The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-08-05
MARKETS TODAY.
Stock Takes an Alarming and
Sudden Slump.
Many Reach Lowest Point of the
Year.
WHEAT is UNSTEADY.
HEAT is UNSTEADY.
Strong at Opening but Loses
More Than Gain.
Corn Follows With an Advance
and Reaction.

New York. Aug. 5.-STOCKS-Th was
a sharp decline in the prices. of many
of the market, which carried many OF
them to the lowest prices of the year The
declines f. 3,. ran from e to 4 points the lat
lima Chemical. The preferred declined 21h
points. Wheeling and Lake Erie first pre-
Gas rs points. General Electric lost
points and other stocks suffered serious
losses.
The selling brought out good support,
under which there were substantial rallies
after the first ten minutes Shortly after
an was announced on the exchange, but
the market was not greatly affected by the
news
The announcement of the suspension of
Sharpe & Bryan confirmed the fears which
have been current in stock market circles
Tor several days 1t was accepted as ex-
planning the Sharpe break in some of the
specialties in which the failed firm had
been interested. Their efforts to realize
and the lack of a market showed by the
violent breaks which resulted, left them
recourse but to suspend. The rally in the
ton did not carry stocks back lower than
before EXCEPT Missouri Pacific and Penn
the tone was feverish. There was break
in Colorado Southern first preferred of 3ss
points, Southern railroad preferred SA
points, Wheeling and Lake Erie first pre-
ferred as points and Chicago and Eastern
Illinois certificates 10 points.
Virginia Chemical after rallying
ish. O'-' go -''''
During the noon hour the market went
off lower than before, with especial weak
ness in many of the high grade stocks.
There was further liquidation in a num-
Der of issues such as General Electric and
Consolidated Gas. According to reports
scores of accounts were thrown out by
stock exchange brokers became the
clients were unable to meet the calls for
extra margins.
Many stocks that scored heavy losses
during midday included Missouri Pacific,
Dor III ITV.fn Ilo1f or16
Ohio, Southern Railway, Erie, Reading
and the Steel stocks, the common stock
of the Steel Corporation selling lower than
at any previous time in it's history Fully
a dozen or more active and better class
issues touched low prices for the year.
There were successive spells of liquida-
ton with feeble intervening rallies, but the
level of prices was carried somewhat lower
by each successive outbreak of selling. the
ma jority of active stocks touching new low
levels for the year. The announcement of
the second failure, that of Hurlbutt Hatch
& Co.. was followed by rally, but 1t did
not hold The feature of the afternoon was
the heavy liquidation in Missouri Pacific,
which carried it down nearly points The
selling was supposed to be for account of
one Of the suspended firms. Other notable
breaks were among American Snuff IS,
Chicago and Eastern Illinois Certificates
10, Pullman IN. Consolidated Gas ~, Cen
eral Electric sly. Metropolitan Street Rail-
way 53s. the Securities company 4, Amer
lean Express 315, Pressed Steel Car 334 and
the list generally from l to points.
Active liquidation was renewed before
the close and the level of prices fell to
Erie extended their losses by a point or
more.
The selling of Missouri Pacific seemed to
be insignificant and it fell away rapidly
sold as high 971s yesterday and closed
yesterday at 95ss.