The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-05
STOCKS AND BONDS.

New York. Aug. 4--The stock market
developed acute weakness again today
and after continued liquidation through
out the session closed active and weak ar
about the lowest for the day. This repre-
scented also the lowest of the year for
number of prominent stocks and near
the lowest for a much larger number
Union Pacific. Atchison, Erie, Texas and
Pacific. Wabash preferred. Rock Island
preferred. Consolidated Gas, Republic
Steel preferred and the Virginia-Carolina
Chemical stocks were among those which
sold today lower that before this year.
United States Steel sold at q, which is
the lowest price on 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 on a considerable scale. The source
of the selling took on the mysterious
character OF the recent period of liquida-
ton which it was hoped had been COM
pleted for the present. 4 number OF
stocks broke sharply this morning on ac-
count OF special news developments and
the renewal OF the general declining tend
ency seemed to prompt the liquidation
as much as any other factor The re-
Spouse Of Consolidated Gas 10 the an
nouacement OF an additional stock issue
Of nearly s7.O00 900 with subscription privi-
leges to stockholders resembled that OF
Pennsylvania s stock 20 the recent stock
increase and that of New York Central
to the persistent runors of capital in
crease. Consolidated Gas sold of over
points. The United States Steel stocks
formed another center of disturbance.
The liquidation in these was associated at
first with the authoritative announcement
OF the resignation Of President Schwab.
The persistence OF the weakness gave
rise to rumors of unfavorable develop
nents in the trade especially growing
out of the building trades locxouts, nota-
bly, In Pittsburg. Fears were also ex-
pressed that the executive change il the
corporation would give rise TO changes
of policy possibly involving a suspension
of dividends on the common stock The
decline of points in Virginia <rolina
Chemical. and Of 10 points in the prefer
red was the occasion of some uneasiness.
Another supposed factor was derived
from the published reports of a 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. how
ever, that the weakness OF the market
was due entirely to any special causes
the general banking situation being con-
sidered sufficient TO explain the liquida-
ton The Wall Street community has
not relinQuished its study of the loan
position of banks which was empha-
seized by the unexpected increase in loans
shown by last Saturdays bank state
nent- The fact that large increases in
failures in the general commercial and
Industrial lines reported by commercial
a sencies gave point to the depressing tn
Auenees OF the compiis ton. The atten-
ton given TO rumors which were authori-
tatively denied. Of the placing of large
real estate mortgage loan by the New
York Central indicated the dread In the
speculative world that the demand by
great corporations for credits Will con-
tinue TO eocroacf upon the available lin
its. The weather bureaus weekly crop
bulletin was regarded as favorable, but
It's influence was Offset by the renewed
firnness in the cotton and grain mar
kets
Bonds were heavy in sympathy with
stocks Total sales. par value. s2,725, 900.
United States bonds were all unchanged
on the last call.