The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-06
CLOSING IS
REAL RELIEF
More Failures in Wall Street
Cause Distress.
BULLS ARE OPPRESSED
Excitement Marks the Deals
on the Street.

New York. Aug. 5.-The hour for clos
ing of today's stock market was naiied
with relief by the highly strung mem
bers OF the exchange. The day was
one of excitement and alarm and the
fading away of the prices of securities
was so rapid aad comprehensive as TO
arouse grave fears OF the consequences.
The announcement of two failures were
the only two distressing developments.
and neither of them was a surprise
Some Of the days liquidation was sup
posed 10 be of collateral on the loans
of the failed firms. although il was Of
fcially announced in one case that the
creditors had decided TO withhold the
collateral from the market in its present
condition. 1t was very evident that
very general closing out of collateral
in loans was in progress and much of II
was allowed to go for what il would
bring. AS the demand for stocks is still
exceedingly light. the natural result was
a decentralization OF the market and the
pressure grew more acute by the reac
tionary effect of the selling in forcing a
shrinkage of the collateral in other loans.
So far as the news of the day was con-
cerned there was very slender basis for
uneasy sense that collateral could not be
readily realized on and the consequent
desire to convert into ready money. This
is the essence of decentralization in any
market and it had its natural result
today. Expectation was az the high pitch
at the opening and Generalization was
prevented only by the most vigorous and
determined support on the part OF bank
ing interests and market managers for
va rious prominent stocks. The support
was especially noticeable in the United
States Steel stocks and succeeded in
raising the price OF the common a point
and the preferred S-s over last nights
level. The support of these stocks was
helped by the fact that some of the de-
velopments which were feared from yes
terdays meeting of the directors did not
occur. As the weakness OF these stocks
was a potent factor in the weakness Of
yesterdays market the strong support
accorded them had soothing effect on
sentiment. The result was pretty gen.
eral recovery from the opening declines.
Then came the announcement of the
first failure. that of an important house
with commitments in a variety OF
stocks. From that time until the close
the liquidation was internationally pur-
sued with occasional rallies on short
covering. There was an eager rush to
cover among the bears in the final deal
inn r-eaH
breaks at other points and the closing
was extremely nervous and excited. with
very irregular fluctuations. The United
States Steel stocks suffered compare
lively small losses. but both the common
and the preferred and the sinking fund
Der cent bonds touched low record prices
during the day Liquidation in Missouri
Pacific was very violent and il suffered
an extree loss OF SIS. Much OF the IL
quotation in this was attributed TO the
account Of one of the suspended firms.
1t carried down Wabash preferred
points with it. Erie was also very heav-
liz sold as the day progressed. The
Pacifcs and grangers were under steady
pressure during most of the day. The
violent declines in the Colorado and
southern STOCKS, NHr SpNAhtiu TS-it"o a.
stocks and Virsinia-Carolina Chemical
were associated with the failure. Some
of the high priced comparatively in
active stocks were severe sufferers,
American Snuff breaking Is. and New
York Air Brake. Pullman. Consolidated
Gas. General Electric and Chicago and
Eastern Illinois certificates from . to
10 points.
Call loans were slightly firmer. but
there was nothing in the time money
market TO explain the pressure 10 retire
loans. 4 further sharp break in setrling
exchange caused an approach in the rate
toward the gold import point Profit
taking in the grain markets was sat
isfactorv development which was Offset,
however. by the continued speculative
manipulation in cotton. 4 cut In price
OF coal by the Reading and talk OF
Rock Island strike. which was denied.
were made something Of By bears. Sat
isfactorv reports Of railroad earnings
including a 3 per cent Increase IN gross
earnings for July over last year by the
New York Central were without infu-
cDce upon sentiment Bonds were weak
in sympathy with stocks. Total sales.
mar value $4,000 United States bonds
were all unchanged on the last call.
Following is The list ~ quotations,