The Montgomery advertiser., 1903-08-05
WALL STREET REVIEW,
ACUTE WEAKNESS AGAIN
 DEVELOPS IN MARKET. a
After the Continued Liquidation Throughout the Session the Close Was Active and Weak
 at Lowest of the Day.

NEW YORK, Aug. 4.-The stock market de- soloped acute weakness again today and after c,ontinued liquidatiop throughout the session savss1 active and weak at about the lowest TOT the day. This represented also the low est or the year for number of prominent s.ocks and near the lowest for a much larger nomoer. Union Pacific. Atchson, Erie. Texas and. Pacific. Wabash preferred Rock Island pre1erred, Consolidated Gas, Republic Steel preferred and the Virginia Carolina Chemical stocks were amongst those which sold today lower than before this year. United states steel sold at 2i. which Is the lowest price on record There was an insignificant rally m the nnal hour of the market, but the selling was renewed at the last It was evident that the process of selling out collateral in loans was resumed on considerable scale. The source of the selling took on the mysterious character or 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 de- veiopmentss and the renewal of the general de- clining tendency seemed to prompt the liqui- dation as much any other factor. The re- sponse of Consolidated Gas to the announce S7.o0Q. 900 with subscription privileges to stockholders resembled that of Pennsylvania stock to the recent stock increase and that of New York Central to the persistent rumors of capital increase. Consolidated Gas sold off over points. The United States Steel stocks formed another center of disturbance The .liquidaton in these was associated at first with the authoritative announcement of the resig- nation of President Schwab. The persistence of the weakness gave rise to rumors of un- favorable developments fin. the trade especially growing out of the building trades lockouts, notably in Pittsburg. Fears were also ex- pressed that the executive change In the cor poration would give rise to changes of policy possibly involving suspension of dividends on the common stock. The decline of points in Virginia Carolina and of I9 points in the preferred was the occasion of some uneasiness. Another supposed factor was derived from the published reports of a serious break down in the health of an operator who has taken a very prominent part fin some of the great market affairs of the last few years. It was not sup posed, however,, that the weakness of the mar ket was due entirely to any special causes the general banking situation being considered suf- fcient to explain the liquidation. The Wall Street community has not -relinQufshed It's study of the loan position of 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 re- ported 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 large real estate mortgage loan by the New York Central indicated the dread in the spec uIative world that the voracious demand by great corporations for credits will continue to fencroach upon the available limits. The Weather Bureaus weekly crop bulletin was regarded. as favorable. but its influence was offset by the renewed frmness in the cotton and grain markets.
 Bonds were heavy with stocks Total sales tpar vaiue), S2.725, GOO. United States bonds all unchanged on the last call.
 Nauu Work Stnnk Tist