The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-08-10
SLUMP IN STOCKS IS
CONTINUING,
Almost Four Score of Stocks Touched
Lowest Record Reached Dur
ing the Present Movement.
Wall Street Sees No Lin
ing to the Clouds.


exchange failures, making a total OF
six In the last eleven business days. were
recorded today when Sharp & Brown and
Hurlbutt, Hatch & Co. announced their
inability to meet their obligations. Neither
failure occasioned the slightest surprise;
in fact. both had been discounted Tor q
week or more
The failure of Sharp & Bryan came
during the morning session, shortly after
the market had recovered from its de-
moralized onenine That of Hurlbutt.
Hatch & Co, was announced in the af-
ternoon, just as prices throughout tho
list were tumbling lower than at any
time before.
The days business can best be sum-
married. by the statement that almost
four score of stocks, fully two-thirds OF
the active list. touched the lowest record
reached during the present movement
which had It's inception last SepteM-
Der.
At the close of the day some OF inc
solid interests-and 1t Is suggested tnat
these interests have been out OF ehe
market" for weeks past save hete aiU
there when support was most neceseaiS
spoke reassuringly. They declared tllat
the financial atmosphere was clarifying
but for all that Wall street, as "noie'
could see no silver lining in the CLOUDS
much less a golden one.
other failures were confidently predlctT
ed and the names of several importation
firms we're mentioned as among tnose Al
financial straits.
Sharp Break in Exchange.
sharn break In sterling exchange dur
Inc tbe day was coupled with the suB-
gestion that at least one lhteIna1o'aA
banking house had been makiiis u.s
nerate efforts to borrow money aproao
officers of leading local banks ana trus'
companies decline to discuss the silo@~
ton. except to express confidence as ~
the sound condition of financial nsulo-
lions.
The day began ominously openlns
prices on the exchange were decioea4.
lower almost all through the list, but
tha hreak was checked by supporting
orders In fact, veteran observers were
hoard to declare that but for this sup
rort y manic would certainly have oc-
CURED. $50.
The sharp e. Bryan failure made put
n+ns tmnression on values. but toward
moon the list receded, the decline EN-
hracing virtually all the standard STOCKS.
| The market then became dun ana hesl-
| Eating. but In the last hour and d NAH
| stocks were again thrown over futhIess-
| ly and the closing was weak ana eA-
tremely feverish.
| Today's shrinkage alone aggregated
| many millions of dollars. Countless stop
! loss" orders were caught in the selling
avalanche, and it is probable that nun
dreds of weak accounts were closed ia
| utter disregard of the losses sustained
by their owners.
The list Of stocks that touched their
lowest level included Atchison. Baltimore
and Ohio. Chesapeake and ONO, chicago
and Alton common and preferred, CHI
cago Great Western and the depentures
kee and st. Paul, Chicago and North
western common and preferred, Della
ware and Hudson. Colorado and Southern
first and second preferred. Denver and
Rio Grande common and preferred,
Great Northern preferred, Evansville
and Terre Haute preferred, Long Island,
Louisville and Nashville, Kansas and
Texas, Missouri Pacific. Ontario and
Western Rock Island common and pre-
ferred, St. Louis Southwestern common
and preferred, Southern railway common
and preferred, Texas and Pacific, Union
Pacific and Wabash preferred.
Another Firm Goes to the Wall.
New York. August e.--Laidlaw & Gar
RE members of the consolidated stock
exchange, announced their suspension to-
day.
The firm did a commission business.
which was not extensive. The failure was
| without general Importance.
| The members of the firm are William
Laidlaw and Daniel r. Carrie. Laidlaw
g few years ago sued Russell Sage. charg-
| ty,cr hat In threw
| front Of the bomb which Norcross threw
| at Mr.. Sage. I.aidlaw was then cashier
/ for Bloodgood Il Co, and happened to be
| in Sages office when Norcross entered II.
Despite the marked Improvement fur
| Their talk of trouble and probable failures
was heard on every side almost to the
close, which was really buoyant.
Reports current in trustworthy circles
| suggest that several firms and individuals
whose affairs were found to be In bad
| shape have been permitted to make pri-
waite settlements, thus saving themselves
| such sacrifices as would inevitably have
| been made had their holdings been thrown
upon the market.
Rockefeller Grabs Chemical Company
New York, August 7.--(specia) By the
purchase of s12o0o,0oO par value in stocks
and bonds of the Virginia Carolina Chem
zeal Company STANDARD OIL interests. 1t is
\
| great fertilizer and sulphuric acid concern
Of the south.
Rockefeller @lterests already control tho
American Agricultural Chemical Com
pany and the American Cotton OH Com
pany. They also control the American
Linseed Company. These various chemi-
cal and vegetable oil companies give to
the Rockefelers practically a monopoly
of the phosphate and cotton oil business
| 1T Is believed that the raid in Wall
street which terminated Thursday just
before the close of the market. and which
was begun on Tuesday by the remarkable
offer of the Consolidated Gas Company
to sell 100000 worth Of new stock
when stockholders confidently expected
that a dividend much larger than that
would be paid, was for the purpose of un-
| settling the market and securing this
| chemical stock
After the whole market had been thrown
! Into a state Of decentralization under
| heavy selling of Consolidated Gas and
| United States Steel shares the chemical
stock was attacked and false rumors of
| troule in strong houses were circulated
| This brought thousands Of shares of the
| chemical stock into the market and they
were eagerly seized by Rockefeller brok-
erS.
Death Of Well Known Lawyer
MONTGOMERY Ala August 7-(Speciai)