The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-10-04

" lower prices until the making Of q pur-
chase fixed the new prices level. The
result OF this process demonstrated a
oarrenness OF the public appetite for these
securities. which is a revelation 70 many
persons who have been impressed with
the quoted prices ruling in the market
J hese prices IN many cases were rade
during TIE period OF active specUla rion
when purchasers could be attracted BY the
mere device OF & sudden odva nee in mar
ket Quctatiors. 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 orders which were kept
IN these stocks while there was any hope
Of outside purchases had peen entirely
withdrawn and the quotations crumhled
away into fragments under the Offering
down process above described. Some of
the sufferers IN the various movement
were affected By specific developments.
such as declining earnings and actual or
threatened new Compel but the whole
class Of stocks was too generally uraf-
fected for any explanation 10 suffice ex-
cepr one OF general application. OF course
the results amount 70 clear dem0nstra-
lion that ruling prices have been the re
sun or Migrant manipulation. IN stocks
10 which this APPLIES the mere fact OF the
cessation Of the manipulation IS sufficient
explanation without regard 70 develop
rnents affecting the actual valGe Il the
properties. The severe speculative losses
caused Dy ter recent collapse IN the price
OF Amalgamated Copper IS pr0ba bly, the
immediate cause of the spirit Of dtstrust
engendered against the indUs1rials a. 2
class, and especially against the most no
table Offenders in the policy Of conceal
menL or earnings, expense and even as
sets. The action Of the United States
A-rF -
ing statement Of monthly net earnings
induced a feeling that other industrial
corporal tons must follow suit or suffer
loss Of confidence Sentiment vas az
fected also by some recent destructive
criticism Of the plans Of organization and
capitalization Of q number Of minor IN
iUstrtals companies. Dread Of legfsia-
tive attack and the general apprehension
OF excessive over capitalization as z rule
we're elements IN the results A state
ment Of the extreme declines recordd will
serve 10 complete n story Of the day.
These were National Salt Isl; no sales
OF The preferred but quoted at 55G6o. at
the closing compared with the previous
sale OF ~. International Power 1874.
New York Air Brake y Glucose sas: Der
gen county gas and United States Rubber
preferred 5. National Lead preferred 20.
American Wool preferred and United
States Rubber common 3lz; American
Smelling 81 Tennessee Ccal I; Twin City
Rapid Transit and Peoples Gas g. The
list Of Unjust rial stocks which declined
from I 10 is too long for specification
here. The railroad list was extremely
dull and rather sluggish bit It Is sig
nifcant Of the spirit Of the speculation
that New York. Chicago and St Louis
preferred reIapsed ~ points. the common
55s and the other &anderbilts from ! 10 :
after their recent manipulation The
whole market closed active and weak af-
Ter showing some resistance during the
day % the weakening effect Of the Indus
trials.
Railroad bonds were Irregular Total
sales par value 81 $40 90. United States
bonds wecr al unchanged on The last call