The San Francisco call., 1899-04-08
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. April 7.--To-day's sensational
stock market was remarkable for great declines
that took place in practically all the special
ties. Losses of Importance remained at the end
OF the day. although the closing was strong.
The potential influence behind to-day's plunge
IN Erices was the money market. where dis
elimination was exercised against the indus
trial securities. The inability Of some large
firms 70 renew loans on these shares as collat-
eral made 1t necessary to sacrifice stocks al the
best prices obtainable. Call rates for money
ranged from TO Is per cent, but left off at the
lower figure The forced sales by many com
mission houses lent renewed courage to the
Hears, who constantly found new spots of weak
less. A number Of money lenders the floor
= the Exchange refused to pay any attention
= the bids made by some brokers who were
known 70 be trading 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 10 no other cause ascertainable
except the selling of them by weak holders to
protect securities Of less certain value secure
FUNDS 10 BUY the shares which had been most
depressed in hope Of profit on the rebound.
London which Of late has been unimportant
factor in the dealings, bought upward of So.
600 shares on the decline here. While the So
called bull leaders appeared apathetic the
downward rush Of quotations. heavy scale buy
ing appeared, carrying with it the conviction
that the buyers did not believe the violence Of
the bear movement could last. The support
prices and recoveries ensued. Much thought
was given TO the probable aspect of to-mor-
j
the oilerlng OF several million dollars in the
loan crowd by an interest lately very prominent
among the oul leaders. When prices were not
Tar from the lowest number Of commission
houses freely advised purchases 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 a long time thought the
time opportune to reDurchase as ii appeared
10 be one of the bargain days which developed
at various times Of recent years.
q oral r11Or fr1r11
70 the afternoon rally which embraced every
thing the list and assisted in reducing the
net losses 70 very small proportion in some
cases and in establishing slight advances in
others. An idea of the wide movements which
81 - 81 81 ~ tAs tdCt lHdl although
Brooklyn Transit broke l5St, the net loss on
the day was only 90. Metropolitan lost l6 and
gained 1224. Manhattan yielded 9. but regained
net loss at. the close. Airbrake dropped 10
but rallied 1874. American Tobacco eased off
10 points but figured for only points net on
the day. National Steel dropped 131 but got
rallied strongly and closed with 3&s net loss
Railway and miscellaneous bonds also showed
yielding tendency to-day, with transactions
United states new fours advanced a, and the
cd fours coupon 4 in the bid price, while the
hves reacted 4.
The total sales Of stocks to-day were .2s4,
400 shares. including: Atchison s210. Atchison
preferred 54.535. Burlington 43. DAB. Manhattan
1910. Reading first preferred 1920 Missouri Pa
cihc 2S.07O. NJ. X. and T. preferred 4116, New
York Central 26005, Northern Pacific II 900.
Northern Pacific preferred s2l3. Northwestern
GOO, Ontario and Western 13 065, Rock Island
20 10 Union Pacific %, 1856, Union Pacific pre-
ferred 1900. ST. Paul 3S 6S4, Southern Pacific
1855. Texas and Pacific 5000. Wabash preferred
1850, American Steel and Wire 44.410, American
Steel and Wire preferred 70SI Paper II ,495, To-
bacco 6l20, Federal Steel 120,21l, Federal Steel
preferred $3.50 Peoples Gas 4915. Colorado
Fuel and Iron 1900, Brooklyn Transit Isl 6s5.
Lead S3l5 Continental Tobacco SO. .195, Pacific
Mail $500. Sugar 62,305, Tennessee Coal and
Iron 1900. Leather preferred 1850. Rubber
11.634 Western Union BIO Continental To-
baccO preferred 1000