The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-05
Market Went to Pieces This Morn
ing and Various Stocks Estab-
Il. lish New Low Records.
The Failure Of Sharp & Bryan Is
Announced, Following Slump
-, in Prices.
Still Another Failure Follows and
Prices Recede Far Below
the Opening.

decline in the prices of many stocks To-
day Immediately after the opening Oh 'he
market which carried many or them 10
the lowest point OF the year. Inc ue-
olines ran from n point to points, the
latter decline being scored In virginia
Carolina Chemical. The preferred de-
clined 23s Wheeling & Lake Erie hrst
preferred declined 3h and Consolidated
Gas 1&. General Electric lost points
and other stocks suffered seriously. Inc
selling brought out good support under
which there were substantial rallies after
the first ten minutes.
Shortly after II clock the suspension
NJ sharp g. Bryan was announced on the |
exchange but the market was not greatly
affected by the news. Charles 8. Bryan
of the suspended firm was elected mem |
Der of the governing committee or the
exchange at the last election.
The firm was organized July 2, 1881, the
individual members being w. w. Sharp
and Charles s. Bryan, both board mem
bers The office Of the firm Is at rs
Broad street, and they were known as
specialists in Virginia Carolina Chemical
United States Realty and Construction
and Southern Railway.
.t. The firm had a mercantile agency rating
at from $500. 900 to 100000.
!, @, n Sullivan Of the law firm OF sulli-
van and Cromwell, was made assignee OF
the suspended firm. It was announced
that the assignee would make a statement
as soon as It could be prepared
Liabilities Are $5,ooo,ooo.
Mr.. Cromwell, counsel for the assignee
of Sharp g. Bryan made the following
abatement: 1.-THE firm made general as
alignment for the purpose Of insuring
equality among its creditors without
nrefersncs The cause Is directly attrib-
i1ta1ole to the sudden and extreme SHRINK
ing the market value OF the securities OF
the firm The liabilities, mostly secured,
are about S. 900, 900. The value OF assets
comprising almost exclusively stock ex-
change securities to the amount Of several
million dollars La dependent on market
conditions Most Of the creditors, recog-
MIXING that present conditions are short
lived, are very fairly and wisely with
holding their securities from SALE" .E
An unofficial statement was made to
the effect that the firm had no open con-
tracts In the market and that at to-day's
prices there was still fair margin on
their leans. It was added that If prices
did not decline further, the firm would be
able to liquidate Its assets on satisfac-
tory basis.
The announcement Of the suspension Of
Sharp & Bryan confirmed the rumors
which have been current In stock market
circles for several days. 1t was accepted
as explaining the sharp break in some Of
the specialties In which the firm had been
Interested. Their efforts to realize on
these represented the struggle to extricate
themselves and the lack Of a market
showed by the violent breaks which re-
suited left them no recourse but to sus-
pend.
The rally in the general market was
checked but the reaction did not carry
stocks back lower than before except Mis-
souri, Pacific and Pennsylvania. The
market became quiet but the tone was
foue1-isI There q hraaR in Cobra n
& Southern first preferred Of 35s, South
err Railway preferred 81, Wheeling &
Lake Erie first preferred 81, Wheeling &
cago & Eastern Illinois certificates 10.
Virginia. Carolina Chemical, after ralying
IN, reacted again and became feverish.
Dealt In Northern Securities.
Sharp & Bryan were prominent in oper-
atoms on the curb. They were specialists
there In American Bridge, Northern Sc
curities and Seaboard shares. The firm
offered large blocks Of seaboard shares for
sale on the curb yesterday. The greater
part of Sharp & Bryans obligations or
the exchange were liquidated yesterday
and several banks and trust companies
threw out their loans. In fact the greater
part Of yesterdays liquidation on the ex-
change was for Sharp & Bryan account.
There were successive spells of liqui
dalton, with feeble Intervening rallies
The level Of prices was carried somewha
lower by each successive outbreak Of sell
ing, the majority Of active stocks touch
ing new low levels for the year.
The announcement Of the second failure
of the day-that of Hurlbutt, Hatch &
Co., was followed by more distinct raj
ly, but 1t was not we'll held.
The future was the heavy liquidation
in Missouri Pacific, which carried 1t dowr
nearly points. The selling was supposed
to be for account of one of the suspended
~ ~@1l~l
American Snuff 49, Chicago & Eastern
Illinois certificates 10, Pullman TX, Con
solidated Gas III, General Electric 61a
Metropolitan Street Railway 3A, the Sc
curities company 4, American EXPIRES
81, Pressed Steel Car az, and the lis
genarlly from 1 to points. The lat
market was dull and sagging and the feel
ing continued nervous and unsettled.
add pony 700 drowned
An Associated Press dispatch from
Shanghai dated July 81, reported this in
updation and enormous loss of life am
property in the native city, with som
damage in the foreign quarter
During the noon hour the market wen
off lower than before, with especial weak
ness in many of the high grade stocks
There was further liquidation in mum
Der of issues such as General Electri
and Consolidated Gas. According to re
ports, scores Of accounts were thrown on
by stock exchange brokers because tn
clients were unable to meet the calls TO
extra margins. Stocks that scored heav
losses during midday included Missouri
Pacific, st. Paul. the Steel stocks, tn
common stock Of the Steel corporatio
selling lower than at any previous tim
in its history.
Another Failure Reported.
Hurlbutt, Hatch & Co., member
of the Stock Exchange, have failed. TIL
announcement was made this afternoon.
The firm was composed OF John +
Hurlbutt E. S. Hatch board membe
and j. F. Smith. The copartnership we
formed Sept. IL, 1889.
Active liquidation was renewed befor
the close and the level Of prices fell to tn
lowest of the day. Missouri Pacific an
"A Erie extended their losses by point {
more.
The selling of Missouri Pacific appeare
to be urgent and 1t fell away rapidly unit
1000 shares changed hands at 80. 1t hel
as high as 971s yesterday and closed We:
terday at 951s.
Coffee has been cultivated in venezue