The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-05
ACUTE WEAKNESS REAPPEARS
AMONG WALL STREET STOCKS
MANY ISSUES AT THE LOW
EST POINT OF YEAR.
Others Border on Bottom Limit
Banking Situation Still Sub
ject of Anxious Thought.

New York. Aug. 4-The stock market de-
Ve.opel acute weakness again to-day, and
after continued liquidation throughout the
session. closed active and weak at about
the lowest for the day. This represented
also the lowest of the year for a number
OF prominent stocks, and near the lowest
Tor much larger number. Union Pacific,
Atchison. Erie. Texas and Pacific, Wa
bash preferred. Rock Island preferred,
Consolidated Cas- Republic Steel preferred
and the Virginia Carolina Chemical stocks
were amongst those which sold to-day low
er than before this year. United States
Steel IS sold ld,, at a, which is the lowest
rally in the final hour Of the market. but
the selling was renewed at the last. 1t
was evident that the process of selling out
siderable scale. The source Of the selling
took on the mysterious character of the
recent period of liquidation, which it was
hoped had been completed for the present.
BREAK SHARPLY.
A number of stocks broke sharply this
morning on account OF special news de-
velopments and the renewal of the general
declining tendency seemed to prompt the
liquidation as much as any other factor.
The response of Consolidated Gas to the
announcement of an additional stock is
privileges to stockholders resembled that
OF Pennsylvania stock to the recent stock
increase and that of New York Central to
the persistent rumors of capital increase.
Consolidated Gas sold off over points The
United States Steel stocks formed another
center of disturbance. The liquidation in
thoritative announcement Of the resigna-
ton Of President Schwab. The persistence
OF the weakness gave rise to rumors OF I'M
favorable developments in the trade. es-
peclally growing out of the building trades
loekouts. notably in Pittsburg.
Fears were also expressed that the ex-
give rise to changes Of policy, possibly in
volving suspension of dividends on the
common stock The decline of points in
Virginia Carolina Chemical and of 10 points
in the preferred was the occasion Of some
uneasinesS. Another supposed factor was
derived from the published reports Of a Sc
orator. who has taken a very prominent
part in some Of the great market affairs Of
the last few years.
CAUSES OF SELLING.
It was not supposed. however, that the
weakness of the market was due entirely
to any special cause, the general banking
situation being considered sufficient to ex-
plain the liquidation. The Wall street COM
munity has not rellnquished its study Of the
loan position OF banks. which was am
loans shown by last Saturdays bank state
ment The fact that large increases in fail
ures in the general commercial and indus
trial lines reported by mercantile agencies
gave point to tho depressing influence of
the compilation The attention given to ru-
mors. which were authoritatively denied.
of the placing of a large real estate mort
gage loan by the New York Central. indi-
Gated the dread in the speculative world
that the voracious demand by great cor
for credits Will continue to en-
croach upon the available limits. The
weather Bureaus weekly crop bulletin was
regarded as favorable. but its influence
was Offset by the renewed firmness in the
cotton and grain markets.
Bonds were heavy, in sympathy with |
stocks Total sales. par value. 2,72S,000
United States bonds were all unchanged
on the last call. |