New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-06

HeaUy Liquidation in the Stock
Market.

Many new low records were made yesterday
in the stock market in the course of a day of
excitement and anxiety. and at the close prices
were a rule at near the lowest OF the day,
and apprehension widely expressed of the
precipita ton to-day of one or more fresh fail
ures. following the suspension of Sharp & Bryan
and Hurlbutt, Hatch Co. Offices of leading
local banks and trust companies declined to dis
the situation, beyond expressing confidence
as to the sound condition of financial institu-
tions.
The day began ominously. Opening prices on
the exchange were decidedly lower almost all
through the list. but the break was checked by
supporting orders
Heavy offerings had to be taken by the
supporting orders, but their absorption relieved
the acute tension of apprehension and the sell
ing pressure relaxed. general recoveries being
made by the leading active stocks within a
half hour of the opening The principal support
was in the United States Steel stocks. lifting
the common a point and the preferred 12s over
Tuesdays close. Rock Island preferred gained
IL A large number of minor stocks Suffered
losses of a point over in the opening break,
and American Snuff common broke 10. General
Electric and Wheeling and Lake Erie first pre-
ferred each Az. Colorado and Southern second
preferred f. Continental Tobacco preferred rs.
and the 800" stocks Rubber Goods preferred
and Realty preferred , to 21a.
The rally was shOrt-lived and prices were
again slipping down. when little after IL
o'clock came the announcement of the suspen-
sion of Sharp & Bryan. The market became
temporarily steader after this news came out,
but speedily resumed its downward course, and
from that times until the close the liquidation
was internationally pursued, with occasional
rallies on short covering. There was a good
deal of short selling during the day, but there
1frrrTT TTD-
ton vast number of stop loss orders were
uncovered on the way down, and the closing out
of these accounts for whatever prices could be
got contributed largely to the decentralization OF
prices. 1t was believed also that the selling
represented in part. as on Tuesday the selling
out of loans. Satisfactory reports of railroad
earnings including a Is per cent increase in
gross earnings for July over last year by the
New-York Central. were without any influence
upon sentiment.
In the entire list Just seven stocks made net
gains these including an advance of 21a per cent
in Virginia-Carolina Chemical preferred. More
than one million shares changed during the day.
The heaviest trading vas in AtchisOn, Baltimore
and Ohio, St. Paul, Erie common, Missouri Pa
cifc Union Pacific, Pennsylvania, Reading COM
mon and United States Steel common. the latter
leading the list with total of more than 5000
shares
There were successive. spells OF liquidation
during the course of the days session. with
feeble intervening rallies The level of prices
was carried a little lower each successive
outbreak of selling the majority of active stocks
touching low levels for the year. The an
nouncement of the second failure of the day
was followed by a more distinct rally than on
previous occasions but it not we'll held.
The feature of the afternoon was the heavy
liquidation in Missouri Pacific, which carried it
down nearly five points. The selling was sup
posed to be for account of one of the suspended
firms. Wabash preferred fell D points. in SYM
pathy with the weakness of Missouri Pacific
The United States Steel stocks suffered COM
parativey small losses, but both the common
and preferred and the sinking fund . per cent
bonds touched low record prices
The following table gives a comparison be-
tween the new low records esta 5lshed yester-
day in a number of active stocks and the low
levels previously reached by them this move