The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-26
STOCK MARKET
INTENSELY DULL
No Outside Demand and Professionals
Held AIoof.
PRICES GENERALLY DECLINED.
The Undcrtonc Was Depressed, and
The Extent Of the Failure Affected
Sentiment Adverseiy-Bonds
Continued Dun.
PRICES GENERALLY DECLINED.

NEW YORK. May 2J.-Thc stock mar
ket continued intensely duh to-day There
was no appreciable outside demand, and
professional traders preferred to hold
aloof pending more definite developments
regarding the affairs Of Price, Mccormick
S CO., whose failure was announced yes
ierday. There We're not many transact
lions under the rule On the exchange to-
day for the firms account, but there were
indications of large transactions in &C
cordance with private statements. Thus
III the carly dealings there was sale
OF a gUU0-share block OF AtchIson pre-
.1erred, the same house being both the
buyer and seller. There was also q re-
port current that very large repurchaSeS
We're made for chicago account OF blocks
OF stocks sold yesterday for The taiied
inrm. The 8tchisou transaction was eX-
piained as being Il mere transfer OF an
account. These operations doubtless rep
resented the progress OF a settlement of
the firms affairs. The prices at which
they were made indicated that the buy
ing in the stocks was intended to be at
about last nights closing prices. The
fact that such settlement could be Sc
cured helped to sustain the market, and
prices ruled Tor the greater part of the
day at or above last nights level in spite
OF the almost stagnant condition OF
the market
Later III the day the sustaining infiu-
ence was less effective. and prices gen
orally declined below last nights level.
AT the same time rpynorS were dissent
mated that other houses were In financial
difficulties, but nothing developed before
the close TO warrant these rumors- The
rndertone of the market was rather de-
pressed, in spite Of the support. The ex
tent OF the failure affected sentiment adj
verseiy, and the collapse of the corner in
cotton was looked TO a. materially alter
ing the prospects OF the cotton section,
owing 70 decreased price OF the article.
it was pointed out that the invariable
result of such efforts to establish abflor-
naily high prices Is relapse to abnor-
InaIly low prices the disposition mani
tested III Liverpool 10 extend the bear
movement in cotton. instead of turning
TO the buying side at the decline, diSap-
pointed some.
The prospect of a large increase in the
cash reserves OF the banks in to-morrows
bank statement seemed TO increase rather
than relieve the depression. Preliminary
estimates OF the currency movement
with the interior indicate that the banks
have gained from that source over $1,000
900, or about twice as much as last week.
The indication thus afforded of a further
decline in trade activity made for de-
preston. especially as money in New
Iork is becoming almost = drug in the
market.
1sle call-ioan rate to-day fell to IL per
cent, and choice grades of mercantile
paper commanded as low as j per cent.
late in the day. The reduction in the Off
cial discount rate of the Bank of France,
following that of the Bank of England
yesterday. reduces the attraction Tor the
loanirg Of American capital in foreign
markets. In spite OF the easier money
rate abroad there WAS no disposition TO
buy American stocks for that account.
The bond market continues dull, and the
changes in prices were small and mixed.
Total sales. par value, S1,310.0Gu. United
States rcfunding rs twhen issued adj
vanced 4, IS registered and 5's u, and
old As Is in the bid price.
Total stock sales to-day were 269.9oo
shares. ,,i--.A4J
MONEY AND EXCfIANGE.-Money on
call easy at I1al22is per cent; last loan t
=. per cent; prime mercantile paper, y.
as per cent. Sterling exchange heavy,
with actual business in bankers bills at
s4s3 FOR sixty days; posted rates. 81. So.
et4 ST.; commercial bills, SI.SiU4- sly
Silver certificates. 6006l: bar. silver, 6GlS;
Mexican dollars, 4413. Government bonds
strong; State bonds inactive; railroads
irrao