The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-04-07
THE MARKETS.
Wall Street ReYiaW.

New York, April 6-Stock prices slumped
badly today and closed active and weak
at about the lowest. The principal cause
for the shaking Of confidence was a re-
newal OF stringenCy in the call money
market Among the more conspicuous
extreme breaks were Brooklyn Transit 10.
Metropolitan S4, Manhattan 7lR, Consoli-
dated Gas and American Steel each,
Federal Steel and Tobacco about each
and many others In this group from TO
T. Some of these stocks closed above the
lowest Brooklyn Transit. Manhattan and
Consolidated Gas being conspicuous. the
declines In the more active railways APP
proximated 2 points. The acknowledged
bull leads, presumably having liquidated,
seemed apathetic in stemming the down
ward course of properties with which
they are identified. There were oc-
casional rallies APPARENTLY only to afford
q new level from which to let go stocks.
Inc recent continued advance in many
stocks which eliminated much of the
snort interests made the decline rapid as
there was no support from this quarter.
Many stop loss orders were uncovered,
thus accelerating the decline. There was
inuCh money borrowed early on call
around and per cent. and II per cent.
ior call loans was reached at times dur
ing the day. Before the close money was
oHered down from to per cent. on rail-
ROAD collateral after the more urgent
requirements for money had been met,
put later loans were made at per cent.
Iotal sales were $40, 400 shares. Heavy Of
terinSs of the active Issues were made i'm
me pond market today coincident with
the decline In stocks. Total sales, 49, 79O- =
OOo United States 5s advanced "A and the
IS and the new As u in the bid price.
BY Darlington g. Cusack
New York, April 6.-The market opened
actlNe ana about closing prices, but after
iiltlal dealings at once sold off, and con-
tinued weak throughout the greater part
or the day. Money which has become the
important factor I'm the speculation ex-
tended throughout the entire list The
banks are discriminating very closely as
regards collateral, and in consequence
speclalties were weak features. There
was considerable inside buying at the low
prices, but the market failed to respond
except to a moderate degree. Traders
SOFA neatly during the early morning
hours, and considerable short interest
has been created which is bound to bring
sharp adance when any covering move
ment is started.
Aside from the situation as regards
money there was absolutely no news to
have affected the market, and the de-
cline is entirely due to an overbought con-
dition On any further downward move
ment there could be no question but what
the list Is q purchase for a very sharp
aFance. Manhattan, Burlington and
Missouri Pacific Were the strongest fea-
lures OF the list, the declines being small
in them, while the specialtieS and Flower
stocks showed the effect of the very
heavy over speculation.
The situation has been greatly cleared
pN tne decllne, ana we consider the mar
ket in much more healthy condition
than ii has been heretofore Weak hold .
crs have been forced out and stN'Ks have
moved into stronger hands. The con-
dltions warrant higher prices. and in the
end they are bound to prevail. and for
that reason. purchases made on these
sharp declines are sure to show hand
some profits If held. 1t Is no market to
trade in on light margin. or to pyramid
on the buying side, as money is liable to
be feature to the 18th at least
The action of the New York clearing
house banks in making collection charges
on out of town checks is checking the
flow of funds from the interior. and send
| ing balances to other resolve cities and in
consequence the available funds have
been reduced to such an extent as to
make the money market extremely sem
SitiNe tn any abnormal condition. The
mar kct closed weak and unsettled. slight
ly above the lowest prices.
Quotations furnished by LABAR &
F''LLItR stock, grain and cotton brok-
"rs, rooms 200 and PIC Board of Trade
\ 1.NNa 4.