The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-04
Professional Traders Started 1t
Yesterday in Order to Effect
Readiustment of Current Quo
tationS for IndustriaIS
EFFECT WAS GENERAL
REDUCTION OF PRICES
Sentiment Was Affected by Loss
es Caused by Recent Collapse
nj Price of AmaIgamated Cop
per and by Dread of LegiSIa-
tive Attacks

New York, Oct. 3.-The opportunity
and a readjustment generally of cur
rent quotations for industrial stocks.
An extensive assortment came under
the view of 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 forthcom-
ing for the 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
result of this process demonstrated a
barrenness of demand for these secur-
tiles which is a revelation to many per-
sons who have been impressed with the
quoted prices ruling in the market. Ac-
tual transactions in number of the
securities have been few and far be-
tween 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
been entirely withdrawn and the quo
tations crumbled away under the offer
ing down process above described.
Some of the sufferers in the various
movements were affected by specific
developments. such as declining earn
ings and actual or threatened new
competition, but the whole class was
too generally affected for any explain
alton to suffice except one of general
application
The severe speculative losses caused
by the recent collapse in the price of
Amalgamated Copper is probably the
immediate cause of the spirit of dis
trust engendered against the indus
trials as a class, and especially against
the most notable offenders in the pol
icy of concealment of earnings, ex-
penses, and even of assets. The action
of the United States Steel Corporation
on Tuesday in publishing a statement
of monthly net earnings inducet a
feeling that other industrial corpora
tions must follow suit or suffer loss of
confidence. Sentiment was affected
also by some recent destructive criti-
cism of the plans of organization and
capitalization Of a number of minor
industrials companies. Dread of legis-
lative attack, and the general appre-
hension Of excessive over capitaliza-
ton, as a rule. were other elements in
the results.
A statement of the extreme declines
recorded will serve to complete the
story Of the day These were: Ma
tional Salt 15A, no sales of the pre-
ferred, but quoted at 55@6O at the clos
ing, compared with the previous sale
of 1914 International Power 1875, New
York Air Brake ~, Glucose 63s Ber-
gen County Gas and United States
Rubber preferred 5, National Lead
preferred 3&, American Wool preferred
and United States 31a, American Smelt-
ing 314, Tennessee Coal and Twin City
Rapid Transit and Peoples Gas g. The
list Of industrial stocks which declined
from l to 2 points is too long for spec
ifiCation 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 and st. Louis
second preferred relapsed 515 points,
the common 81, and the other Wander
bits from l to 2. after their recent
manipulation The whole market
closed active and weak, after showing
some resistance during the day to
weakening.
Railroad bonds We're steady. Total
sales, par value, 81. 800 0O0 United
States bonds were all unchanged on
the last call.