The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-05-26
STOCKS VERY Dull
There Is Much Waiting on the
Big Cotton Failure.
OUTSIDE BUYING Is NIL
Closing Decline of Prices
below Thursday.

New York. May 25.-The stock marke;
continued intensely dull today. There
was no appreciate outside demand and
professional traders preferred to hold
aloof. pending more definite developments
regarding the affairs, of Price. McCor-
mick & Co., whose failure was announced
yesterday. There were not many trans
/ actions under the rule on the exchange
today for the firms account. but there
were indications of large transactions in
accordance with private settlements.
Thus, IN the early dealings there was
a sale OF s0o0-share block OF Atchison
preferred, the same house being both
the buyer and seller. 1t was also appar-
ent that very large purchases were made
Tor Chicago account of blocks Of stocks
sold yesterday for the failed firm. The
Atchison transaction was explained as
being mere transfer OF an account
These operations doubtless represented
the progress Of a settlement Of the frn' 5
affairs. The prices at which they were
made indicated that the buying OF the
stocks was intended TO be at about last
nights closing prices. The fact that such
settlement 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
stagnant condition OF the market Later
IN the day the sustaining influence was
less effective and prices generally de-
clined 10 below last nights level. At the
same time rumors were distributed that
other houses were in financial difficulty.
but nothing developed before the close
to warrant 1t. The uudertone Of the
market was rather depressed, in spite Z
thoe support. The extent Of the failure
affected sentiment adversely and the COL
lapse of the corner In cotton was locked
to as materially altering the prospects
of the cotton section owing to the de-
creased price OF the article II was
pointed out that the invariable result
of such efforts TO establish abnormaIiy
high prices is a relapse TO abnormaliy
low prices. The disposition manifested
in Liverpool to extend the bond move
ment in cotton instead of turning TO the
buying side at the decline, disappointed
some expectation.
The prospect of a large increase In the
cash reserves of the banks in tomorrow's
bank statement seemed TO increase rath-
er than relieve depression Preliminary
estimates Of the currency movements
with the interior indicate that the banks
gained from that source over $500. 000,
or twice as much as last week. The
indication thus afforded of a further de-
cline in trade activity made for depres-
sion, and especially as money in New
York is becoming a drug on the market
The call loan rate today fell 10 IL per
cent and choice grades Of mercantile pa
per commanded as low as 8 per cent
late in the day. The reduction I'm the
official discount rate of the Bank OF
France following that of the Bank Of
England yesterday reduces the attraction
for the loaning Of American capital in
foreign markets. In spite Of the easier
money rates abroad there was no dispo-
sition 10 buy American stocks for that
account.
The bond market continues dull and
the changes IN prices small and mixed.
Total sales. par value. $4,000. United
States refunding rs, when issued, ad-
vanced Z. IS registered and 5s, =, and
old Is Is in the bid price