Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-07-24
Another Break in Stock Mar
ket Today.
LOW RECORDS SCORED
BROOKLYN RAPID TRANSIT CEN
TER OF ATTACK.
Heavy Losses Scored Throughout
Nearly the Entire List-St.
Paul Under Fire

NEW YORK. July 24.-Half a scoro OF
stocks. some of them market leaders. estab-
lished new low records on the present de-
cline in the early trading on the stock ex-
change today. These included St Paul
Louisville and Nashville. Northwestern Wa
bash preferred. Union Pacific. Brooklyn
Rapid Transit. Metropolitan. American Car
and Foundry. Colorado Fuel and Rock Is
land common.
Especial pressure was directed against
Brooklyn Rapid Transit. the price
of which fell lower than at any time since
the end of the Flower" boom. Other
minor issues In the railway and industrial
group reached prices as low any recorded
in their history. Further selling pressure
was shown in the steel stocks. block OF
5000 shares OF common came out at from
22ss to 225s. the latter being yesterday
closing price. Steel preferred held steady.
The market was extremely active. with fur
Their evidence of liquidation resulting from
exhausted margins and over extension by
various operators.
Renewed liquidation In increasing volume
came in the second hour and almost every
stock In the list receded. The selling came
from all sides. additional lots of copper,
which were below yesterdays low record.
being offered for Boston account Wire
houses sold all around the room. A house
with important Chicago connections and
steel affiliations extremely active,
though report credited IT with some buy
ing.
element in the second hour, when the
whole market was tumbling and creating
new low records.
Absence of demand seemed to be the con-
trolling reason for the decline in the high
class railroads. The drop in St Paul was
reported to have resulted from the liquida-
ton of a moderately large line of stock by
a Philadelphia house. Declines of and
points were common in the active list while
some of the inactive stocks fell even lower.
Low records for he current movement en-
braced number of the best securities in
the list.
The market rallied toward noon. St Paul
recovering points and other stocks Of
the same class showing substantial I'M
DrOvement.
The banks continue to view the stock
market situation with apparent uncon-
Germ, but are showing extreme conserva-
tism in their loans.
The tone of the opening was unsettled
by sharp breaks in a number of the spe-
cialties. the iron and steel stocks being
especially affected.
Six thousand shares of United States
Steel sold at 22Ts and 227s. compared with
221s last night, and Tennessee Coal. ke-
public Steel preferred and Sloss- Sheffield
Steel lost IL to ia. Brooklyn Transit fell
2JS and Sugar and Wabash preferred about
a point, but reacted a fraction. Changes
in the railroad list were small and Union
Pacific. Pennsylvania and Atchison rose a
fraction. Otherwise fractional declines
were the rule.
The market showed good deal of nerv-
BUSINESS and after the opening decline rail-
lied slightly. Sugar. Brooklyn Transit and
Tennessee Coal rallied l to Ia and Lacka-
wanna jumped 3A. The Improvement was
short lived. enormous offerings of Brook
Ign Transit and the Pacifics demoralized
the market and prices broke precipitately
in all directions.
Many new low records for the movement
were established by leading stocks. The
chief declines were Brooklyn Transit, 2as:
General Electric. 5ia; Consolidated Gas. 2h.:
st. Paul preferred, 2 Minneapolis. St. Paul
and Sault Ste. Marie and Wisconsin Cen
trail preferred. 2l2: Hooking Valley, 4:
SloSs- Sheffield Steel, Az and Atchison, ST.
Paul, Norfolk and Western. Rock Island.
Union Pacific. Southern Pacific. Missouri
Pacific. Reading and number of others.
1 to ~.
Amalgamated Copper. United States Steel
and New York Central showed evidences OF
support at about last nights level. The
market steadied at IL o'clock. but continued
very feverish.
Prices broke with great violence during
the second hour and enormous blocks OF
stocks We're hurled upon the market with
apparent disregard of what prices they
would bring
A feeling of alarm grew with the disor-
derby break in values and the tension OF
excitement was great. United States Steel
preferred slumped 2as to 6SIs and the COM
mon fell to 21as, both making low record
prices. St Paul dropped and the Pacitics
= 70
the latter, Southern Pacific. Brooklyn Tran
sit was forced down 4ss. and Amalgamated
Copper to a new low level a 3s2.
Notable declines in special stocks were
Wheeling and Lake Erie. Gls: first pre-
ferred. 31s; Pacific Coast 2La: the second
preferred. Hooking Valley and Nashville,
Chattanooga and st. Louis. 8; Sloss- Shelf
field Steel, IA: General Electric. 6l2: Colo
RADIO Fuel, AZ and the New York Public
Utilities. Peoples Gas anu the Iron and
Steel specialties generally from to 3.
l,
and railway steel spring preferred were
distinguished by point advances
Rallies were made of to before noon
by st. Paul. the Pacific group. Reading.
Pennsylvania, Erie first preferred. Brook
lyn Transit. United States Steel stocks,
Amalgamated Peoples Gas and some
others. The trading became much less ac-
tive. but the tone continued nervous and
feverish. There was little doing In bonds,
but prices were lower.
The demand died out at the higher level
and renewed drive carried Amalgamated
a point and Brooklyn Transit and Rock
Island fraction lower than before. Tho
general market did not yield to the lowest.
Hooking Valley and Westinghouse Electric
first preferred fell 9. Pressed Steel pre-
ferred. and Metropolitan securities 5. Rub
Der Goods preferred 3i3, Delaware and Hud-
son 3 and Cleveland c. c. and st. Louis
"a: The market showed resistance and
rallied.
Amalgamated and Rock Island establish
ed a still lower record level at 357s and Il.
and American Smelling was
raided sharply at decline Of As Brook
lyn Transit also went lower to Al. Lack
awanna fell AZ. with a rally of 3; New
York. Chicago and St Louis 4, and Erie
second preferred, Iowa Central preferred.
Kansas City Southern, Texas Land Trust
and International Paper. to 3. Sloss Shef.
field Steel extended Its break to sh and
Fort Worth and Denver City Stamped
slumped g. At o'clock the market WAS
very dull and ruling about a point above
the lowest for the weakest features. Anal
gamated rallied 2 Standard Oil broke ~
points on the curb on the sale OF twenty
seven shares.