The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-06
Countless "stop Loss Orders Caught
I'm Selling Avalanche and a Panic
Was Narrowly Averted.
FAILURE OF TWO MORE FIRMS
SHARP & BRYAN, AND HURLBUT,
HATCH & CO. IN STRAITS.
Liabilities Of the Former Are About
s5,OO0,00O, but No Report Made
by the Latter Corncern.

NEW YORK, Aug. 5.-Two more Stock
Exchange failures making a total of six in
the last eleven business days, were recorded
to-day when Sharp & Bryan and HurIbut.
Hatch & Co. announced their inability to
meet their obligations Neither failure oc-
casioned the slightest surprise; in fact,
both had been discounted for week or
more
The failure of Sharp Bryan came dur
ing the morning session. shortly after the
market had recovered from it's demoralized
opening. That of HurIbut, Hatch & Co.
was announced in the afternoon just
prices throughout the list were tumbling
lower than at any time before.
The days business can best be summa-
rized by the statement that almost four
sco-e OF stocks. fully two-thirds of the
active list, touched the lowest record
reached during the present movement.
which had its inception last September.
At the close of the day some of the solid
interests-and it is suggested that these
interests have been ''out OF the market
for weeks past. save here and there when
support was most necessary-spoke reas-
suringly. They declared that the financial
atmosphere was clarifying; but for all that
Wall street a whole could see no silver
lining In the clouds. much less golden
one.
Other failure were confidently predicted.
and the names of several important firms
were mentioned as among those in financial
straits.
sharp break in sterling exchange dur
ing the day was coupled with the sugges-
tion that at least one International banking
house had been making desperate efforts
10 borrow money abroad.
Officers of leading local banks and trust
companies declined to discuss the situation
except to express confidence as to the sound
condition OF financial institutions.
BEGAN OMINOUSLY.
The day began ominously. Opening prices
on the exchange were decidedly lower al
most all through the list, but the break was
checked by supporting orders. In fact, vet
.eran observers were heard to declare that
but for this support a panic would GER
tainly have occurred.
The Sharp * Bryan failure made but
little impression values. but towards
noon the list receded, the decline embrac-
Ing virtually all the standard stocks. The
market then became dull and hesita ting,
Nat in the last hour and a half stocks were
again thrown over ruthlessly and the clos
ing was weak and extremely feverish.
To-day's shrinkage alone aggregates many
orders were caught in the selling avalanche,
and ii Is probable that hundreds of weak
accounts were closed in utter disregard of
the losses sustained by their owners.
- The list of stocks that touched their low
est level includes Atchison, Baltimore &
Ohio. Chesapeake & OHIO. Chicago * Alton
common and preferred, Chicago Great
Western and the debentures and second
preferred, Chicago, Milwaukee K St Paul,
Chicago AZ Northwestern common and pre-
ferred. Delaware * Hunson, Colorado &
Southern first and second preferred. Denver
g. Rio Grande common and preferred, Great
Northern preferred. Evansville & Terre
HaCts preferred. Long Island Louisville &
Nashville, Kansas K Texas Missouri Paci-
fic. Ontario x Western, Rock Island COM
mon and preferred, st. Louis Southwestern
common and preferred. Southern Railway
common ard preferred. Texas & Pacific
Union Pacihc and Wabash preferred.
were the order H. Cotton o
American Locomotive common and prefer
red. American Smelling preferred, Republic
Iron and 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 Snuff,
American Sugar. Hooking Coal and Iron
Consolidated Gas. Continental Tobacco pre-
ferred, General Electric. National Biscuit,
New York Airbrake. Pacific Mail. Peoples
Gas. Virginia Iron, Coal and Coke and
Pressed Steel Car
To these lists should be added BROOKLYN
Rapid Transit and such specialties as Amer
+. lean Express. United States Express and
Corn PRODUCTS common and preferred.
q parity with previous low prices of the
year.
GREATEST NET LOSSES.
These stocks made the greatest net losses
of the day: American Snufr, Is points: Cen
eral Electric. 5la; Pullman Palace Car. 7% !:
Sugar. 2: st. Paul. pa; Colorado Southern
first and second preferred. SIS and Az. re-
spectively: Consolidated Gas. s: Brooklyn
Union Gas, rs: Delaware & Hudson. 5: Dem
yer & Rio Grande preferred. 4: Evansville
& Terre Haute. ~; Metropolitan Subscrip-
tions, 5: Missouri Pacific. SIS: ST Louis &
San Francisco. Chicago & East Illinois Ger
tihcates, 10, st. Louis Southwestern pre-
ferred IA: Texas and Pacific Land Trust
A. Wabash preferred. IA. and Reading and
Lake Erie first preferred, 5.
In the entire list Just seven stocks made
net gains. these including an advance of 2la
points In Virsinia-Carolina Chemical pre-
ferred. Slightly over million shares
changed hands during the day. The heayi-
est trading was In Atchison, Baltimore 4.
Ohio st. Paul. Erie common. Missouri pre-
ferred. Union Pacific. Pennsylvania, Read
ing common and United States Steel com
mon. the latter leading the list with total
of more than 5000 shares
The failure OF Sharp Bryan CIV w.
Sharp and G.. s. Bryan excited general sym
pathy as both are members OF the
board and popular in Stock Exchange cir
cIes Mr.. Bryan is a governor of the Ex-
change. The firm was organized i'm 1891.
They were specialists I'm several stocks
more particularly I'm Virginia C Carolina
Chemical, and their failure is regarded as
directly attributable In declines in those
shares During the last years boom Chem
icaI preferred sold high 1915 and the
common at 50. They closed to-day at IS and
2544. respectively. According to- the state
ment of the assignee, Sharp * Bryan's liza
bilities are about S.Oo0000. mostly secured.
Assets are said To Include several million