The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-04
DAY IN WALL STREET
PROFESSIONALS GOT BUSY WITH
THE PRICES OF THE INDUS
TRIAa. STOCKS
LIST IS HAMMERED DOWN
No support in tH9 Market, with the
Result That t5se Caose shows
Impressive Net
Losses.

- Closing.
Thurs. wed.
Call money, New York ........s-5 81
NEW YORK. oep 8.25rhe opportunity
accomplishment gen9falF3 81 cnrpe4 o ana
tatlonS for industrial Stocks An extern
sS1ve assortment came Under the ptlrVfeW
OF the professional traders on The ex-
cnange, 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 max
ing of a purchase liked the new price
level. The results of this process demon
strated a barrenness of the public appe-
ute Tor these securities which is "a reye-
la1on 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 ID sud
den advance in market quotations. Ac-
tual tranSaet1ons in a number OF the Sc
cuf1tleS nave been few and far between
for many, months past. Today's opera
lions revealed the fact that the support
ing orders which. were kept in these,
stocks while there was any hope of out
side purchases had been entirely with
drawn, and the quotations crumbled
away Into fragments under the offering
down process above described. Some of
were affected by specific. Developments,
such as declining earnings and actual or
threatened new competition, but the
whole class of stocks was too generally
anected for any explanation to suffice
except one of general utilization. OF
course the results amount to a clear
demonstration that ruling prices have
been the result of fragrant manipulation
In stocks to which this applies, the mere
fact of the cessation of the manipulation
Is sudlcient explanation. without regard
to developments affecting the actual val
ues sOf=th properties. The severe specu-
latiye losses caused by the recent col
lapse in the prices of Amalgamated Cop
per is probably the immediate cause of
the spirit of distrast- engendered against
the lnduStrlals as a. class. and especially
against the most notableSoffenders in the
policy of concealment s6f earnings, ex-
penSeS and even assets. $50 eis " n
The action of the limited States Steel
corporation on Tuesday in publishing a:
statement of monthly met earnings in
dGced feeling that aother industrial corr
porations must follow suit or suffer loss
of confidence. Sentiment was affected
also by some recent destructive criticism
of the. plans of organization and capitali-
cation of number of minor industrial
companies Threatened legislative attack
CAPITALIZATION, as a rule, were elements
in the results. A statement of the ex-
treme declines recorded will serve to
complete the story fof the day These
We're: National Salt, 15A no sales of
the preferred; International Power, 217s;
New York Air Brake. IA; Glucose, 6as;
Bergen County Gas and United States
Rubber preferred. 5; National Lead pre-
ferred. 3A; American Wool preferred and
United States Rubber common, 31a;
American Smelling, 3A; Tennessee Coal.
Gas, g.. The list of industrial stocks
which declined from l to 2 is too long for
specification here The railroad list was,
extremely dull and rather sluggish, but
it is significant of the spirit of the spec
ulation that New York, Chicago & st.
Louis second preferred relapsed .5B
points, the common 81. and the other
Vanderbilts from ito 2 points, after,
their recent manipulation. The Whole
market closed active and weak; after
showing some resistance during the day
to the weakening of the industrials.
Railroad bonds were Irregular. Total
sales, par vaide,3 $f,9s00e0h Uflited States
bonds were all unchanged on the last
call. s1ger Al.
STOCKS. ~