The morning news., 1899-04-08
FURRY ON STOCK EXCHANGE.
FORCED SALES by WEAK HOLDERS
RAN THE MARKET DOWN.

Some Firms Were Unable to Renew
Loans on Special stocks as Col
lateral, and Had TO Sell Out for
Best obtninnbIe Prices--When 9th
er Interests Found Out IL Was IA
bargain Day Their buying Made
Quite 81 Change.
New York, April 7.-To-day's sensational
stock market was remarkable for great
declines that took place in practically all
the speciaities. Losses of Importance re-
mained at the end OF the day. although
the closing was strong.
The potential influence behind to-day's
plunge in prices was the money market,
where discrimination was exercised
against the industrial securities. The in
ability of some large firms to renew loans
on those shares as collateral made is nee
essary to sacrifice stocks at the best prices
ob!ainable.
Call rates for money changed from 5 to
Is per cent, but left off at the lower fig
ure
houses lent renewed courage to the bears.
who constantly found new spots of weak
ness. number of money lenders on the
floor of the exchange refused to pay any
attention to the bids made by some brok-
ers who were known to be trading heavily
in the industrials. The calling in of some
loans also helped to arouse alarm and in
duced general selling
Cause of the Decline.
The weakness OF many standard stocks
and bonds was due 10 no other cause as
certaiuable except the selling of many of
them by weak holders to protect securities
OF less certain value. or TO secure funds 10
buy the shares which had been most de-
pressed in hope of profit on the rebound.
London, which of late has been an unim-
portant factor in the dealings. bought up
ward of $4,000 shares on the decline here.
While the so-caned bun leaders appear
ed apathetic on the downward rush of quo
tauons, heavy scale buying appeared, car
ryng with it the conviction that the buy
ers did not believe the violence of the bear
movement could last. This support gradu-
ally checked the fierce onslaught on prices
and recoveries ensued
aspect of to-morrow's bank statement. In
the rally was found the Offering of sever
al million dollars i'm the loan crowd bv an
interest lately very prominent among the
bun leaders.
When prices were not far from the low
est number of commission houses freely
advised purchases where the buyer could
take the securities outright or on very
substantial margins. Buying of this char
acter had much TO do with checking the
rush to sell.
when the Rally Came.
Many interests which had been out of
the street for a long time thought the time
opportune to repurchase, as il appeared to
be one of the bargain days which have
developed at various times of recent years.
rms buying gave considerable mo-
mentum to the afternoon rally, which en-
braced everything on the list, and resulted
In reducing the net losses to a very small
proportion In some cases, and in establish
ing slight advances in others
An idea of the wide movements which
occurred is given by the fact that although
Brooklyn Rapid Transit broke 15&. the net
loss on the day was only 5N. Metropoll-
tan lost 10 and gained 1914. Manhattan
yielded g. but reganed 6A. Sugar saege1
l8A, but only showed 2ls net loss at the
close Air Brake dropped 15 but raj
lied 1874 American Tobacco eased off
10 points, but figures for only 3 points net
on the day. National Steel dropped 13H
but got back 9A of It. Peoples Gas sag.
ged 12A, but rallied strongly. and closed
with 3% net loss.
Railway and miscellaneous bond nrIces
also showed a yielding tendency vim
transactions Of $3OO0OOO
United States new As advanced az and
the old As coupon a in the bid price. while
the SIS reacted a.
Heavy Sales Recorded.
The total sales of stocks to-dav were
1,29i,4O0 shares including s2lO Atcbison.
54,5S5 do preferred; 43045 Burlington: ; t25
Cleveland, Cincinnati and Chicago: & 9oO
Louisville and Nashville; $3.50 Manhattan.
20,1S5 Metropolitan Street Railway. 70 zoo
Reading preferred; 2s,O7O Missouri Paci6cl
26,000 New York Central; 1890 Northern
Pacific; S,213 do preferred 600 Chicago
Northwestern 1906 Ontario and West
ern; 2070 Rock Island; 20, l55 Union Pa
cifc; 1850 st. Paul; 49, TAO Union Pacific
preferred 4447O American Steel and Wire:
70Sl do preferred: $3.50 Wabash preferred:
II ,495 International Paper; 6,l20 American
Tobacco; 1202ll Federal Steel; IS, 160 do pre-
ferred; 4.419 Peoples Gas; 151 ,685 Brook
lyn RAPID Transit; 39,195 Continental To-
bacco; s,055 Pacific Mail; 62.305 Sugar:
1880 Tennessee Coal and Iron; 13OjO
Leather preferred; 1884 Rubber; 1850 Chi