Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-05-25
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain.
Cotton, Provisions, Etc.

New York. May 24-Interest was still
further restricted in the stock market
this morning, and the market had ial-
len near the point of stagnation wheh
premonitory symptoms began TO APP
pear of distress on the part of some
speculative interest. The market sold
off sharply on Il larger volume OF deal
ings than for some time past. This was
explained soon after noon by the an
rouncement of the failure of Price, Nc
Cormick & Co., which was made first
OH the Cotton Exchange and soon af-
forwards from the rostrum of the Stock
Exchange. According TO the rule OF the
exchange, the suspension was followed
by the closing out of the outstanding
contracts OF the suspended firm on the
floor of the exchange. The rest of the
day was practically devoted to this sell
ing and buying under the rule, other
operations being almost entirely given
over. The dealings for the firms ac-
count footed up to $3.50 shares before
the close.
A heavy outstanding short account
was in evidence in the set Element and
the movement Of prices resulting was
exceedingly confused and irregular. In
many stocks, for which there was little
market. the forced sale caused some
sharp declines, and the active railroad
list was at one time from to points
off from the best. The Steel stocks
were also much affected. There were
decided recoveries from the lowest
prices and the closing, while almost
stagnant, showed the net losses in the
railroads generally reduced to fractions.
The failure was primarily due TO COM
mitments in cotton aud the violent de-
cline in that staple OF the last two days
was the cause Of the firms difficulties.
Sugar continued the most active stock
In the market and moved in feverish
and cratic manner all day. Its eX-
treme net decline was 2A and its loss
on the day of 1A. The movement of
the stock was not accompanied by any
news and seemed purely speculative in
character.
The Steel stocks were depressed by
the rather diScouraging view expressed
by the Iron Age of prospects in the
trade. that authority advising q sharp
curailment of production. Rumors
were circulated during the day that the
Illinois Steel Company's plant at Joliet,
ILL.,. was to be closed down. The pros
pect thus offered of possible reduction
of buying power In the community and
of probable strikes and labor troubles
caused rather acute uneasiness. a
break in Lake rates on grain renewed
the fears that railroad rates could not
be held, although the railroad earnings
reported showed good increases, st.
Paul included.
The reduction in the Bank of England
rate OF discount was expected and pro-
duced little effect either in the London
stock market or here. Rates for money
continue very easy and the passage to-
day of checks for S35, 900 900 through the
clearinghouse for the Third Avenue
railroad bond payment caused not even
q ripple. The proceeds are supposed to
have been promptly re-distrlbuted
amongst the banks. In view of the for
elgn exchange situation and outward
movement of gold, much interest at
taches to the question whether Liver
pool will buy cotton heavily after to-
days severe break, while the Liverpool
exchange was closed for holiday.
A feature Of the day was sale OF
Standard Oil in the outside market Mt
666. compared with $50 yesterday, which
was then the highest price on record
The bond market was exceedingly
dull and changes were mixed. Total
sales. par value, $1,3G0,000
United States old As advanced sc
and the 5's new, coupon. As and SIS.
coupon. hc., and the 2's &c. in the bid
price. The total stock sales to-day
were 4l4,500 shares.
New York. May 24.-Standard OIL. 5.45
@5.4S.