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Two More To The Wall

Two More To The Wall image
Parent Issue
Day
7
Month
August
Year
1903
Copyright
Public Domain
OCR Text

TWO MORE TO THE WALL.

Failures on Stock Exchange Number Six in Eleven Days.

New York, Aug. 6.––Two more stock exchange failures, making a total of six in the last eleven business days, were recorded Wednesday when Sharp and Bryan and Hurlbutt, Hatch & Co. announced their inability to meet their obligations. Neither failure occasioned the slightest surprise, in fact both had been discounted for a week or more. The failure of Sharp and Bryan came during the morning session shortly after the market had revered from its demoralized opening. That of Hurlbutt, Hatch & Co. was announced in the afternoon, just as prices throughout the list were tumbling lower than at any time before. The day's business can best be summarized 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, which had its inception last September.

At the close of the day some of the solid interests––and it is significant that these interests have been "out of the market" for weeks past save here and there, when support was most necessary––spoke reassuringly. They declared that the financial atmosphere was being clarified, but for all that Wall street as a whole could see no silver lining in the clouds, much less a golden one. Other failures were confidently predicted and the names of several important firms were mentioned as among those in financial straits.