The Savannah morning news., 1903-08-05

active and weak at about the lowest
of the day. This represented also the
lowest of the year, for number OF
prominent stocks, and near the low
est for a much larger number. Union
Pacific, Atchison, Erie, Texas Pacific,
Wabash preferred, Rock Island pre-
ferred, Consolidated Gas, Republic
Steel preferred and the Virginia-Caro-
lima Chemical stocks were amongst
those which sold to-day lower than
before this year. United States Steel
sold at II, which is the lowest price
on record There was an insignificant
rally in the final hour of the market,
but the selling was renewed at the
last. 1t was evident that the process
of selling out collateral of loans was
resumed on a considerable scale. The
source of the selling took on the mys-
FERROUS character of 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
developments and the renewal of the
general declining tendency seemed to
prompt the liquidation as much as any
other factor. The response of Consol-
idated Gas to the announcement OF
an additional stock issue of nearly ST.
100000 with subscription privileges to
IeSGUlDleu THAT Ol GGlI-
sylvania stock to the recent stock in
crease and that of New York Central
to the persistent rumors of capital in
crease. Consolidated Gas sold off over
8 points. The United States Steel
stocks formed another center of dis
turbance. The liquidation in these
was associated at first with the au-
thoritative announcement of the resig-
nation of President Schwab. Fears
49,.
change in the corporation would give
rise to changes of policy possibly in
volving a suspension of dividends on
the common stock. The decline of
points in Virginia-Carolina Chemical
common and of 10 points in the pre-
ferred was the occasion of some I'M
easiness. Another supposed factor was
derived from the published reports OF
serious break down in the health of
an operator who has taken a promi-
nent part in some of the great market
affairs of the last few years. 1t was
not supposed, however, that the weak
ness of the market was due entirely
to anv special causes, the generaI
banking situation being considered
sufficient to explain the liquidation.
The Wall street community has not
relinquished its study of the loan 90
sition of the banks which was empha-
SlZeQ Dy the unexpected increase IN
loans shown in last Saturdays bank
statement. The fact that large in
creases in failures in general COM
mercial and industrial lines are re-
ported by mercantile agencies gave
point to the depressing influence OF
the compilation.
The weather bureaus weekly crop
bulletin was REGARDED as favorable,
but its influence was offset by the
renewed firmness in the cotton mar
ket.
Bonds were heavy in sympathy with
stocks. Total sales, par value, $2.725,-
000 United States bonds unchanged.
Total sales of stocks to-day were
6G2.700 shares. including: Atchison,
$4,000: Baltimore and Ohio, $4,000;
Canadian Pacific, 1000; Chicago and
Alton. 1900: Erie. 21,7OO: Erie first
preferred. $500: New York Central,
bl.ooo: Norfolk and Western, 4,2O0;
Pennsylvania, $780, Reading, 81 600;
Rock Island, 33,400 st. Paul 29300;
Southern Pacific, 20, 700; Southern Rail-
way, $500: Union Pacific, $4,000:
Amalgamated Copper, 22,5O0; American
Smelling, 400: American Sugar, T.
900: Brooklyn Transit. 10000; Consol-
dated Gas, ~ 400; United States Steel,
$500; do preferred, 1880.
new York stock aua bond List.
N9.tr.a.I gfCgtr.