The Birmingham age-herald., 1903-08-05
STOCK MARKET
 GROWS VERY WEAK
Liquidation Through
 out the Long Session
CLOSED ACTIVE BUT WEAK
There Was an insignificant Rally In the Final Hour of the Market, But the Selling Was Renewed
 at the Last.

New York, August 1.-The stock market developed acute weakness again today, and after continued liquidation through out the session. closed active and weak at about the lowest for the day. This represents also the lowest of the year for a number of prominent stocks, and near the lowest for much larger num- Der. Union Pacific. Atchison, Erie, Texas and Pacific. Wabash preferred, Rock Island preferred, Consolidated Gas, Re- public Steel preferred and the Virginia Carolina Chemical stocks were amongst those which sold today lower than be- fore this year. United States Steel sold at 21 which Is the lowest price on rec ord. There was an insignificant rally in the final 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 a con- siderable scale. The source of the selling took on the mysterious character of the recent period of liquidation, which it was hoped had been completed for the pres- ent A number of stocks broke sharply 
 developments, and the renewal of the general declining tendency seemed to prompt the liquidation as much as any other factor. The response of Consoli- dated Gas to the announcement of an ad- ditional stock issue of near1y s700OOOO with subscription privileges to stock holders resembled that of Pennsylvania t1.. md that of New York Central to the persis- tent rumors of capital Increase. Consoli- dated Gas sold off over 8 points. The United States Steel stocks formed an- other center of disturbance. The liquida- ton 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 ments in the trade, especially growing out of the building trades loekouts, mo- tably in Pittsburg. Fears were also eX- pressed that the executive change in the corporation would give rise to changes of policy possibly involving a suspension of dividends on the common stock. The de- cline of seven points in Virginia-Car chemical and of 19 points in the prefer red was the occasion of some uneasiness. Another supposed factor was derived from the published 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. It was not supposed, however, that the weakness of the mar ket was due entirely to any special causes, as the banking situation was considered sufficient to explain the liqui- dation. The Wall street community has not relinquished it's study of the loan position of banks, which was emphasized by the unexpected increase in loans shown by last weeks bank statement. The fact that large increases in failures in the general commercial and industrial lines reported by mercantile agencies gave point to the depressing influences to the compilation The rumors which were au- thoritatively denied of the placing of a real estate mortgage loan by the New York Central, indicated the dread in the speculative world that the voracious de- mand by great corporations for credits will continue to encroach upon the avail able limits. The weather bureaus week. ly crop bulletin was regarded as favor able, but In influence was offset by the renewed firmness in the cotton and grain markets.
 Bonds were heavy in sympathy with stocks. Total sales, par value, $2,725,OOO.
 United States bonds were all unchang- ed on the last call.