The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-05
STOCKS REACH Low POINT
THE MARKET DEVELOPED ACUTE
WEAKNESS AGAIN.
United states steel Sold at Fl, the
Lowest Price on RecOrd-BOnds
Are Heavy.

NEW YORK, Aug. 4.-The stock market
developed 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 for
a much larger number. Union Pacific, AtcEi-
son, Erie Texas & Pacific, Wabash pre-
ferred, Rock Island preferred Consolidated
Gas, Republic Steel preferred and the Vir-
ginia-Carolina Chemical stocks were among
those which sold to-day lower than before
this year. United States Steel sold at 81
which is the lowest price record. There
was an Insignificant 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 collateral in loans was re-
sumed considerable scale. The source
of the selling took the mysterious char
acter of the recent period of liquidation,
which it was hoped had been completed for
the present.
A number of stocks broke sharply this
morning on account of special news devel-
opments, 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 an
nouncement of an additional stock issue of
nearly 100000, with subscription privileges
to stockholders resembled that of Pennsyl-
vania stock TO the recent stock increase and
that OF New York Central to the persistent
rumors or capital increase. Consolidated
Gas sold off over s points. The United
States Steel stocks formed another center
of disturbance. The liquidation in these was
associated at first with the authoritative
announcement resignation PreSl-
dent Schwab. The persistence of the weak
ness gave rise to rumOrS or unfavoraDle
developments in the trade, especially grow
ing out of the building trades lockouts.
notably in Pittsburg. Fears were also ex-
pressed that the executive change in the
corporation would give rise to changes of
policy, possibly involving suspension OF
dividends on the common stock. The de-
cline of z points in Virginia-Carolina Chem
zeal and OF 10 points in the preferred was
the occasion or some uneaslness. Anotner
supposed factor was derived from the pub
lished reports of serious breakdown In
the health OF an operator who has taken
a very prominent part in some of the great
market affairs of the last few years. 1t
was not supposed, however, that the weak
ness of the market was due entirely to any
special causes the general banking situa-
ton being considered sufficient to explain
the liquidation. The Wall-street community
has not relinquished its study of the loan
position of the banks which was emphasized
by the unexpected increase in loans shown
by last Saturdays bank statement. The
fact that large increases in failures in the
general commercial and Industrial lines
were reported by mercantile agencies gave
point to the depressing influence of the
compilation. The attention given to rumors
which were authoritatively denied-of the
placing of a large real-estate mortgage loan
by the New York Central indicated the
dread in the speculative world that the vo-
racious demand by great corporations for
credits will continue TO encroach upon the
available limits. The Weather Bureau S
weekly crop bulletin was regarded ia
vOrable, but its influence was offset by the
renewed firmness in the cotton and grain
markets.
Bonds were heavy in sympathy with
stocks. Total sales at par value were 81,
900. United States bonds were all un-
changed on the last call.
Following are the days share sales and
the recorded price changes: