The Saint Paul globe., 1900-05-25
STOCKS NEAR SIAGNATN|N
THAT WAS THEtSFTUATIoN DURING
THE SESSION UNTIL BAD
NEWS CAME
- vs.
DEPRESSION THEN FOLLOWED
-.]T -T5S
Suspension of Price, McCormick g
Co. Caused Selling That Had
Not Been Calculated In
Estimates.
DEPRESSION THEN FOLLOWED

Prev.
Bar silver, New York s....6 60Q61 60
Call money, New York ....-.134Q2 IA
WALL STREET, May 24.-Interest was
still further CONSTRUCTED in the stock
market this morning. and the market had
fallen nearly to the stagnation stage
when premonitory symptoms began to
appear OF distress on the part or some
dealers caused prices TO break sharply
on a larger volume of dealings than for
some time past. This was explained soon
after noon By the announcement of the
suspension of Price, Mccormick & Co,
which was first made on the Cotton Ex-
change and soon afterwards from the
rOstrum of the Stock Exchange. Ac-
cordIng to the rules of the exchange the
suspension was followed by the closing
out of outstanding contracts Of the sus-
pended firm on the floor Of the exchange
The rest Of the day Was practically de-
voted TO this selling and buying under
the rule, other operations being almost
entirely given over. The dealings for the
firm account footed up to SO, $50 shares
before the close. A heavy outstanding
snort account was in evidence in the set
tlement. and the movement of prices re-
sulunS was exceedingly confused and IL
regular
little market the forced sale caused some
sharp declines, and the active railroad
list was at one time from l to points
off from the best. The steel stocks were
TecoYerieS from the lowest prices and
the closing, while almost stagnant. show
ed the net losses in the railroads gen
orally reduced to fractions. The firm had
large cotton commitments, and the de-
cline in that staple for the last two dayS
was the cause of the firms difficulties.
Sugar continued the most active stock
IN the market, and moved in feYerish
and erratic manner all day It's extreme
net decline was "a and its loss on the
DAY IS l1sc- The movement of the stock
was not accompanied by any news, and
seemed purely speculative In character
Steel stocks were depressed by the
rather dtscouragtng Wow expressed by
the Iron Trade Review of the prospects
In trade, that authority. advising sharp
curtallment Of production. Rumors were
circulated during the day that the Hi
nois Steel company's plant at Joliet H.,
was to be closed down. The prospect
thus offered OF possible reduction OF buy
ing power in the community and of DrJb-
able 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
being included.
The reduction in the Bank of England
rate or 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, ,000, 600 through the
clearing house for the Third Avenue rail
road bond payment caused not even a
ripple. Phe' proceeds are supposed to have
been promptly redistrfbuted amongst the
banks. In view of the foreign exchange
situation and outward movement of gold,
much interest attaches to the question
whether Liverpool will buy cotton heav-
lily after yesterdays severe break, while
Liverpool was closed for holiday
The feature of the day was a sale in
Standard Oil at CSC, compared with 500
yesterday. which was then the highest
price on record
The bond market was. exceedingly dull,
and charges were mixed. Total sales
par value, 81. 100 900. c. 5. old IS advauc-
ed 7s and the IS, new coup / and the
Is, Is in the bidIprite.f .fH9 ~ p -.-'=a -t5s
STOCK QUOTATIONS
Furnished by Charles H. F. Smith &
Co, smeInb of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: