Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-04-08
A SLUMP IN STOCKS.
GREAT DECLINES IN PRACTICALLY
ALL sPECIALTIEs.
IN 7HE AFTERNOON.
This Reduces Net Losses to Very
smnII Proportions in Some Cases,
vanccs I'm Others-Wheat Lower.

NEW YORK, April 7.-To-day's sensa-
tional stock market was remarkable for
great declines that took place In practi-
cally all the specialties. Losses OF inn
portance remained at the end of the day,
although the closing was strong. The
potential influence behind the days plunge
I'm prices was the money market, where
discrimination was exercised against the
Industrial securities. The inability OF
some large firms 10 renew loans on those
shares as collateral sacrificed stocks at
the best prices obtainable. Call rates for
money ranged from : to Is per cent, but
left off at the lower figure. The forced
sales by many commission-houses lent
renewed courage to the bears, who con-
stantly found new spots OF weakness. A
number Of money-lenders on the floor OF
the Exchange refused TO pay any atten-
ton to the bids made by some brokers,
who were known to be trading heavily
In the industrials. The calling in Of
some loans also helped to arouse alarm,
and induced general selling.
The weakness Of many standard stocks
and bonds was due TO no other ascertain
able cause than the selling OF them by
Ofdh LylAt4S, " pApNNNb SSNNAt1~~ - -~"
certain value. or 10 secure funds to buy
the shares which had been most depressed
in the hope Of profit in the rebound. Lon
don, which Of late has been a great fac
tor in the dealings, bought upward OF
$1,000 shares on the decline here.
RECOVERIES.
While the so-called bull leaders appear
ed apathetic on the downward rush or
quotations, heavy scale-buying appeared,
carrying with it the conviction that the
buyers did not believe the violence OF the
bear movement could last. This support
gradually checked the fierce onslaught on
prices, and recoveries ensued. Much
thought was given to the probable aspect
OF to-morrow's bank statement. In the
rally was found the offering Of several
million dollars in the loan crowd by an
interest lately very prominent among the
bull leaders.
When prices were not far from the low
est a number Of commission houses freely
advised purchases where the buyer could
take the securities outright. or on very
SUBSTANTIAL margins. Buying or TINS char-
acter had much to do WITH checklnS inc
rush to sell. Many interests, which had
been out Of the Street for a long time,
thought the time oppOrtune TO repur-
chase' as il appeared to be one OF the
bargain days which have developed at
various times Of recent years.
RALLY ALL~EMBRACING
This buying gave a considerable mo-
mcntum TO the afternoon rally, which en-
hraced every thing on the list, and result
ed I'm reducing the net losses to very small
proportions in some cases, and in estab-
fishing subsequent advances in others.
An idea Of the wide movement which
amrnnHLI 10 gfNan HN tho f4nf mar AL
though Brooklyn Transit broke 1854, the
net loss on the day was only 81. Metro
politan lost l6, and gained IA. Manhat-
tan yielded 3, but r%egained. "a. sugar
sagged 1874, but only showed 2s net loss
al the close. Air Brake dropped ID, but
rallied 1872. American Tobacco eased of
10 points. but figured for only 3 points net
on the day. National Steel dropped l3ii,
but got back 81 of 1t; Peoples Gas sag
ged 12A, but rallied strongly, and closed
with a 3& net loss.
BONDS ALSO YIELDING.
Railway and miscellaneous bond prices
also showed a yielding tendency to-day,
with transactions of 100000. UnIted
States new As advanced 3, n the ola
IS. coupon. Il in The bid price, while the
STANDARD Oil closed 4nGE3.
The total sales Of stocks to-day. We're
1924. 100 shares, including 500 Atcnlson;
MAI jill ~ GIL
Cincinnati. Chicago and St. Louis; $500
Louisville and Nashville; $3.50 Manhat-
tan: 20.1S5 Metropolitan Street Railway;
1900 Reading, preferred; $500 Missouri
Pacific: 26.C05 New York Central; 1850
North Pacific; S.2l3 Northern Pacific, pre-
ferred: $500 Chicago and Northwestern;
1860 Omaha and Western; POLO Rock
Island: EO,1s5 Union Pacific; $3.50 81. Paul;
1910 Union Pacific. preferred; $3.50 Wa
basin. preferred: II 1875 international Pa
per: 6.i2O American Tobacco; 120.2ll F'ede-
raj steel: 3S. 100 Federal Steel, preferred;
a. 419 PEOPLES Gas; ISL ,eSj Brooklyn Rapid
Transit: 80. 1876 Continental Tobacco; S,055
Pacific Mail: 62,5C5 Sugar; 16, 400 Tennessee
and Iron: 1860 Leather. preferred:
1861 Rubber, and 1900 Chicago Great
Western.
MONEY AND EXCHANGE.
Money on call firm at sails per cent.
last loan al . per cent; prime mercantile
paper. 3hdfi4 per cent.
Sterling exchange weak, with actual
business in bankers bills at S4.S5uS4.S6lt
for demand. and s~Ls4asiSr4 for sixty
DAYS: posted rates, $A.S5d$i.S5l2 and SISlD
S4.S7I5; commercial bills. A.S312aNi.si.
Silver certificates. tCa6Oi2. Bar silver,
$3.50. Mexican dollars, Az.
Government bonds strong. state bonds
Railroad bonds weak.
BANK CLEARINGS.
The total bank clearings in the United
States for the week were s., 05l. $50. SLIPPER
York. $e59, SOP, 5sS-per cent. increase, SO.2.
New York stock Quotations.
Closing.