The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-04-08
EimameiaI.
THE STOCK MARX EFT.

The influence Behind Yesterdays
Plunge in Prices.
New York, April 7-To-days sensa-
tional stock market was remarkable for
the great declines that took place in
practically all the specialties. Losses
of Importance remained at the end, al
though the closing was strong. The po-
| tential influence behind to-day's plunge
| in prices was the money market, where
| discrimination was exercised against
the industrial securities The inability
| of some large firms to renew loans on
| these shares as collateral made it neces-
sary to sacrifice stocks at the best prices
obtainable. Call rates for money rang
ed from to Is per cent, but left off at
the lower figure. The forced sales by
| many commission houses lent renewed
| courage to the bears, who constantly
found new spots of weakness. A num-
| Der of money lenders on the floor Of the
exchange refused to pay any attention
| to the bids made by some brokers who
were known to be trading heavily in
| the ndustrials.
| The calling in of some loans helped to
arouse alarm and induced general sell
| ing. The weakness Of many standard
stocks and bonds was due to no other
cause ascertainable than the necessity
of protecting stocks of less certain val
ue, or to secure funds to buy the shares
which had been most depressed in hope
of profit on the rebound. The attitude
of the banks toward industrials met
different views praise from some quar-
o;r ND
in Others whose losses were enormous.
London, which of late has been an UNI
important factor in the dealings, bought
upwards of $4,000 shares on the decline
here.
While the so-called bull leaders APP
peared apathetic on the downward rush
of quotations, heavy scale buying APP
peared, carrying with 1t the conviction
that the violence of the movement could
not last. This support gradually check
ed the fierce onslaught on prices, and re-
coveries ensued Much thought was
given to the probable aspect of to-mor-
rows bank statement, with widely di-
vergent representations
An element of confidence in the rally
was found in the offering of several mil
lion dollars in the loan crowd by an In
terest lately very prominent among the
bull leaders A number of commission
houses, when prices were not far from
the lowest, freely advised purchases
where the stock could be taken outright
or on very substantial margins. Buy
ing of this character had much to 90
with dispelling the scare, the market
for some time having boarded on the
panicky state. Many interests which
had been out of the street for long
time thought the time opportune to re-
purchase, as 1t appeared TO be one of
the bargain days which have developed
at various times of recent years. This
buying gave a considerable momentum
to the afternoon rally, which embraced
everything on the list and resulted in
reducing the net losses to very small
proportions in some cases and establish
ing slight advances in others.
An idea Of the wide movement which
occurred either way Is shown by the
fact that, although Brooklyn Transit
broke 15%, the net loss is only 5A. Met
ropolitan dipped 16 and closed 81 off.
Manhattan yielded and loses only IA.
Sugar sagged 1874, but only shows ~ to
the bad. Air Brake dropped Is, but
only figures for one-half net loss. Amer
lean Tobacco eased off 10 points, but
figures for only points on the day
National Steel dropped 1871 and leaves
off 31s down. Peoples Gas sagged l2h,
but rallied strongly and is down only
3% Among other stocks, too numerous
to mention. the changes were also very
on the down grade and subse-
quent recovery
Bond prices naturally showed yield
ing tendency to-day, with transactions
of $3,000,0O0.
United States new fours advanced 3ss
and the old fours coupon * in the bid
nrice. while the fives reacted one-quar-
ter.
NEW YORK STOCK NtENET.
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