The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-04-08

ERInAY. Anril z.

= FRIDAY. April z.
There was nothing in the current news that
can be held responsible for the severe break
which occurred in the stock market to-day.
Unfavorable reports as to the condition Of the
winter wheat crop again we're received. but IL
is yet too early To pNt an actual value upon
these seasonable stories. and II was In the In
dustrinls. not In the list OF graln-carrying rail-
roads. that tho depression was the most pro-
nounced. Tho markets weakness was pro-
duced by the high rates exacted for call
loans. which were heavier than could
be met by the Street clement which has been
lending itself to over-trading. or the buying OF
stocks on inadequate margins. The execution
Of s]top-loss orders accelerated the decline at
times, and Of course there was a professional
bear element exerting itself to mark prices as
low as possible, in ordert to reach stop orders and
TO induce selling by disheartened spectators.
The decline in prices eliminated between II
and II 80 A. NJ. The Losses then presented
were approximately ii q cent. In Brooklyn
Rapid Transit, 10 in Metropolitan Street
Railway, 13 in American Sugar Refining
and National Steel. IL in Peoples Gas. 10 in
American Tobacco. q Ia 4 Flcent. In the shares
OF the steel and iron companies and several
points in some OF the less acknowledgements
In the railway list there we're general declines
OF l "a ~ y cent. with exceptional losses OF
about 6 " cent. in Now York Central. 4 In O..
B. and Quincy. Northwestern and New Jersey
Central. and 8 y cent. in PENNSYLVANIA Rail-
road.
About noon the pressure OF liquidation be-
gan to tighten. and there was evidence OF re-
newed support from inside interests. The
afternoon recovery. which was also assisted by
profit taking on short contracts. was radical in
many issues. The city traction stocks were
about the worst sufferers on net balance for
the day, the maximum decline In this group.
as compared with Yesterdays close. being on
Y cent. in Brooklyn Rapid Transit. This
stock was helped to rally by the va
eating OF the injunction obtained q few
days ago against the company's lease
OF the Nassau Electric Railroad. Sugar Re-
fning. the Federal Steel stocks. American To-
bacco. Continental Tobacco and Peoples Gas
wers the principal Industrial stocks showing
net losses at the close Of. say. 2t63 y cent. In
the railway list the recovery extended sum-
ciently to leave tho final prices OF Atchison
preferred. Missouri Pacific. Delaware and
Hudson. New York. Ontario and Western. and
the Union Pacific shares a trile above yester-
days close.
1t is generally agreed among substantial
houses that the speculative position has been
improved by the days liquidation OF many
weak accounts. while the obligations OF the city
banks have doubtless been materially reduced
BY the payment Of loans. even though this fact
may not be fully exhibited in the weekly Clear
ing House statement to be issued tomorrow.
Such a readIustment OF stock -brokerage ac-
counts as always attends such radical
changes In prices as took place to-day usu-
ally involves the creation Of a more or
less weak short interest. The average
OF call loan rates to-day was actually
lower than that Of the two preceding days,
although Fridays Stock Exchange loans
Always extend to the following Monday. The
resources OF the banks are to be taxed next
wetk by the further financing Of some indus
trial enterprises; but it is to be noted that
sterling exchange became heavy for the first
time this week in response to the higher range
OF none. rates. The stock market closed with
considerable lrmness in its undertone.
New iorkStock ESchanRe-sales April Z.
UNITED STATES AND STATE BONDS I'm S1.O00s).
81 US 3s.r"....lO74 o Z s<s, c.19o7.ll3
pa L S "a. c....,. lOSh