The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-06
Prices Reached Lowest Level
0fWhole Movement
PANIC WAS IMMINENT
WHEN SUPPORT CAME
shrInkage Of tho Day Aggregates 1ail.
lions Of Dollars and Couutsess
"Stop-toss'' Orders were Caught
in the Selling Avalanche.
Carolina Chemical Suf-
fered'ln slampr
By Associated Rrexs,3

i0I CA hs olS1V1kk
Ry Associated Preu,,
NEW YORK, August 6-Ewo n1n1~
stock exchange failures. making hetaJ
Of six in tho last eleven boxness dayH
were recorded to-day when Sharp and
Bryan and Hurlb,1tt, Hatch and Company
announced their inability 10 meet their
obligations. Neither failure occasfoned the
slightest surprtses In fact, both had boeu
discounted for a week or moro.
Tho failure Of Sharp and Bryan canas
during the morning session. shortly afts.'
the market had recovered from It's de-
uoralized opening. That OF Hr1butt,
Hatch and Company was announced In I.
the afternoon just as prices throughout
the list were tunbung lower than at any
tims before.
The days business can best be sumnarS
lied by the statement that fully two
thirds OF the active list touched the lowest
records reached during the present move
nlent, which had its Inception last Sep
tenbet. II
solid interests-and it Is significant that
these interests have been 'out of the
market" for weeks past, save here and
there when sApport was most necessary
spoke reassuringly. They declared that the
financial atmosphere WAS being clarified.
but for all that Wall Street, as a whole.
could see no silver lining IN the clouds.
much less a golden one.
Others Predicted.
Other failures were confidently predict
a %t,1, Nf ty,,y@ 70 y
firms were mentioned as among those in
financial straits.
A sharp break In sterling exchange dur
ing the day was coupled with the sug-4
gestion that at least one interna honal
banking house had been making desperate
efforts to borrow money abroad. Officers =
of leading banks and trust companies de-
clined to discuss the situation except to
express confidence as to the sound condi-
ton of the financial al5lnsututions.
The day began omlnously. Opening
prices on the exchange were decidedly
lower almost all through the list. buS
the break was checked by supporting
orders. In fact veteran Observers were
heard to declare that but for this support
a panic would certainly have occurred.
The Sharp and Bryan failure made im-
preston on values, but toward noon the
list receded. the decline including most
I'LL LNc SL<tIludtu sIIdI CO, lIic Lld1 dCL IlSH3
becoming dull, except during the last
hour and a half, when stocks were again
thrown over ruthlesly and the closing was
weak and extremely feverish.
Millions Of ShIinkage.
To-days shrinkage alone aSgregates
many millions of dollars. Countless Stop
loss orders were caught in the selling
avalanche, and it is probable that hum
Of IN
utter disregard OF the losses sustained
by their owners. The list of stocks that
touched their lowest level, includes Ches-
apeake and Ohio, Chicago and Alton.
common and preferred; Chicago, Great
Western and the debentures and
second preferred Chicago, Milwaukee
and ST. Paul. Chicago and North
west. common and preferred Delaware
and Hudson. Colorado and Southern. hrse
Grando common ana preferred: Great
Northern preferred: Evansville and Terre
Haute. preferred; Long Island. Louisville
and Nashville, Canada and Texas.
Missouri Pacific; New York. Ontario and
Western. Rock Island. common and pre-
ferred; st. Louis. Southwestern. common
and preferred; Southern Railway, COM
mon and preferred; Texas and Pacific.
Union Pacific and Wabash. preferred.
New Low Records.
In the Industrial class new low records
We're the order In American Cotton oil.
American Locomotive. common and pre-
ferred; American Smelling, lS-eferred;
Republic Iron and Steel. common and
preferred; United States Leather, United
States Realty, common and preferred;
United States Steel, preferred; Virginia.
Carolina Chemical, common and prefer
red; American Hide and Leather, pre-
ferred; American Snuff, American Sugar.
Hooking Coal and Iron, Consolidated Gas.
Continental Tobacco preferred; General
Electric, National Biscuit. New York Air
Brake, Pacific Mail Peoples Gas. Vir-
ginia Iron, Coal and Coke and Pressed
Steel Car.
To these lists should be added Brook
lyn Rapid Transit and such specialt!es
as American Express, United States En-
press and corn products. common anl
preferred. Fully dozen or more issues
sold on parity with previous low prices
OF the year
Greatest Losers.
These stocks made the greatest net
losses of the day. American Snur. Is
points; General Electric. 5l-o. Pullman
Palace Car, 1874; Sugar, 2, ST Pau.
o3-4 Colorado and Southern, first and
second preferred, 8 is and 3-4 respec- 4
lively; Consolidated Gas, 8; Brooklyn
Union Gas, A l-9; Delaware and Hudson,
5; Denver and Rio Grande, preferred, 81
Evansville and Terre Haute. l-2; Met
Subscriptions 5; Missouri Pa
cifc Sb-S; ST. Louis and San Francisco.
and Eastern Illinois certincateS
10. ST. Louis Southwestern, preferred,