The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-08-07

5toch exchange failures, making a total
C. six in the last eleven business days,
| were recorded today when Sharp and
Bryan & Hurlbutt, Hatch & Co., an
| nounced their inability to meet their
obligations. Neither failure occasioned
the slightest surprise; in fact, both had
been discounted for a week or more.
The failure of Sharp & Bryan came
during the morning session, shortly af-
ter the market had recovered from its
demoralized opening. That of Hurl-
the afternoon just as prices throughout
the list were tumbling lower than at
any time before.
The days business can best be sum-
married by the statement that fully
two-thirds of the active list touched the
lowest record reached during the pres
ent movement which had it's inception
last September.
At the close of the day some Of the
solid interests and it is significant that
these interests have been out of the
market" for weeks past, save here and
there, when support was most neces-
sary. 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.
Other failures were confidently pre-
dicted and the names of several impor-
tant firms were mentioned as among
those in financial straights.
A sharp break in sterling exchange
during the day was coupled with the
suggestion that at least one interna-
tional banking house had been making
desperate efforts to borrow money
abroad. Officers of leading local banks
and trust companies declined to discuss
the situation except to express conf
dence as to the sound condition of the
financial institutions. The day began
ominiously. Opening prices on the eX-
change were decided lower almost all
through the list, but the break was
checked by supporting orders. In fact,
veteran observers were heard to de-
clare that but for this support a panic
would certainly have occurred.
The Sharp & Bryan failure made
little impression on values but towards
noon the list receded the decline in
cluding most all the standard shares,
the market then becoming dull except
during the last hour and a half when
stocks were again thrown over ruthless
ly and the closing was weak and eX-
tremely feverish..
Today's shrinkage alone aggregates
many millions of dollars. Countless
stop loss" orders were caught in the
selling avalanche, and it is probable
that hundreds of weak accounts were
closed in utter disregard of the losses
sustained by their owners.
The list of stocks that touched their
lowest level includes Atchison, Balti-
more and Ohio, Chesapeake and Ohio,
Chicago and Alton, common and pre-
ferred. Chicago Great Western and the
debentures and second preferred, Chi
cago. Milwaukee and St. Paul. Chicago
and Northwest, common and preferred;
Delaware and Hudson; Colorado and
Southern; first and second preferred:
Denver and Rio Grande. common and
preferred: Great Northern preferred:
Long Island. Louisville and Nashville:
Kansas and Texas; Missouri Pacific,
New York. Ontario and Western: Rock
Island. common and preferred: ST. Lous
Southwestern; common and preferred:
Southern Railway common and prefer
red; Texas and Pacific; Union Pacific,
and Wabash preferred.
In the industrial class new low re-
cords were the order in American Cot
ton Oil; American Locomotive, common
and preferred: American Smelling, pre-
ferred; Republic Iron and Steel COM
mon and preferred; United States
Leather: United States Realty common
ard preferred; United States Steel pre-
ferred. Virginia-Carolina Chemical,
command and preferred; American Hide
and Leather, preferred: American
Snuff: American Sugar; Hooking Coal
and Iron: Consolidated Gas: Continen-
tai Tobacco preferred; General Electric;
National Biscuit; New York Air Brake;
Pacific Mail; Peoples Gas; Virginia