The age-herald., 1900-05-28
LITTLE CHANGE
 IN STOCK MARKET Depression from the Failure OverhangS Wall Street. SETTLING THE ACCOUNTS  In the Iron Trade Further Shading Of Prices and Shutting Down of
 Mills Has Resulted in Lit
 tie New Business
SETTLING THE ACCOUNTS

New York, May 26.-There was no change in conditions in the stock market today. The depressing influences of Thursdays fail ure continues to overhang the market to discourage any speculative activity Large proportion of the days small business was given over to transactions in settlement of the failed firms affairs The firm of brok- CTS, whose buying yesterday was said to represent a transfer of the accounts of cus- toners of Price, Mccormick & Co.,, was again a conspicuous operator today.
 These operations represent re-entry into the market of some customers of the failed firm to whom loans were paid off when their contracts were closed out under the rule of the exchange to whose commitments are taken over from the suspended firm by other houses. This operation is a sustaining influence on prices, and was especially evil dent today in Union Pacific. Authoritative denlals of some of the rumors put in cir- culation of further financial difficulties were an influence toward relieving depression. These factors, 1t will be observed, were rather negative in character, but they served to keep the market pretty steady.
 The sharp rally in cotton was favorable factor. The shorts covered in Sugar, rail road earnings were reported favorably, especially the April statements of net earn ings of the Hooking Valley and the Atchi- son, and the strength of these stocks helped the rest of the market The closing was nevertheless heavy at concessions from the highest prices.
 The growing theory of money has no in- f1uence in stimulating speculation. This is because the phenomenon is clearly due to the decreasing activity of trade. Com 11Iai int nf decline In tive demand. increase of stocks and the growing neces- sity for cutting down production and mak7 ing further concessions in prices in order to invite a resumption of buying, gain in frankness and extent over those heard heretofore.
 In the iron trade particularly the further shading of prices and the shutting down of additional mills are resulting in only slight additions to new business. This leads The Iron Age, speaking as the organ of the trade, to advocate a sharp curtail- ment in the production of iron and steel. The same authority intimates a foreknowl- edge of an extensive movement in that direction already determined upon. Cut ting down production means decreased em- ployment for labor and falling off in buying power. It will arouse fears of strikes and disorders. Even the growing abundance of money and consequent press ure of capital for profitable employment have had no perceptible effect on the se- curities market.
 The strengthening process which has been going on in the foreign money market has at length resulted in bringing down the official discount rates of the Bank of Eng land and the Bank of France, and the pri- vate discount rates in London and Paris have fallen below the New York rate with drawing the attraction to American capital
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