The Birmingham age-herald., 1903-07-26
WALL ST, PASSES
 AN ANXIOUS DAY
High Nervous Tension Among
 Stock Market Operators
SPECIAlTlES ON A DECLINE
Market Subject to Slight Cables, But Ran Off Aeain-CIosed Active and Weak, With Notable
 Slump Recorded.

Jew York July 25.-Wall street began business today 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 a mid summer Saturday.
 Prices for Americans in London were generally better and helped to impart steadiness to the local market at the open ing. but gains here were not up to those made in London. Orders to buy the stand ard railroad stocks were well distributed, so-called brokers taking blocks of New York Central Almost every commission house had orders to buy at declines. The representatives of a leading western house was reported to have purchased moder- ately of the grangers. There was also some buying of an investment character. The list steadied off by the end of a half hour.
 Liquidation of Loans.
 Much of the early selling came from financial institutions and doubtless rep resented further liquidation of loans for the account of the firms that failed yes- torday This was obviously so in the case of such stocks as Rubber Goods and Mexican Central. There were 20O0 shares sold, followed by another 5000 lot of Rub- Der Goods at seven points decline Mex jean Central stocks were slightly higher at the opening and the first income re- covered points. Large blocks of the second incomes were offered at decline of 32s. There was a sale of Rubber Goods preferred at a drop of 11h, the next transaction showing a per cent advance. United States rubber preferred lost 4l5 on one sale. A prominent trader bought 4OO0 shares of Rubber Goods. In the industrial list there were de- clines of a point or more in Colorado Fuel and several other issues. On the other hand Steel preferred was stronger and a marked recovery was registered by Anaconda, while Amalgamated copper fuctuated nervously
 No Additional Information. No additional information concerning the affairs of Talbot J. Taylor and com pany and w L. Stow and company were obtainable today. The clerical forces of both firms were at work examining the books, assisted by expert accountants. Philip J Britt. the assignee of Taylor and company, said that he might have a statement later in the day. Latest re- ports place the liabilities of Taylor and company at not less than $3,000000 James R. Keene was at the office of Taylor and company all the morning, but denied himself to all interviewers. The assignee of Stow and company said that he would be unable to file even an ap- proximate schedule of assets and liabili- ties before Monday.
 The market became stronger generally in the last hour on the belief that a favorable bank statement would be is- sued. The list sold off again just before the publication of the statement.
 Active List Rallies.
 The active list made an effective rally before the appearance of the bank state- ment, the level recovering generally to last night Gains of l to ? points were estab- lished for New York Central, Reading, Northwestern, Alton, Colorado and South ern and Realty preferred The weak stocks made some substantial rallies. The feature continued to be the violent declines in specialties which were supposed to result from sales of collateral for loans of the firms which failed yesterday and others upon which pressure was exerted Dis appointment in the increase of loans re- ported by the bank statement cost the
 
 erally to the lowest prices of the first hour. The market steadled momentarilv, but ran off again. and the close was active and weak.
 Most Notable Declines.
 The following shows the days more notable declines in prices:
 Chicago and Eastern Illinois, preferred, 23la.
 Des Moines and Fort Dodge, 211k.
 Distillng of America, preferred, 16Ik United States Rubber. preferred, 14
 North American, 129s,
 Evansville and Terre Haute 10h
 American coal, 10.
 Pittsburg, Cincinnati, Chicago and St. Iouis 9.
 Minneapolis and St. Louis, S.
 St. Louis and San Francisco ct firsts, [. Rubber goods, preferred, '.
 Rubber goods. common, 51h
 American linseed oil, preferred, 5.
 Buffalo, Rochester and Pittsburg D.
 Westinghouse Electric, D.
 Baltimore and Ohio, preferred 41k.
 United Railway Investment, preferred 41k.
 American Linseed, f.