The Birmingham age-herald., 1903-08-06
TWO- THIRDS OF STOCK
 TOUCHED LOWEST RECORD
Countless "stop Loss" Orders Were Caught In the Rush and Hundreds Were Closed in Utter Dlsre-
 gard of Losses Sustained.

l New York, August 1.-Two more Stock Exchange failures, making total of six 1 in the last eleven business days, were recorded today when Sharp & Bryan and Hurlbutt Hatch & Co. announced their I inability to meet their obligations. Neither failure occasioned the slightest surprise; in fact, both had been discount ed for a week or more.
 The failure of Sharp & Bryan came during the morning session. shortly after the market had recovered from It's de- moralized opening That of Hurlbutt, Hatch & Co. was announced in the after noon, just as prices throughout the list were tumbling lower than at any time be- fore.
 The days business can best be summar- ized by the statement that almost four score of stocks, fully two-thirds of the active list touched the lowest record reached during the present movement, which had Its inception last September.
 Atmosphere Clearing.
 At the close of the day some of the solid interests-and 1t Is suggested that these interests have been "out of the market" for weeks past save here and there when support was most necessary-spoke re- assuringly. They declared that the finan- cial atmosphere was clarifying, but for all that, Wall street, as whole. could see no silver lining in the clouds, much l less golden one
 1 Other failures were confidently predict ed and the names of several important firms were mentioned as among those in l financial straits
 sharp break in sterling exchange dur l ing the day was coupled with the sugRes- ton that at least one international bank ing house had been making desperate ef- l forts to borrow money abroad. Officers of leading local banks and trust companies decline to discuss the situation except to express confidence as to the sound con- l dition of financial institutions.
 Opening Prices Lower.
 The day began ominously. Opening prices on the exchange were decidedly lower almost all through the list, but the break was checked by supporting or- ders. In fact, veteran observers were heard to declare that but for this sup port a panic would certainly have oc- cured.
 The Sharp and Bryan failure made but little impression on values. but towards noon the list receded, the decline em- bracing virtually all the standard stocks. l The market then became dull and hesi- tating, but in the last hour and a half stocks were again thrown over ruthless ly, and the closing was weak and ex- tremely feverish. Today's shrinkage alone aggregated many millions of dollars Countless stop loss'' orders were caught in the selling avalanche, and 1t Is prob able that hundreds of weak accounts 1 were closed in utter disregard of the losses sustained by their owners.
 List of the Stocks.
 The list of stocks that touched their 1 lowest level included Atchson Baltimore and Ohio, Chesapeake and Ohio, Chicago and Alton common and preferred, Chi- cago Great Western and the debentures and second preferred; Chicago, Milwau- kee and St. Paul. Chicago and Northwest ern common and preferred, Delaware and Hudson, Colorado and Southern first and second preferred, Denver and Rio Grande common and preferred Long Island Lou isville and Nashville, Kansas and Texas, Missouri Pacific, Ontario and Western, ] Rock Island common and prererred St. Louis Southwestern common and pre- ferred, Southern Railway common and preferred, Texas and Pacific Union Pa- cific and Wabash preferred.
 l In the industrial class, new low records were the order in American Cotton Oil, American Locomotive common and pre- ferred, Smelling preferred. Republican i Steel common and preferred, United States Leather, United States Realty common and preferred, United States Steel preferred, Virginia Carolina Chemi- cal common and preferred, American Hide and Leather preferred, American l Snuff, American Sugar. Hooking Coal and l Iron, Consolidated Gas. Continental To. bacco preferred General Electric, Ma tonal Biscuit. New York Alrbrake, Pa- cific Mail. Peoples Gas. Virginia Iron. Coal and Coke and Pressed Steel Car.
 To this is to be added Brooklyn Rapid Transit and such specialties as American Express, United tSates Express and corn products, common and preferred.
 Fully dozen or more other issues sold on a parity with previous low prices of the year.
 Greatest Net Losses.
 These stocks have made the greatest net loss for the day: American snuff 15 l points. General Electric 51z. Pullman pal 1 ace car 73t sugar 2, St. Paul 2%, Colorado Southern, first and second preferred. 5lk l and 4at respectively; Consolidated Gas 6. l Brooklyn Union Gas Az, Delaware and l Hudson 5, Denver and Rio Grande pre- ferred 4. Evansville and Terre Haute 71k. Metropolitan subscriptions 5, Missouri Pacihcs 5ss. St. Louis and San Francisco, | Chicago and Eastern Illinois, certificates, l 10; St. Louis Southwestern preferred A, Texas and Pacific land trust f. Wabash I preferred 4ls and Reading and Lake Erie | first preferred 5.
 In the entire list just seven stocks made net gains. these including an advance of 1 2h points in Virginia Carolina Chemical preferred. Slightly over one million shares changed hands during the day. The heav- | lest trading was In Atchison, Baltimore and Ohio. St. Paul. Erie common, Missou- ri Pacific, Union Pacific, Pennsylvania Reading common and United States Steel common, the latter leading the list with a | total of more than 85.000 shares.
 The failure of Sharp & Bryan (W. w Sharp and c. S. Bryan) excited general I.~+1. ..<