The Montgomery advertiser., 1903-08-06
WALL STREET
 IS GLOOMY No Silver Lining Seen in
 the Cloud. TWO MORE FIRMS FAILED Sharp Breaks in the Prices of Securities. Two-thirds of the Active List Touch the Lowest Point Reached Since
 Last ssptsmber-More
 Assignments Predicted.

New York. Aug. G--Two more Stock Exchange failures, making c total of six | in the last eleven business days, were recorded to-day when Sharp 6 Bryan. and Hurlbutt, Hatch & Co, announced their inability to meet their obligations. Neither failure occasioned the slightest | surprise; in fact, both had been dis counnted for Q; week or more.
 The failure of sharp & Bryan came during the morning session. shortly aft CT the market had recovered from its demoralized opening. That of Hurlbutt. | Hatch & Co. was announced in the aft ernoon. just as prices throughout the list were tumbling lower than at any | time before.
 The days business can best be sum- marked by the statement that almost | four score of stocks. fully two-thirds of the active list, touched the lowest record reached during the present movement. l which had its inception last September At the close of the day some of the solid interests and. 1t is suggested that these interests have been ''out of the market for weeks past save here and there when support was most necessary I-spoke reassuringiy. They declared that the financial atmosphere was clarifying, but for all that Wall Street as q whole could see no silver lining In the clouds, much less a golden one.
 Other Failures Predicted.
 Other failures were confidently pre- dicted and the names of several importa- tion firms were mentioned as among those in financial straits.
 A sharp break In sterling exchange during the day was coupled with the suggestion that At least one international banking house had been making desper- ate efforts to borrow money abroad. Of- ficers of leading local banks and trust companies decline to discuss the aitua- ton except to express confidence as to the sound condition of financial institu- tions. .a es,..,.+.s s.....
 The day began ominousiy. Opening prices on the Exehspse were decidedly lower salInast all .tliraisRhs Aha list, but tho break was checked by supporting orders. In fact. veteran observers were heard to declare that but for this support a panic would certainly have occurred.
 The Sharp & Ryan failure made but little impression on values, but towards noon the list receded. the decline em- bracing virtually all the standard stocks. The market then became dull and hesl- tating, but in the last hour and a half stocks were again thrown over ruthless ly and the closing was weak and ex- tremely feverish.
 Many Millions Lost.
 To-days shrinkage alone aggregated many millions of dollars. Countless stop loss' orders were caught in the selling avalanche, and it is probable that hun dreds of weak accounts were closed in utter disregard of the losses sustained by their owners.
 The list of stocks that touched their lowest level included Atchison. Baltimore and Ohio, Chesapeake and Ohio. Chi cago and Alton common and preferred. Chicago Great Western and the deben- lures and second preferred Chicago. Mil waukee and St. Paul, Chicago and Northwestern common and preferred. Del aware and Hudson, Colorado and South ern first and second preferred. Denver and Rio Grande. Long Island. Louisville and Nashville. Kansas and Texas. Mis- souri Pacific, Ontario and Western, Rock Island common and preferred, St. Louis Southwestern common and preferred, Southern Railway common and prefer red, Texas and Pacific, Union Pacific and Wabash preferred.
 | In the industrial class new low records | were the order in American Cotton Oil, American Locomotive. common and pre- ferred, United States Leather, United States Realty, common and preferred; United States Steel, preferred; Virginia Carolina Chemical. common and pre- ferred; American Hide and Leather. pre- ferred; American Snuff, American Su- gar. Hooking Coal and Iron, Consolidated Gas, Continental Tobacco preferred: General Electric, National Biscuit New York Air Brake. 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 American Express. United States Express and Corn Products, common and pre- ferred. Fully a dozen or more other is- sues sold on a parity with previous low prices of the year.
 The Leaders in Losses.
 These stocks made the greatest net losses ofor the day:
 American Snuff. IS points; General Elec- tric. 1-2; Pullman Palace Car, ' 3-4; Su- | gar, St. Paul, ? 3-4; Colorado South ern, first and second preferred. Is and I 3-4. respectively; Consolidated Gas. 6; Brooklyn Union. 1-2: Delaware and Hud- son. 5; Denver and Rio Grande. preferred. 1; Evansville and Terre Haute. 1-2; Met l ropolitan subscriptions. 5; Missouri Pa | cific, 5-S: St. Louis and San Francisco. Chicago and Eastern Illinois certificates, 10; St. Louis Southwestern, preferred, 3-4; Texas and Pacific Land Trust {; ! Wabash. preferred 1-2, and Reading and Lake Erie, first preferred, 5.
 | In the entire list just seven stocks made net gains, these including an advance of 21-2 points in Virginia Carolina Chem ical, preferred Slightly over 100000 shares changed hands during the day. The heaviest trading was in Atchison. Baltimore and Ohio, St. Paul. Erie com mon, Missouri Pacific, Union Pacific. Pennsylvania. Reading common. and United States Steel common, the latter leading the list with total of more than | &, 900 shares.
 Sharp & Bryan Popular.
 The failure of Sharp & Bryan (W. W. Sharp and c. 8. Bryan) excited general sympathy, as both men are members of the Board and popular in Stock Exchange circles. MT. Bryan is a governor of the Exchange The firm was organized in 1891. They were specialists in several stocks, particularly in Virginia Carolina. During last years boom Chemical pre- ferred, sold as high as 134 7-S and the common at 30. They closed today at s5 and 23 3-4 respectively.
 According to the statement of the as-