Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-05-26
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money. Exchange, Bonds, Grain.
Cotton, Provisions, Etc.

New York, May 2o.-The stock market
continued intensely dull today. There was
no appreciable outside demand, and pro-
fessional traders preferred to hold aloof,
pending more definite Developments re-
garding the affairs of Price, Mccormick
q Company, whose failure was announced
yesterday. There was 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 Il
sale of Il 9,O00-share block of Atchison
preferred, the same house being both the
buyer and seller. There was also a re-
port current that very large re-purchases
were made for Chicago account of blocks
or stocks sold yesterday for the failed
firm The AtchSon transaction was eX-
planned as being mere transfer of an
account. These operations doubtless rep
the firms affairs. The prices at which
they were made Indicated that the buying
In of the stocks was intended to be mt
about last nights closing prices. The
fact that such settlement could be So
cured helped to sustain the market, and
prices ruled for the greater part OF the
spite OF the almost stagnant condition of
the market. Later in the day the sus-
tanning influence was less effective and
prices generally declined below last
nights level. At the same time rumors
We're disseminated that other houses were
In financial difficulty, but nothing dcvel-
mors. The undertone of the market was
rather depressed. in spite of the support
The extent of the failure affected senti-
ment adversely, and the collapse OF the
corner In cotton was looked to ms ma
terlaily altering the prospects of the cot
Ton section, owing to the decreased price
OF OF inc article 1t was pointed out that
tabiish abnormally high prices IS a re-
lapse to abnormaliy low prices Tho dis
position manifested in Liverpool to cx-
tenu the bear movement in cotton. in
stead of turning to the buying side nj tho
decline, disappointed some
ne prospect OF n large increase in tho
coet reserves of the banks in tomor-
TOW bank statement seemed TO increase,
rather than relieve, the depression.
preliminary estimates of tho currency
movements with the interior Indicate that
tne banks " have gained from that source
n ins, SoWV'oOg or about twice as much as
OF n further decline I'm trade nctivitv
mage Tor depression. especially as moncy
IN New York Is becoming almost a drug
f fn,, NC no market The call loan rate today
Iell 10 iif per cent, ana choice grades of
mercantile paper commanded as low rs
per cent. late in the day
me reduction in the official discount
rae rae OF ne Bank of France following
mat or the Bank Of England yestcrdav
Icuuces the attraction for the loaninC of
HIncrican capital In foreign markets.
III, IN spite OF the easier money rates
american stocks for that account ivy
The bond market continues dull and
me changes in prices were small and
ih Ii.i IStai sales. par value, 81 ,3iO. O0O
sued, advanced y; as. Registered nnd rs IS
q; and old Is IL in the Bid price anu 81
,Iotai stock sales today were go aoo
EeG New York, May Standard OIL 555a