The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-25

New York, July 26.-Wall street began
business to-day with much anxiety. Yes
terday's two failures and fears of more to
come had worked the street up to high
nervous tension.
Brokers and their clerks worked until
late last night and in some instances all
night issuing calls to their customers for
additional margins.
The attendance on the floor Of the ex-
change was unusually large for mid
summer Saturday. Prices for Americans
In London generally better and
helped to inpart steadiness to the local
market at the opening, but gains here
were not up to those made in London.
Orders to buy the standard railway
stocks were well distributed, so-called
brokers taking blocks of New York Cen
trail Almost every commission house had
orders to buy at declines. The representa-
tive Of a leading western house was re-
ported to have purchased moderately Of
the grangers. There was also some buy
ing of an investment character. The list
steadied by the end of the first half hour
Prices of some of the specialties moved
wildly. There were losses of three to six
points In many cases. Southern Pacific
was at 40 and 500 common at SO.
Much of the early selling came from
financial institutions and doubtless repre-
sented further liquidation of loans for the
account of the firms that failed yesterday.
This was so in such stocks as Rubber
Goods and Mexican Central. There was a
1000 share sale followed by another of
5000 shares Of Rubber Goods at points
decline. Mexican Central stocks were
slightly higher at the opening and the
first income bonds recovered 8 points.
Large blocks of the second incomes were
offered at decline of Sa. There was a.
sale of Rubber Goods preferred at a drop
of l1h, the next transaction showing a 8
per cent advance. United States Rubber
preferred lost AZ one sale-@A prom
inent trader bought 1900 shares Of Rub
Der Goods. In the industrial list generally
there were declines Of point or more in
colorado Fuel and several other issues.
On the other hand, Steel preferred was
stronger and a marked recovery was reg
istered by Anaconda, while Amalgamated
Copper fluctuated nervously.
keene Says Nothing.
No additional information concerning
the affairs of Talbot ]. Taylor &. Co. and
w. L. Stow & Co. were obtainable this
m orn1ng. The clerical forces of both
companies We're at work examining the
BOOKS, assisted by expert accountants.
Philip j. Britt, the assignee of Tailor &,
Co. SAID that he might have a statement
later IN the day. Latest reports place the
liabilities of Taylor & Co. at not less than
Po'oooJooV. \. Meme
office of Taylor & Co. all morning b11t
denied himself to all interviewers. The
assignee of Stow & Co. said he would be
unable to file approximate schedule of
liabilities and assets before Monday. The
market became stronger in the last hour
on the belief that a favorable bank state
ment would be issued. The list sold off
again just before the publication of the
statement.
The increase in loans shown by the bank
statement in place Of decided contrac-
ton which had been looked for was a dis
appointment which was not offset by the
large cash gains. The market sold off.
became dull and narrow, then rallied here
and there and closed irregular and unset
tied at prices generally below the best.
Some further apprehension was caused
oy the weakness of such stocks as Evans
vile & Terre Aaute and Des Moines &.
Fort Dodge. No definite explanation was
forthcoming.
The chief stock with which the Tav-
lor interests were Identified was South
ern Pacific and this developed further
weakness to-day right at the start. The
particular weakness or Grading at
tracted some attention because Mr..
Keene had frequently done much in that
stock.
After the recovery in the general mar
ket prices ran off sharply in the last half
hour, when the bank statement ap-
peared The showing made by the banks
was reasonably good there being an in
crease of about 100000 in surplus re-
serves. The late selling was largely
due to the fears that another failure
might be announced
1t was said in Wall street to-day that
much of the selling done by Harris
Gates & Co. during the past week, which
had attracted considerable attention,
was for the account Of Talbot j. Taylor
& Co.