The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-25
&c.,,
PRICE MOVEMENT
VERY IRREGULAR
Failure Of a Large Firm and the Clos
ing of Outstanding Contracts.
SUGAR CONTINUED TO BE ACTIVE
The Stock Moved in Fcvcrish amp
Erratic Manner All Day-Thc
steclStocks We're Depressed
by mors.
SUGAR CONTINUED TO BE AC TIVE

NEW YORK, May o4.-Interest was still
further restricted in the stock market
this morning. and the market had fallen
near the point of stagnation when pre-.
monitory symptoms began to appear OF
distress on the part of some speculative
interests. The market sold off sharply on
q larger volume of dealings than for some
time past This was explained soon after
noon by the announcement of the failure
OF Price. Mccormick 81 Co, which was
made first on the Cotton Exchange and
soon afterwards from the rostrum of the
,Stock Exchange. According to the rule
Of the exchange, the suspension was fol-
lowed by the closing out of the outstand-
ing 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 opera
lions being almost entirely given over;
me dealings for the firms account footed
up to $3.50 shares before the close. a
heavy outstanding short account was In
evidence in the settlement. and the move
1nent of prices resulting was EXCEEDINGLY
confusd 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
ume from ] to- points off from the best
steel stocks were also much affected
inere were decided recoVrieS from the
lowest prices, and the closing, while al
most stagnant, showed the net losses In
the railroads generally reduced to frac-
tons. The failure was primarily due to
commitments ON cotton and the violent
decline in that staple of the last Two
days was the cause Of the firms dill
culies.
Sugar continued the most active stock
in the market, and moved in feverish
and errauc manner all day. Its extreme
decline was 2al. ana Its loss on the Gay
Is rs. Tho 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 authorize aVising sharp curtail-
1nent of production. Rumors We're circu-
Steel Conpany's plant at Joliet, ILL.,, was
to be closed down. Prospect tnus offered
of possible reduction Of buying power In
the community and of probable strikes
and labor troubles caused rather acute
uneasi 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 of discount was expected, ana pro
duced little effect, either In the London
stock market or here. Rates for money
vontinue very easy. and the passage to-
day of checks for 100000 through the
clearinghouse for the Third-AFenue Kali
way bond payment caused not even
ripple. The proceeds are supposed to have
been promptly redistrlbuted amongst the
banks.
In view of the foreign exchange situa-
interest attaches to the question whether
Liverpool will buy cotton heavily after
to-day's severe break, while the Liverpool
Exchange was closed for a holiday.
A feature Of the day was q sale of
Standard Oil in the outside market at
5f6, compared witt $50 yesterday, which
was then the highest price on record:
The bond market was exceedingly dull,
and changes were mixed Total sales,
par value, S1,36o.1 600 United States old
a.s advarced IS and the IS. new coupon
4 S and 3's coupon 4, and the rs Is In the
bld price
The total stock sales to-day were 414.5oo
shares.
MONEY AND ExcHANGE.-Money on
call easy at Ia492 per cent last loan at
. ner cent. prime mercantile paper, 3jaGi12
per cent. Sterling exchange steady with
actual business in bankers bills at S4. 81 Is
Tor demand and at 81. SSl4G4-SSas for sixty
DAYS: posted rates. S4.S5 and S4.SSi4G4. 50;
commercial bills, S4.S4a4. Sila Silver GER
,iticates. 6OGt1; bar silver, 60; Mexican
49, 49,, 1AF,,y7 DC e-frf Af.sr