The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-04-08
THE WORLDS MARKETS
Daily Record Of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks.
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review OF Trade.

New York, April 7.-To-day's sensational
stock market was remarkable for great
declines that took place in practically all
the spec1alties. Losses of importance re-
manned at the end of the day, although
the closing was strong. The potential in
huence behind to-days plunge in prices
was the money market. where discrimina-
ton was exercised against the industrial
securities. The inability Of some large
firms to renew loans on these shares as
collateral 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 figures. The
forced sales by many commission houses
lent renewed courage to the bears, who
constantly found new spots Of weakness.
number of money lenders on the floor
of the exchange refused to pay any at
tention to the bids made by some brokers
who were known to have been trading
heavily in industrials. The calling in of
some loans also helped to arouse alarm
and induced general selling. The weak
ness Of many standard stocks and bonds
was due to no other cause ascertainable
except 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 in the
hope of profit on the rebound. London,
which of late has been an uniInportant
factor in the dealings, bought upwards
OF $4,000 shares on the decline here While
the so-called bull leaders appeared apa-
thetic on the downwar, r,,sh IF r,,,ot,
tons, heavy scale buying appeared car
ry1ng with 1t the conviction that the buy
ers 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. The rally
was found in the offering of several mill
ion dollars in the loan crowd by an inter-
est very lately prominent among the bull
leaders. When prices were not far from
the lowest a 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 re-
purchase as it appeared to be one of the
bargain days which have developed at
various times of recent years. This buy
Ing gave considerable momentum to the
afternoon rally, which embraced every
thing on the list and resulted In reducing
the net losses to very small proportions
in some cases and in establishing slight
advances in others. An idea of the wide
movements which occurred is given by
the fact that although Brooklyn Transit
broke 15&, the net loss on the day was
only 5& Metropolitan lost 16 and gained
.-Il
6% Sugar sagged 1874, but only showed
2lR net loss at the close. Airbrake dropped
15 but rallied 10. American Tobacco eased
Off 16 points but figured for only 3 points
net on the day. National Steel dropped
lSA, but got back 81 of 1t. Peoples Gas
sagged 12A, but rallied strongly and
closed at 81 net loss. Railway and mis-
cellaneous bond prices also showed a
yielding tendency to-day. with transac-
lions of 100000. y. S. new As advanced
y and the old As coupons 4 in the bid
price, while the SIS reacted a.