The times. [volume] (Richmond, Va.) 1890-1903, 1899-04-07
STOCK PRICES
SLUMPED BADLY.
Market Closed Active and Weak at
the Lowest Point.
STRlNGeNCY IN CALL MONEY.
Was the Principal Factor in the Shak
ing of Confidcncc-BullL Leaders,
Having Liquidatcd, Seemed
To- BE Apathctic.
STRINGeNCY IN CALL MONEY.

NEW YORK. April 6.-Stock prices
slumpcd badly to-day and closed active
ana weak at about the lowest Crop adj
vices were not favorable ana these were
given color by the advance In wheat. but
The principal cause for the shaking OF con-
idcnCc was "A renewal OF StringenCy IN
The call money market. Discrimination
ia loans in certain induStrials aud spe-
ciolues made some brokers disnclincd to
carry marginal accounts for some or
these properties. This attitude was taken
advantage ot by the bear contingent, and
promiscu0us selling of the general spc-
cialty group followed Among the more
conspicuous extreme breaks were Brook
lyn Transit, 10 Metropolitan. 81. Man
haitian. ~, Consolidated Gas and Amcr1-
can Steel. each, Federal steel ; points
ana many others I'm this group from 20 g.
some OF these stocks closed above the
lowest, Brooklyn Transit. Manhattan and
Ccnsoildatcd Gas being conspicuous. The
declines 800 the more active railways ap-
prONlm0tcd = each. The Acknowledged
dated, seemed apathetic I'm stemming the
downward course OF properties with
which they are identified There were
occdslonNI rallies, apparently only 20 a.
ford a new level from which to let go
stocks. The recent continued advance in
many stocks, which eliminated much of
the short interests. made the decline
rapid. as there was no support from this
quarter. Many stop-lOss orders were I'M
covered. thus acccleratlng the decline
London early purchased about as much
as 70 sold yesterday, but the market there
followed local quotations 50 nearly that
arbitIage business ceased. There was
much money borrowed early on call
around q and : per cent. on railway. but
per cent. or more IN addition was eN-
acted on industrial collateral. and u per
cent for call loans was rcdch at times
during the day. Before the close money
was offered down from 10 per cent
on railway collateral after the more
urgent requirements for money had been
met. but later loans were made At g per
cent. The continued high rates for money
has not brought as much money from
outside points as expected. Boston, how
over loaned some money I'm New York
to-day. The demand for money for inter
est and dividend payments. together with
the recurrcnt necessity or financing indus
trial companies We're assigned as the rea-
son for the present scarcity OF funds.
Heavy offerings OF the active Issues
were made in the bond market to-day
coincident with the decline in stocks.
Total sales s.. 10000. United states o.
advanced 4. and the 3s and new As
The total sales Of stocks were 90 800
shares including 80 so AtchisOn pre-
ferred. 4ocG5 Chicago, Burlington ana
Quincy: 4gG5O Manhattan: 934j Metro
Beading first preferred: 2ITO Missouri
Pacific. 5000 New JERSEY central. II 900
New York Central; 9 SO Northern Ia
cinc: o 866 Ontario and western; T. 2e00
Rock Island; 2i775 Union Pacihci 9'Si3
Union Pacific preferred II .ap anaSh
preferred: - 10 81. Paul; I,3S1 southern
railway preferred 1896 American steel
and wire: 6.775 international Paper, ~
145 Federal Steel: 1855 do. preferred;
38.15O Peoples Gas; 1l94Sl BrQoklyn
RAND Transit: 1885, Continental 70
bscco: 2 400 Pacific Mail; % 100 sugar;
"a S35 Tennessee Coal and Iron; o.doS
tinted States Leather; 2lSS,g9 do. pre-
ferred. L. 40 Rubber: 11,34S western
Union: $3.50 Chicago Great western
MONEY AND EXCHANGE Money on
call firm al 8112 per cent; last loan at .
per cent: prime mercantile paper. 3l2ntii
nor cent Sterling exchange steady with
aacfusl business IN bankers bills at S4SiA
a. 81. for demand and at $751; 04S4l5
Tor sixty days posted rates, So, oo44 SOC
and 81 S7Q4 s7is; commercial 6llis; A.SS5ts
Up. 6gas. Mexican dollars, ~ Gov