The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-25
STOCKS AND BONDS.

New York, May 24.-Intsrest was still
further CONSTRUCTED in the stock market
this morning and the market had fallen
near to a point of stagnation when pre-
monltory systems began TO appear of dis
tress on the part of some speculative in
terests. The market sold off sharply on
large volume of dealings than for some
time past This was explained soon after
noon by the announcement of the suspen-
sion of Price, Mccormick e. 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
followed by the closing out of the out
standing 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 the FIRMS account footed
up to 80, $50 shares before the close A
heavy outstanding short account was In
evidence in the settlement and the move
ment of prices resulting was exceedingly
confused and irregular. In many stocks
for which there was little market the fore
ed sale caused some sharp declines and
the active railroad list was at one time
from to points off from the best. The
steel stocks were also much affected.
There were decided recoverles 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 20
commitments in cotton and the violent de-
cline I'm that staple of the last two days
was the cause of the FIRMS difficulties.
Sugar continued the most active stock In
the market and moved In a feyerish and
erratic manner all day. Its extreme net
decline was ~, and Its loss on the day
is ia. The movement of the stocks was
not accompanied by any news, and SEEM
ed 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
authority advising sharp curtailment of
production. Rumors were circulated dur
ing the day that the Illinois Steel Com
pany's Joliet plant was to be closed down.
The prospect thus offered OF possible re-
duction of buying power In the commun-
ity and of probable strikes and labor trou-
bles caused rather acute uneasiness. A
break I'm the Lake rates on grain renewed
the fears that railroad rates could not be
held, although the railroad earnings re-
ported showed good increases, st. Paul
being included. The reduction In the Bank
OF England rate of discount was expected
and produced little effect either in the
London stock market or here. Rates for
money continue very easy and the passage
to-day of checks for $35. 10000 through the
clearing house for the Third Avenue Rail-
pie. The proceeds are supposed to have
been promptly redistributed among 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 heavily
after to-day's severe break, while the Liv-
erpool Exchange was closed for holt
day.
A feature of the day was a sale of
Standard Oil in the outside market at SOS
compared with $50 yesterday. which was
then the highest price on record.
The bond market was exceedingly dull
and changes were mixed. Total sales, par
value, $1,360,O 600.
United States old As advanced q. and 5s,
new coupons. 4s and 3s, coupon, a, and
the rs u In the bid price
Total sales of stocks were 414,500 shares,
including Atchison preferred 2l,240; BurI-
ington and Quincy. $780, Missouri Pacific,
1880: Northern Pacific, 126s0; st. Paul,
1850; Southern Pacific, 1890; Union Pa
cihc, $3.50; American Steel and Wire, H.
A5 American Tobacco, 4O2s0; Brooklyn
Rapid Transit, 1926; Continental Tobacco.
II, $50; Federal Steel, 1885; Sugar, S3,O75;
Tennessee Coal and Iron. 1900