for the spirit
OF diStruSt -engendeTed against the INDUS
trials as a class, and especially against the
most notable offender in the policy of
concealment of earnings, expenses and
even aGEpTS The aRTfOn nf the limited
states steel Corporation on Tuesday OF
publishing a statement of monthly net
earnings induced a feeling that other in
uustrlal corporations must follow suit or
su1Ier loss of confidence. Sentiment was
anected also by recent destructive crit
lclsm OF the plans OF organization and cap
ltallzatlon of a number OF minor Industrial
companies. Dread of legislative attack and
the general apprehension of excessive over
capitalization as 81 rule were elements in
the results. A statement of the extreme
declines recorded Will serve TO complete
the story of the day. These were:
National Salt, 15A, no sales of the pre-
ferTed, but quoted at 55Q60 at the closing,
compared with the previous sale at 1872;
international Power, 121s; New York Air
brake, "a; Glucose, 6$s; Bergen County Gas
and United States Rubber preferred, s.;
National Lead preferred, 3&; American
Wool preferred and United States Rubber
common, 3R; American Smelling. 3A; Ten
nessee Coal, Twin City, Rapid Transit and
Peoples Gas, 3.
The list of industrial stocks which de-
clined from l to 2 is too long for specifca-
ton here. The railroad list was extremely
dull and rather sluggish. but it is signif-
cant OF the spirit of the speculation that
New York, Chicago & st. Louis second pre-
ferred relapsed 51s points, the common "a
and the other Vanderbilts from l TO 2,
after their recent manipulation. The whole
market closed active and weak, after show
ing some resistance during the day to the
weakening effect of the industrials.
Railroad bonds were irregular. Total
sales at par value were 81, $3.50. 600. limited
States bonds were all unchanged on the
Following are the days share sales and
the recorded price changes: