The times. [volume] (Richmond, Va.) 1890-1903, 1899-04-08
STOCKS TOOK
A BIG SLUMP.
Sensational Declines in Practically All
the SpeciaIiies.
MONEY MARKET THE FACTOR.
Industrial Securities We're Discrimi-
mated Against. Call Money i'm Some
distances Being Quoted at
Fifteen Per Cent.
MONEY MARKET THE FACTOR.

NEW YORK. April 7.-To-day's sensa-
tonal stock market was remarkable for
great declines that took place In practi-
caily an the spocialtes. Losses OF i'm
portanco remained az the end OF the day,
although the closing was strong. The
potential influence behind the days plunge
in prices was the money market. where
discrimination was exercised against tho
Industrial securities. The inability of
some large firms 10 renew loans on those
shares as collateral sacrificed stocks at
the best prices obtainablc. Call rates for
money ranged from 10 - per cent, but
LETT or az the lower figure. The forced
sales by many mission-hOuses lent re-
Moved courage 20 the bears. who con-
stauty found new spot OF weakness. \
number OF money lenders on the hoor OF
the exchange refused 10 pay any atten-
ton Co the bids made by some brokers
who were known 10 be trading heavily
in the industria!s. The calling In some
loans also helped 10 arouse alarm, ana
induced general selling. The weakness OF
many stocks and bonds wa due 10 no
other cause aSccrtainaole except the ttH-
ing Of them by weak holders 40 protect
securities OF less certain value. or 10 Sc
cure funds 10 buy the shares Wnich had
been most depressed I'm the hope OF prOnt
in the rebound. London. which Of late
has been a great factor IN the dealings,
bought upward Of 5000 shares on the DC
cline here. While the so-called buu lead
crs appeared apatheuc on the DOWNWARD
rush OF quotations. heavy scale buying
appeared, carrying with u tho conviction
that the buyers did not believe the Nl0-
lcncc Of the bear movement could last.
This support gradually checked the fierce
sued Much thought was given to the
probable aspect OF tomorrow BANK
statement. In the rally was found me
offering OF several million dollars IN lhe
loan crowdhv an interest lately very
prominent among the bull leaders. Nleh
prices were not far from the lo%est Il
Viscd purchases where the buyer coulu
take the securities outright or on very
substantial margins. Buying OF inns ch.t-
acter had much TO do with checslnS 'lS
rush 10 sell. Many interests which had
been out Of the street for long time
thought the time OppOrtune to repurchase'
as IN appeared to be one OF the bargain
days which have developed at various
times Of recent years. This buying gave
considerable Iomehl,hi 10 Wy ~ ',,, ''. ~
rally. which embraced everything ON lho
list. and resulted IN reducing tht Hct
losses 20 very small proportion IN some
cases and i'm establishing subsequent adj
vances i'm Others. An idea Of the wide
movements which occurred is given by
the fact that although Brooklyn transit
oniv -, Metronolitau lost is and gained
l2a, Manhattan yielded o. but regained
ga, Sugar sagged 1874. but only showed
dropDed Is but rallied 49,. American
Tobacco eased of 10 points, out hsultq
for only points net on the DAY; Nauohal
Peoples Gas sagged 12A. bat rallied
strongly and closed with 30 net loss
Railway and miscellaneous bond prices
also showed q yielding tendency lo-oaSi
with transactions Of S3.optVp Jhleu
States new As advanced * and the Qld
coupon I'm the bid price, while the 90
The total sales Of stocks to-day. were
l@l4. 100 shares. including go Atch-,sou'
~ s35 do preferred, 300 Nncabo' Bes
lington and quincy do g., g., a. ana ..
GSl Manhattan. 2o1s5 Metropolitdh ~
railway, l2.2g kes,9lns ey, York cen