The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-05
STEADY FALL in PRICES
AMALGAMATED COPPER AT THE
LOWEST POINT IN ITS HISTORY.
Pennsylvania Makes n New Low Rec
ord for the Movement-Sharp
FURRY in Call Loan Rates.

NEW YORK, June 4-Yesterday's late
reaction was taken as a demonstration OF
the futility of the effort made earlier in
the day TO put prices up and professional
operators this morning proceeded TO throw
over such holdings as they had taken on
with expectation of an upward turn of
prices. There was not much in the news
of the day having a bearing on values. The
weakness Of the market increased as the
day progressed. and before the close took
on the appearance of forced liquidation,
which was in evidence earlier in the week.
A number of the Canadian stocks showed
tendency to recover from the extreme
depressions caused by the Canadian finan-
cial difficulties on Tuesday, but there was
some apprehension that after effects of
those tronubles were to be feared at other
points.
The greatest selling pressure to-day con-
verged on Amalgamated Copper, of which
thousands of shares were thrown on the
market. with seeming disregard of what
prices they would bring. The stock touched
50 shortly before the close. extreme de-
cline Of five points for the day and III
points lower than ever before in the history
of the company. The urgency of the sell
Ing, without news affecting the property,
gave rise to disquieting rumors as to the
necessity which could induce such heavy
liquidation. Much of the selling was said
TO be for Boston account and rumors were
circulated of process of loan contraction
at that center following the collapse in
Canadian securities American Smelling
also showed evidence of special pressure.
The personality Of the brokers employed in
movement
ISOLATED with the pool which is understood
to have operated both in Amalgamated and
In the market for the metal.
Another influential factor In causing dis
couragement was the free selling OF Penn
sylvania through the day. This stock
touched 123&. decline on the day Of rs.
and Ia below the previous low record on
the movement. This compared badly with
the subscription price to stockholders,
which has also been underwritten by.
syndicate at 100. The liquidation of this
stock caused bad impression on sentiment
all around. The furry in the call money
market to Az late in the day was evidence
met. The incde,.. of the day was the evil
dence Of support for the United States Steel
stocks, large orders being executed by
houses formerly acting for the steel syndi-
cate. But the reports from the iron trade
had some influence in depressing stocks
generally. The reports that the steel mar
anxiety. The calling of convention of
anthracite miners to consider a strike was
naturally depressing. The strength of the
grain market. an unfavorable report from
the Missouri Agricultural Department, and
the unprecedently low condition of cotton
reported by the government were effective
influences in the days weakness. The dis
turbance in the call loan market was con-
sidered as foreshadowing a poor bank re-
turn on Saturday. The market closed weak
and active and practically at the lowest
Bonds were irregular. Total sales at par
value were 81. $4,000. United States bonds
were all unchaged on the last call.
Following are the days share sales and
the recorded price changes: