The Birmingham age-herald., 1903-07-24
EXCITEMENT AND
 UNEASINESS FELT
Stock Market Is Subject to
 Numerous FIurrles
IS INFLUENCED BY COTTON
Market Responds to Jump of the Sta pIe and Wall street Operators Are Believed to Be Persistent
 short Sellers.

New York. July 22.-Excitement and uneasiness developed again In todayS ztock market as a result of the renewal of urgent and apparently forced liduida- ton. This was believed to be due to the special needs of individuals and the iden- tity of these individuals was the subject of the usual gossip and the usual appre- tensions. Amalgamated copper was the center of the excitement and much of the selling of 1t was said to be for Boston ac- count, as reports were received of a viol- ent break in the copper shares generally there. There was nothing in the news of the trade to account for the break, the metal advancing sharply in the London market. Yesterdays cut in the price at the metal exchange here was not follow ed by further recession today. Wall street showed considerable anxiety over the news of the failure of an important build Ing firm in New England as 1t was be- lieved to involve ramifications in the New York department of that industry. The United States realty shares were made to suffer acutely by reason of this uneasi- ness notwithstanding authorized assur- ance of the soundness of the corporations affairs Amalgamated with its half of one per cent dividend of sold down to 39%, a break of 5sk and the lowest price on rec ord. United States realty lost g. and the preferred 5, the last named rallying 2, and Amalgarnated closing only IA above the lowest. The fear that this violent liquida- ton was the outgrowth of the New Eng land business trouble gave currency to many rumors of business embarrassment in New York which were often due to the sharp declines in special stocks in which individual brokerage house were believ- ed to be largely interested. None of these rumors could be substantiated.
 Another unfavorable Influence on the stock market was the renewal of the violent speculation in the cotton market with reports of purchase in Liverpool for the purpose of re-shipment to this coun- try for the relief of the distressed shorts. The stock market has been inclined to re- spond with declines to the jumps in the cotton market throughout the prevalence of the present cotton corner, and 1t is common belief that Wall street operators have been very persistent short sellers at the high levels prevailing in the cotton market. The excitement developed in the corn market today also was detrimental to stocks, joined as it was to reports of hot winds in the corn belt and danger to the crop. The suggestion of the Iron Age that the great decline in securities might check new undertakings and thus adversely affect demand in that trade hurt the iron and steel stocks, especially those of independent companies.
 The United States steel stocks were not notably affected until the general weak ness developed late in the day. The stan- dard dividend-paying railroad stocks were also inclined to resist the depression un- til late in the day. but declines of between l and points from last night became fairly general then. The market had steadied near the last. but Southern Pa cifie's downward plunge of 2ss to 4s. made the closing feverish and irregular.
 There were some violent declines in bonds but a few advances kept the tone irregular. Total sales, par value $2, 2S0. .0OO
 United States bonds were unchanged on last call.