Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-04-07
STOCK PRICES SLUMP.
THEY CLOSE ACTIVE AND WEAK
AT ABOUT THE LOWEST.
MONEY RATES CONTINUE HIGH.
Explanation of the Present scarcity
of Funds-May Wheat Declines
July Unchangcd-Corn L~oses-Other
Markets.

NEW YORK, April Stock prices
slumped badly to-day. and closed active
and weak at about the lowest. Crop adj
vices were not favorable, and these were
given color by the advance in wheat. but
the principal cause for the shaking Of
confidence was a renewal of stringency
i'm the call-money market. Discrimination
in loans in certain Industrials and Spe-
cialties made some brokers disinclined TO
carry marginal accounts for some of these
properties. This attitude was taken adj
vantage of by the bear contingent, and
promiscuous selling Of the general Spe-
cialty group followed. Among the more
conspicuous extreme breaks were Brook
Ign Transit, 10; Metropolitan, 81; Ian
haitian. ~. Consolidated Gas and Ameri-
can Steel. Z each; Federal Steel, ) points,
and many others in this group from 3 to
l. Some Of these stocks closed above the
lowest. Brooklyn Transit, Manhattan,
and Consolidated Gas being conspicuous.
The declines in the more active railways
Appropriated 2 each.
The acknowledged bull leaders, pre-
sumably having liquidated, seemed apa-
thetic in stemming the downward course
of properties with which they are iden-
lilifQ. lINlt WIZ ONNNFADiAAA sAAA'ss Up
parently only to afford q new level from
which TO let go stocks. The recent con-
tinued advance in many stocks, which
alienated much Of the short interest,
made the decline rapid, as there was no
support from this quarter. Many stop
loss orders We're uncovered, thus accele-
rating tine decline. London early pur-
chased about as much as it sold yester-
day. but the market there followed local
quotations so nearly that arbitragc bust
ness ceased.
MONEY STILL HIGH.
There was much money borrowed early
on call around 8 and 8 per cent. on rail-
ways. but 2 per cent. or more in addition
was exacted on Industrial collateral, and
II per cent. for call loans was reached at
times during the day. Before the close
money was offered down from 5 To 4 per
cent. on railway collateral, after the more
urgent requirements for money had been
met. but later loans were made at 8 per
cent.
The continued high rate for money has
not brought as much money from outside
points as expected. Boston, however,
loaned some money in New York to-day.
The demand for money for interest ana
dividend payments, together with the re-
current necessity OF financing Industrial
companies. was assigned as the reason
for the present scarcity Of funds.
Standard Oh closed 47id476.
HEAVY OFFERINGS OF BONDS.
Heavy offerings Of the active issues
were made in the bone market to-day,
coincidently with the decline in stocks.
Total sales. s.. $780, 600. United States Us
advanced a, and the IS and new As IS
in the bid price.
The total sales Of stocks were $40. 400
shares. including $3.50 AtchisOn, prefer
red: 1865 Chicago. Burlington and Quin-
cy: 1850 Manhattan; 1916 Metropolitan;
is. $50 Mexican Central; 1860 Reading, first
preferred: 27,770 Missouri Pacific; 5000
New Jersey Central; II 1860 New York Cen
trial: 9.s5 Northern Pacific; 1856 Omaha
and Western; 2.260 Rock Island; 2l.775
Union Pacific: 9.S43 Union Pacific. prefer
red: 1850 Wabash. preferred; 20,165 st.
Paul: 1885 Southern Railway. preferred;
So 1896 American Steel ana Wire; G.775 In
ternational Paper; 72.li5 Federal Steel:
10. 552 Federal Steel. preferred: 2},15O PeO-
pies Gas; 49, Sl Brooklyn Rapid Transit: |
ie. 1876 Continental Tobacco; 800 Pacific
Mail: 2O.1OO Sugar: 1885 Tennessee Coal
Iron: 5.3OS United States Leather; D.
$50 United States Leather, preferred; r. !
40 Rubber: 11.S4S Western Union, and !
Consolidated Gas.
MONEY AND EXCHANGE.
Money on call firm at 3ql2 per cent; |
last loan. . per cent. prime mercantile
paper. 3lzQiA per cent.
Sterling exchange steady, with actual ;
business in bankers bills at $4.S640$4.s6k !
for demand. and Sl.SfA0$tSi1s for sixty
posted rates, S4S5G$LS5l2 and Sf.S7U |
ASH: commercial bills, SLS312@$iS3A,
Silver certificates, 60a60l2. Bar silver, |
Mexican dollars, 4112c.
Government bonds strong. state bonds |
Easier. Railroad bonds weak.