New-York tribune., 1903-07-24
STOCKS DECLINE AGAIN.
Some Ne5o Loso Records Made
UnfaUorabIe Market Influences.

The failure Of the Norcross Brothers Com
pany, the big building contractors. which was
the immediate cause of the decline in the local
stock market on Wednesday afternoon, was not
reflected in yesterdays opening, first prices
generally being higher than Wednesdays close
The market indeed, fairly steady and
rather inactive until noon. when a serious de-
cline occurred. set in motion by the appearance
OF heavy selling orders from Boston. the head
quarters of the Norcross concern, and Toronto
where another failure of building contractors
announced. Copper stocks and the general
list broke sharply the Boston Stock EX
change. and Amalgamated Copper and the
United States Realty Issues, perhaps IN synpa-
thy with this development, were among the
principal sufferers here, the former max
ing maximum loss of points TO 39A
the lowest price in its history. Despite the
publication OF q reassuring statement
from The officers of the United States
Realty Company, showing assets of more than
23000.0OO and cash in bank amounting to
nearly $40O0OOO, the stocks of this corporation
also declined to new levels. the common touch
ing and the preferred 46. Colorado Fuel and
Iron, on sales Of 500 shares, lost 4 points, clos
ing at 4515 the lowest price for two years.
Tennessee Coal and Iron touched 1914. a level
which II had not seen since 1899. The Sloss-
Sheffield issues suffered net declines of 315
ferred. Rock Island common sank TO 1885, the
lowest point it has yet reached. and Erie second
preferred again developed weakness. going
down 70 4715. the lowest figure c!-ce 1901.
Wabash was another record breaker for this
movement, selling down to 207s. while the
oebenture BIS declined from 62% to 5912 The
standard railway shares resisted the declining
tendency in a marked manner until late in the
afternoon. when. influenced by a downward
plunge OF 23s points in Southern Pacific. they
yielded generally, many net losses ranging
from TO points being registered at the close.
Although the market break Of yesterday was
doubtless due in part to the building trade fail
ures TO which the unsettlement of the Boston
stock market may be directly ascribed. there is
reason to believe that, as on so many days dur
ing the last few weeks It was the result also
of the closing out of some large loan. the col
lateral against which, in the present instance,
probably included Amalgamated Copper and
United States Realty stocks. The wide declines
in certain special stocks with which various
brokerage houses are understood to be especially
identified were also taken TO signify the pres
ence of weak spot:' but there was abso-
Iutely no substantiation: of any Of the flying ru-
rnors of business embarrassment here.
Another unfavorable influence on the stock
market was the renewal of the violent specula-
tive huctuation in the cotton market, with re-
ports of purchase in Liverpool for reshlpment
10 this country for the relief of the distressed
shorts. The stock market has been inclined 10
respond with declines to the jumps in the cotton
market throughout the prevalence of the present
cotton corner, and il is common belief that wall
Street operators have been persistent short
sellers at the high levels prevailing in the cotton
market The excitement developed in the corn
market was also detrimental TO stocks, joined as
n was TO reports probably exaggerated, of de-
structive hot winds in the corn belt and danger
TO the corn crop.