The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-05-25
WHEN If STRUCK WALL STREET
Price, Mccormick & Co.'S stocks no
rnnoIized the Dealingn

! New York May 24.-Interest was still
{ further CONSTRUCTED in the stock market
this morning an dthe market had fallen
I near 70 the point of stagnation when
.premonitory symptoms began 10 appear
/ of distress on the part OF some speculat-
! i've interests. The market sold of sharp
/ ly on a larger volume OF dealing than
/ for somem time past. This was explained
/ soon after noon by the announcement Of
( the suspension OF Price, Mccormick &
| Co, which was made first on the Cotton
Exchange and soon afterward from the
rostrum Of the Stock Exchange. Accord
ing to the rule Of the exchange, the sus-
pension was followed by the closing out
of outstanding contracts Of the suspended
firm on the floor OF the exchange. The
rest of the day was practically devoted
to this selling and buying under the rule,
other operations being almost entirely
given over. The dealings for tho firms
account footed up to SO $50 shares before
the close. A heavy outstanding short &C
count was in evidence in the settlement
and the movement of prices resulting vas
exceedingly irregular. In many stocks for
which there was little market the forced
active railroad list was at one time from
one TO TWO points off from the best. The
steel stocks were also much affected.
There were decided recoveries from the
lowest prices, and the closing, while al
most stagnant, showed the net losses in
the railroads generally reduced 20 frac-
tons. The failure was primarily due to
commitments in cotton and the violent
declines in that staple of the last TWO
days was the cause Of the firms difficult
ties Sugar continued the most active
stock ia the market and~moved inE fever
ISL and cratic maner all day. Its ex-
treme net decline was 81 points and its
loss on the day is 1 Is points. The move
ment OF the stock was not accompanied
by any news. and seemed purely specu.a-
tive IN character. The Steel stocks were
depressed by the rather discourag ing
view expressed by the Iron Aage. Of pros!
poets in the trade. that authority advss-
ing a sharp curtailmeut OF production
RGmors circulated during the day that
the Illinois Steel compsny's plant at Joliet,
III, was 70 be closed down. The prospect
this offered Of proba bic reduction q buy
ing power IN the community and OF prob
able strikes and labor troubles caused
rather acute uneasiness. A break fl lake
rates on grain renewed fears that rail-
road rates could not be held. although
the railroad earnings reported showed
good increases, st Paul being Included
The reduction IL the Bauk of England
rate OF discount was expected. and pro
duced little effect either in thu Loadon
stock market OF here. Rates fcr n1uer
continue very easy, and the passage %
checks for So eo04oo throueh the clear
ing house for the Third Avenue railroad i
bond payment caused not even 4 rip-Ie- +
The proceeds are supposed 70 nave been
promptly re5istr55utsd among tha banks /
IN view Of the foreign exchange situation .
and outward movement q god, much i
interest attaches 20 the question wherhe- f
Liverpool viii buy cotton heavily after
today's severe break, while TIE Liverpool 4
exchange was closed for a holiday 4 4
feature % TIE day was : sale % stan
card Oh II the outside market az 50.
with 50 yesterday. which was
then the highest r-fcs on record
Closng p-tcss CT ssooks wers as fo,-
lows;