The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-07-25
TONE OF new YORK
1t Is Said to Regulate the Euro
pean Stock Market.
Rapidly Becoming Financial
Center of the World.
HAS REACHED A LEVEL
Advance in Prices Is Reported
from London Today.
Recent Liquidation Has Served
to Clear the Air.

London, July 25.-Comparatively little
interest is taken in financial circles
here in the liquidation in the New York
market which is believed likely to clear
the atmosphere. The American hold
ings OF. the British people are insignih-
cant, and, as a matter of fact, there
has been much selling recently and
profits were reaped from the falling
prices in New York. A strong feeling
prevails that the level of prices has
been reached, which caused this morn
ing an advance in Americans and a
consequent better tone of the market.
AT the opening the general average of
prices was a dollar above parity, with
some trading on New York orders.
Isaac Seligman said:
The market here has been regulated
by New York. AS an indication of the
Importance of the New York market. a
fact may be cited which 1 strongly be
lieve in. that nearly all the European
financial markets are regulated by the
tone of New York. New York is rapid
! ly becoming the financial center of the
world. For all that, 1 am afraid they
have been OVERRIDING it. The state of the
market there is simply the natural re-
suit of the over-speculation and the
1t is very difficult to say when the bot
tom will be reached; but if it was
known exactly how many weak pools
or cliques still exist it would be possi-
4 bic to prOphesy with more assurance
| We Will have series of fluctuations
yet, think. The situation here is quite
sound. but the market is also suffering
from the losses in mining ventures and
from the effect of the three years Afri-
can war. from which it has not yet re-
cuperated. Now there is a new agita-
| ton, the tariff question, which tends to
unsettle business peoples minds
A representative of Brown, Shipley
& Co. said:
I'VE are bankers, not prophets. We
are getting down to reason able. level
prices. The New York market has been
weak and nervous, but here this morn
ing prices have risen.''
The failure of Frederick Loewe,
member of the stock exchange, was an
nounced. He was only a small opera
tor
IN THE DARK
New York, July 25.-The liquidation of
securities has proceeded during the week
and Wall street has exhausted the field
of conjecture in attempts to fix the
source and the motives of the selling:
Standard dividend paying railroad
stocks have been much less affected
than the class known as specialists and
the metal stocks have been special suf-
ferers. The failure of a firm of New
| England builders was the nominal mo-
tive for some selling but the cause was
grossly disproportionate to the effect.
/ The calling of loans in which the liqui-
| dated stocks figured largely as collateral
was supposed to account for much of
! the selling.
General business conditions were re-
garded as favorable, but were ignored
STILL SOME ANXIETY
New York, July 25.-Wan street be-
gan business today with much anxiety.
| Yesterdays 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 ad-
ditional margins. The attendance on
| the floor of the exchange was unusually
large for a midsummer Saturday.
Prices for Americans in London were
generally better and helped to innpart
! stea diness to the local market at the
opening but gains here were not up to
those made in London. Orders to buy
the standard 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 representative of
a leading western house was reported
to have purchased moderately of the
Grangers There was also some buying
of an investment character. The list
] N-@~ --~-~
hour.
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
terday This was obviously so in the
case of such stocks as Rubber Goods
| and Mexican Central. There was 1000
share sale followed by another of 5000
shares of Rubber Goods at seven points
decline Mexican Central stocks were
slightly higher at the opening and the
first income bonds recovered eight
points Large blocks of the second in
| comes were offered at decline of 33s.
There was a sale of Rubber Goods pre-
ferred at drop of 1111. the next trans
action showing a per cent advance
United States Rubber preferred lost Az
on one sale. A prominent trader bought
1000 shares of Rubber Goods. In the
industrial list generally there were de-
1 clines of a point or more in Colorado
Fuel and several other issues. On the
| and a marked recovery was registered
by Anaconda, while Amalgamated Cop
per f1uctuated nervously.
e No additional information concern
ing the affairs of Talbot J. Taylor &
Co. and w. L. Stow & Co. were obtain
| able this morning The clerical forces
of both firms were at work examining
| the books. assisted by expert account
ants. Philip J. Britt. the assignee of
Taylor & Co, said that he might have
a statement later in the day. Latest re-
| ports place the liabilities of Taylor &
| Co at not less than So 000. 900. James r
Keene was at the office of Taylor & Co
all morning, but denied himself to all
| interviewers. The assignee of Stow &
Co. said that he would be unable to file
even an approximate schedule of assets
and liabilities before Monday.
The market became stronger general
| ly 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.
The increase in loans shown by the
bank statement in place of decided
4 contraction which had been looked for