The Savannah morning news., 1903-08-06
BAD DAY FOR STOCKS
TWO MORE FAILURES MAKE REC
ORD OF SIX IN ELEVEN DAYS.
THEY CAUSED NO SURPRISE.
TWO-THIRDS ACTIVE LIST Low
EST SINCE SEPTEMBER.

but Wall Stree Can See No silver
Lining to the CIOuds-Other Fail
ures Confidently Predicted-Oni-
GERS of Banking Institutions
Won't Discuss Situation - The
Days ShrinI<nge Aggregates Many
Millions of Dollars sharp q
Bryan's Liabilities About $5,OOO,-
900.
New York, Aug. 5.-Two more stock
exchange failures, making a total of
six in the last eleven business days,
were recorded to-day When Sharp &
Bryan and Hurlbutt, Hatch & Co. an
nounced their inability to meet their
obligations. Neither failure occasion
ed 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
after the market had recovered from
it's demoralized opening. That of
Hurlbutt, Hatch & Co was announced
in the afternoon, just as prices
throughout the list were tumbling low
er than at any time before.
Lowest Prices Since September.
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
present movement which had it's incep-
ton 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 nee
essary-spoke reassuringly. They de-
clared that the financial atmosphere
was being clarified, but for all that
Wall street as 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 I'M
portant firms were mentioned as among
those in financial straits.
sharp Break in Exchange.
A sharp break in sterling exchange
during the day was coupled with tho
suggestion that at least one inter-
national banking house had been mask
ing desperate efforts to borrow money
abroad. Oficers of leading local banks
and trust companies declined to dis
cuss the situation. except to express
confidence as to the sound condition
of the financial institutions.
The day began ominously. Opening
prices on the exchange were decided
ly lower almost all through the list,
but the break was checked by sup
porting orders. In fact, veteran OBJ
servers were heard to declare that but
for this support a panic would GER
tainly have occurred.
The Sharp & Bryan failure made
little impression on values, but to-
wards noon the list receded, the de-
cline including almost all the stand
ard shares, the market then becoming
dull, except during the last hour and
a half when stocks were again
thrown over ruthlessly and the clos
ing was weak and extremely fever
ish.
Shrinkage Amounts to Millions.
To-day'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.
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, Chi
cago and Northwest, common and pre-
ferred; Delaware and Hudson, Colo
RADIO Southern, first and second; Dem
yer and Rio Grsnde, common and pre-
ferred; Great Northern preferred, Ev-
ansville and Terre Haute preferred,
Louisville and Nashville, Kansas and
Texas, Missoui Pacific, New York, On
tario and Western, Rock Island. COM
mon and preferred; st. Louis, South
western, common and preferred; South
ern Railway, common and preferred,
Texas and Pacific, Union Pacific and
Wabash preferred.
New Records for IndustriaIs.
In the industrial class new low rec
ords 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 COM
mon and preferred, United States Steel
preferred, Virginia-C Carolina Chemical
common and preferred. American Hide
and Leather preferred, American Snuff,
American sugar, OOISOlOdlSu ddS,
Continental Tobacco preferred, General
Electric, National Biscuit, New York
Air Brake, Pacific Mail Peoples Gas,
Virginia Iron Coal and Coke and
Pressed Steel Car.
To these lists should be added Brook
lyn Rapid Transit and such specialties
as American Express, United States
Express and Corn Products common
and preferred. Fully a dozen or more
other issues sold on a parity with pre-
vious low prices of the year.
The Heaviest Losers.
These stocks made the great net
losses for the day:
American Snuff. Is points; General
Electric, 51a; Pullman Palace Car, ~;
Sugar, 2: ST. Paul 2%; Colorado and
Southern, first and second preferred,
5h and Az, respectively; Consolidated
Gas. 6; Brooklyn Union Cas- Az; Bel
aware and Hudson, 5; Denver and Rio
Grande preferred, a; Evansville and
Terre Haute, IL; Metropolitan Sub
scriptions, 5; Missouri Pacific, 5%; st.
Louis and San Francisco, Chicago and
Eastern Illinois certificates 10; st.
Louis, Southwestern preferred. 4&;
Texas and Pacific Land Trust, 4; Wa
bash preferred, Az, and Reading and
Lake Erie first preferred, 5.
In the entire list just seven stocks
made net gains. these including an
advance Of 2h per cent. in Virginia.
Carolina Chemical preferred. Slightly
over 1,000, 600 shares changed hands
during the day. with the heaviest trad
ing in Atchisan, Baltimore and Ohio,
st. Paul. Erie common, Missouri Pa
cific, Union Pacific, pennsylvania.