Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-04-08
REVIEW OF MARKETS

New York, April ITO days sensa-
tional stock market was remarkable for
great declines that took place i'm prac-
tically all the specialties. Losses OF
Importance remained Rt the end of the
day, although the closing was strong.
The potential influence behind to-day's
plunge in prices was the money mar
ket where discrimination was eXer-
0ised against the industrial securities.
The inability of some large firms to
renew loans on those shares as col
lateral made it necessary to sacrifice
stocks at the best prices obtainable
Call rates for money ranged from .
to 10 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
kppts 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 were
known to be trading heavily in the In
dustrinls. The calling in of some loans
also helped to arouse alarm and in
duced general selling. The weakness
or many standard stocks and bonds was
due to no other cause ascertainable eX-
cept the selling of them by weak hold
erS to protect securities of less certain
value or to secure funds to buy the
shares which had been most depressed
j.! hope of profit on the rebound. Lon
don, which of late has been an unim-
4 portant factor in the dealings, bought
upward of $4,000 shares on the decline
here. While the so-called bull leaders
j appeared apathetic on the downward
rush of quotations, heavy scale buying
appeared. carrying with it 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 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 mil
lion 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 COM
mission houses freely advised purchases
where the buyer could take the secu-
rites outright or OH very substantial
margins. Buying of this character had
much to do with checking tho rush
to sell. Many interests which had been
out of the Street for long time
Thought the time opportune TO e-pur-
chase as ii appeared to be one of the
bargain days which have developed at
various times of recent years This
buying gave considerable. momentum
10 the afternoon rally which embraced
everything on the list and resulted in
reducing the net losses to very small
proportion in some eases and in cstab-
nshing slight advances in others An
IDEA of the wide movements which oc-
Cured is given by the fact that al
though Brooklyn Transit broke 15A
the net loss on the day was only so,
Metropolitan lost l6 and gained l2ai
Manhattan yielded 0. but regained Ga
sugar sagged 1874. but only showed 81
net loss ut the close Air Brake drop
ped 10, but rallied 13la. American To-
Dacco eased off 10 points but figured for
only three points net on the day. Ma
tional Steel dropped 1914, but got back
w OF It, Peoples Gas sagged 1914. but
loss. -
Railway and miscellaneous bond
prices also showed yielding tendency
Today with transactions of $4,000 600
U. s. new As advanced * ana tho old
IS coupon J! in the bid price. while the
b's reacted Il.
nhe total sales OF stocks to-day were
1,294,4 shares
Standard OIL closed Alfalfa.