Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-08-06
TWO FAILURES
Added to the New York Stock
Exchange List.
Two Thirds Of Active Stock List
Touches Lowest Point on Record.
Countless "Stop Orders" Caught in the
Selling Avalanche.

New York, Aug. 1.-Two more Stock
Exchange failures, making a total of
six in the last IL business days, were
recorded, today, when Sharp & Bryan
and Hurlbutt Hatch & Co. announced
their inability to meet their obliga-
+tions. Neither failure occasioned the
slightest surprise; in fact, both had
been discontinued for a week or more
The days business can best be sum-
married. by the statement that almost
four score of stocks. fully two-thirds
of the active list, touched the lowest
record during the present movement,
which had its inception, last Septem-
Der.
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
necessary-spoke reassuringly. They
declared that the financial atmosphere
was being clarified, but for all that,
Wall street as whole could see no Sill
yer lining in the clouds, much less
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.
A sharp break in sterling exchange
during the day was coupled with the
suggestion that at least one interna-
tional banking house had been MAX
ing desperate efforts to borrow money
abroad.
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. In fact, veteran observers
g were heard to declare that but for this
support, a panic would certainly have
occurred.
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.
These stocks made the greatest mel
losses for the day: American snuff, II
Z points: General Electric, 5Ea; Pullman
Palace Cars, ~; sugar, = st. Paui
23a; Colorado Southern first and Sec
ond preferred, 51s and Az respectively
Consolidated Gas, 6: Brooklyn Uniof
Gas, AZ: Delaware & Hudson. S: Den
yer & Rio Grande preferred. 4; Nilsson
ri Pacific, SIS; st. Louis & San Frances
co. and East ST. Louis certlhcates' ~
st. Louis Southwestern preferred, ~
Texas & Pacific Land Trust, a; Wa
bash preferred, Az; and Reading &
Lake Erie first preferred. B.
p" The failure of Sharp & Bryan tW.' W
Sharp and c. S. Bryant excited genera
sympathy, as both men are members o
the board and popular in Stock EXchans
circles. Mr.. Bryan is a governor OF tn
Exchange. The firm was organized II
1891, They were specialists in severa
stocks, more particularly Virginia Carroll
ma Chemical, and their failure is regard
ed as directly attributable to the dechn
in the Sc shares. During last years booH
Chemical preferred sold as high as 1.S4'
and the common at so. They closed, to
day. at SO and 23A respectively.
According to the statement of the as
sjgnee. Sharp & Bryans liabilities ar
about 5000, 900, mostly secured. Asset
are said to include several million do
lars of Stock Exchange securities. tn
value of which is almost altogether cor
tingent on market conditions.
The firm of Hurlbutt. Hatch & Co. Ooh
Henry Hurlbutt f. Sanford Hatch, tn
board member. and J. Frailey SMITH wa
organized in September. 1899. Their II
nancial embarrassment has been a matte
Of general comment in the Street" &c
some weeks. No statement regarding the
affairs was obtainable. today.