The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-04-08
Wild Confusion on New York Stock
Exchange Floor.
DECLINES IN TRADING
BROKERS WERE UNABLE TO Sc
CURE FURTHER MARGIN.
Railways Fell In Sympathy-Money
Market Growing Tighter-Many
Failures Are Predicted-Some
Stocks Make Slight Recoveries-
Wheat Firm In Chicago Markets.

New York, April 7.-Today's sensational
stock market was remarkable for great
declines that took place in practically all
the specialties. Losses of Importance re-
manned at the emu OF the day. although
the closing was strong The potential in
huence behind today's plunge in prices
was the money market, where discrimina-
ton was exercised against the industrial
securities. The inability of some large
nrmS to renew loans on these shares as
collateral made it necessary to sacrifice
stocks at the best prices obtainable. Call
rates for money ranged from to 10 per
cent; but left of at the lower figures.
The forced sales by many commission
houses lent renewed courage TO the
bears, who constantly found new spots of
weakness. A number of money lenders
on the floor of the exchange refused to
pay any attention to the bids made by
trading heavily in the indusu-ials.
The calling in of some loans also help
cd to arouse alarm and induced general
selling. The weakness of many standard
stocks and bonds was due to no other
cause aScertainable except the selling of
them by weak holders to protect securi-
ties of less certain value or to secure
funds to buy the shares which had been
most depressed in hope of profit on the
rebound. London, which of late has been
an unimportant factor in the dealings.
bought upwards of $4,000 shares on the
decline here. While the so-caled bull
leaders appeared apathetic on the down.
ward rush OF quotations, heavy scale buy
ing appeared, carrying with ii the con-
Viction that the buyers did not believe the
violence Of the bear movement could
last. This support gradually checked the
fierce onslaught on prices and recoveTies
ensued. Much thought was given to the
probable aspect of tomorrow's bank
statement.
The rally was found in the Offering of
oy an interest lately very prominent
among the bull leaders. When prices
We're not far from the lowest a number
of commission houses freely advised pur-
chases where the buyer could take the
securities outright or on very substantial
margins. Buying of this character had
much to do with checking the rush to
sell Many interests which had been out
of the street for long time thought the
time opportune to repurchaSe as il ap-
peared to be one of the bargain days
recent years. This buying gave a con-
siderable momentum to the afternoon
rally, which embraced everything on the
list and resulted in reducing the net losses
TO very small proportions in some cases
and in establishing slight advances in
others.
An idea of the wide movements which
occurred is given by the fact that al
though Brooklyn Transit broke 1524. the
net loss on the day was only 53t Metro
politan lost 16 and gained 129s. Manhattan
yielded 3, but regained So. Sugar sagged
1S1z, but only showed 2Ia net loss at the
close Air Brake dropped 15 but rallied
1S12. american Tobacco eaSed off If
points but figured for only points net
on the day. National Steel dropped 1877
but got back 9sl of it, Peoples Gas
sagged l2A. but rallied strongly. and
closed 81 net loss. Railway and miscel-
llaneous bond prices also showed a WELD
ing tendency today with transactions of
oo The he total sales of stocks today were l.
"a 400 shares. including: Atchfson. s 30.
Atchison preferred. 81. 5S5: Burlington. AZ :
O42; Manhattan. $500; Metropolitan, 90 :
lS5; Mexican Central. 400; Reading first
preferred, 1920: Missouri Pacific. 2S 07O:
NJ k. & T. preferred 4,116: New York
Central, 26.005; Northern Pacific. II 900:
Northern Pacific preferred. S.2I3: North
Western. 200; Ontario & W, l.. 065: Rock
Island. 2n0; Union Pacific q. 155: Union
Pacific preferred 1870; St Paul, 3S $50:
Southern Pacific. BIS; Texas Pacific
goo; Wabash preferred, $3.50: American
Steel & w, H470; American Steel &. W.
preferred, 7,0Sl; Paper H. 1875: Tobs eco. &,
100; Federal Steel, 120.2l1; American Steel
preferred, 100; Peoples Gas, 4915.
Col. Fuel q Iron. 4230 BROOKLYN Tran
l5i6S5; Lead, 3.3i5: Continental Tobacco
81 lg5; Pacific Mail S.O55: Suyar. 81 S50.
Tennessee Coal & Iron. 16. 400: Isaather IRE
ferred, 1889; Rubber. II. ga: Western
Union, BIO; Continental Tobacco nra-
ferred, 1920. P0-