The age-herald., 1899-04-08
WILD DAY ON THE STOCK EXCHANGE Securities Went Tumbling and Consternation Reigned. zNCY IN CALL MONEY ain Cause of the Decline, and sarance of a Plentiful Sup Caused a Material
 Rally
zNCY IN CALL MONEY
Rally.
April 7.-Today's sensationo


 ....n net was remarkable for great declines that took place in practically all the specialties. Loss of importance re- mained at the end of the day, though the closing was strong.
 The potential influence behind today's plunge in prices was the money market where discrimination was exercised against the industrial securities. The inability of some large firms to renew loans on those shares as collateral made it necessary to sacrifice stocks at. the best prices obtain able. Call rates for money ranged from to 15 per cent but left off at the lower figure. The forced sales by many com mission 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 some brokers who wore known to be trading very 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 cause ascertainable except the selling of them by weak holders to pro- tect securities of less value or to secure funds to buy the values which had been most depressed, in hope of profit on the rebound
 London, which of late has been an unim- portant factor in the dealings, bought up- wards of 50000 shares on the decline here. While the so-called bull leaders appeared apathetic on the downward rush of quo- tations heavy scale buying appeared car rying with it the conviction that buyers did not believe the violence of the bear movement would last. This support grad ually checked the fierce onslaught on prices and recoyeries ensued. Much thought was given to the probable aspect of to- morrow's bank statement.
 The rally was found in the offering or several million dollars in the loan crowd by an interest lately very prominent among the bull leaders. When prices were not far from the lowest a number of commission houses freely advised pur- chasers where the buyer could take the securities outright or on very substantial margins Buying interests, which had been out on the street for a long time, thought the time opportune for repurchasing, as IL appeared to be one of the bargain days which have developed at various times or recent years. This buying gave considerable momentum to the afternoon rally, whlch embraced everything on the list, reducing net losses to very small proportion in some cases and in establishing slight advances in others. o., . Metropolitan lost 16c and gained l294c; Manhattan yielded Sc, but regained 6%c;
 
 loss at the close. Air Brake dropped DC, but rallied 1315c. American Tobacco eased off 10 points. but figured for only points not on the day National Steel dropped 19Xc but got back 9Ac of it. Peoples Gas sagged 1214c, but rallied strong, and closed 3%o net loss. - ,a Railway and miscellaneous bond prices also showed a yielding tendency today Wlth transactions of $3,OO0,OOO
 Tinted States new As advanced ssc in the hid nrice. while the 5s reacted Ac,
 Total sales stocks today 1294, 40o shafes, Including: 535 Atchison, preferred' 45o4o Rurlington; 3,0S5 Illinois Central: oSw Louisville and Nashville; S760O Manhattah' a0 1S5 Metropolitan; 12, 200 Reading first pre- -'erred; 2S070 Missouri Pacific 2b'0Vo New work Central; 2O,710 Rock Island; 2Oloo Trnion Pacific; 19540 Union Pacific pre- ,orred; SS ,sS0 St. Paul; 120 211 Federal Steel; 3s 16O Federal Steel. preferred; 44,s9lo Peo- oies' Gas; 151 ,6S5 Brooklyn Transit; S9 l9o @ Continental Tobacco; 62,6O5 Sugar, io4D Tennessee Coal and Iron.
 Money on call firm at 5@15 per cent; last loan, 5 per cent.
 prime mercantile paper, SA@4l4 per cent. sterling exchange weak, with actual na- esness in bankers bills at 4S6g4S6A TOT .amand. and at %S40i4.S .S4M for sixty days Posted rates $4.S5614.S5ts and $4.S7@4sll2. Commercial bills, $4S3i4@4S4.
 Silver certificates, 60Q601s.
 Bar silver, 599s.
 Mexican dollars, 4T1a.
 Government bonds strong,
 State bonds inactive.
 Railroad bonds weak.