The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-26
srocKs AND RoNrls.

New York, May 25.-The stock market
continued intensely dun to-day There
was no appreciable outside demand and
professional traders preferred to hold
pending more definite developments re-
garding the affairs of Price, Mccormick
& Co, whose failure was announced yes
terday There were nor many transact
tons under the rule on the Exchange to-
day for the firms account, but there were
indications Of large transactions in ac-
eoraance with private settlements. Thus
In the early dealings, there was a sale
of 5000 shares block of Atchison preferred,
the same house being both the buyer and
seller.
There was also IL report current that
very large repurchases were made for
Chicago account of blocks of stocks sold
yesterday for the failed firm. The Atchi-
son transact ton was explained as being a
mere trsRsfer of an account These OPP
erations dosabtless represented the prog
ress Of settlement of the firms affairs
The prices at which they were made in
dicated thar the buying in of the stocks
was intended to be at about last nights
closing prices The fact that such set
tlement could be secured helped to sustain
the market and prices ruled for the
greater part of the day at or above last
nights level in spite of the almost stag
nant condition of the market. Later in
the day the sustaining influence was less
low last nights level
AT the same time rumors were dissem-
mated that other houses were in financial
dliiiculty. but nothing developed before
the close to warrant these rumors The
undertone of the market was rather de-
pressed, in spite of the support The
extent of the failure affected sentiment
adversely, and the collapse of the corner
In cotton was looked to as materially al
tering the prospects of the cotton section.
owing to the decreased price of the ar
ticle- II was pointed out that the inva-
riable results of such efforts to establish
abnormally high prices is a relapse ia
hbnormaily low prices. The disposition
manifested at Liverpool to extend the bear
movement in cotton instead of turning "a
the buying side at the decline diSappoint-
ed some expectation. The prospect of a
large Increase in the cash reserve of the
banks in to-morrows bank statement
seemed to Increase rather than relieve
the depression.
preliminary estimates of the CURRENCY
movements with the interior indicate thai
the banks have gained from that source
over 100000, or about twice as much as
last week. The Indicate thus afforded
81 further decline in trade activity, made
Tor depression, especially as money IN
New York is becoming almost a drug IN
the market. The coll loan rate to-day fell
10 l42 per cent, and choice grades of
mercantile paper commanded as low as
per cent. late in the day. The reduction
IN the oihcial discount rate of the Bank
Of France, following that Of the Rank of
England Yesterday, reduces the attraction
Tor the looming of American capital In
foreign markets. In spite of The easier
money rates abroad. there was no disposi-
uon TO buy American stocks for that ac-
count. "
Inc bond market continues duh ana the
changes in prices were smou and mixe9
I3tai sales. par value, $4,000
United states refunding rs, when issued
adyanced II, ss registered and .,s u and
Cd as Y In the bio price.
ne total sales of stocks were 2sg gog
esnares' including Atchison preferred n
90, DurilnSlon and Quincy 1850; Mis-
souri, Pacific, S2l5; Northern pocian , 1no
-. Paul, 1910; Southern Pacific 3 XII.
Nnlon Pacific, 1886; American Steel AIT
IRE, 1850; American Tobacco II ZOO
brooklyn Rapid Transit, 13,5l5; People !