The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-24
STOCKS UNDER PRESSURE
PERSISTENT LIQUIDATION AGAIN
MAKES ITSELF FELT.
New Low Levels Established I'm n
Special Causes Also at Work.

NEW YORK. July ENLIGHTENMENT and
uneasiness developed again in to-day's
stock market with renewal of urgent and
apparently forced liquidation. This was
believed to be due TO the special needs of
individuals, and the identity of these indf-
viduals was the subject of the usual gossip
and the usual apprehensions. Amalgama
ed Copper was the center of the excite
ment, and much of the selling of it was said
to be for Boston account. Reports were re-
ceived of a violent break there in the cop
per shares generally. 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 followed by any
further recession to-day. Wall street showed
considerable anxiety over the news of the
failure of important building firm in
New England, as 1t was believed TO involve
ramifcations in tine New York department
of that industry. The United States Realty
shares were made to suffer acutely by rea-
son OF this uneasiness, notwithstanding au-
thorized assurances Of the soundness of
the corporation affairs. Amalgamated,
with its " of l per cent dividend off, sold
down TO 1894, break of 81 and the lowest
price on record. United States Realty lost
and the preferred 5, the last named rally
ing and Amalgamated closing only Il
above the lowest. The fear that this violent
liquidation was the outgrowth of the New
England business trouble gave currency to
many rumors of business embarrassment
in New York, which were due TO sharp de-
clines in special stocks in which individual
brokerage houses were believed to be large
ly interested. None of these rumors could
be substantiated.
Another unfavorable influence on the
stock market was the renewal OF the vio-
lent speculative f1uctuation i'm the cotton
market, with reports OF purchase in Liver
pool for reshipment TO this country for the
relief of the distressed shorts. The stock
market had been inclined to respond with
declines to the jumps in the cotton market
throughout the prevalence of the present
cotton corner and it is common belief that
Wall-street operators have been very per-
sistent short sellers at the high levels pre-
vaiiing in the cotton market The excite
ment developed in the corn market to-day
was also detrimental to stocks, Joined. as
ii 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 de-
mand in that trade, hurt the iron and steel
stocks, especially those of independent COM
panies. The United States Steel stocks were
notably affected under the general weak
ness developed late in the day. The stand
ard dividend-paying railroad stocks were
also inclined to resist the depression until
late in the day, but declines of between !
and 2 points from last night became fairly
general then. The market had steadied near
the last, but Southern Pacific's downward
plunge of 2ss to 43 made the closing feverish
and irregular.
There were violent declines in bonds, but
a few advances kept the tone irregular.
Total sales at par value 81, $50, 900.
United States bonds were unchanged on
call.
Following are the days share sales and
the recorded price changes: