The daily morning journal and courier., 1901-05-04
EtnaMcrnl.
THE STOCK M ARK TT.
Yesterday Afternoon,ssetb in Price


 |
 New York, May 3.-This afternoons
 setback in prices was the most violent
 phase of the bull market. It was abso- lutely without any bad news, which
 from the Wall street standpoint means
 news of anything that would do harm to intrinsic values of securities, com
 merce or industry. A furry in the
 money rate coming on over-extended speculative accounts indicates the
 whole situation in a nutshell It is characteristic of boom that 1t should continue unabated into the very teeth of such situation. with every prelim- mary warning, but pushing recklessly onwards until the actual event forcibly checked the advance. The danger has been obvious that the speculation was overrunning the bounds of reason and | safety The buying was admittedly without motive or information beyond the hope and belief that there would be enough future buyers to lift prices to higher plane and so offer profits. great market leaders in which there were plausible theories and reports of buying to change control. But in these also the horde of speculators, who have tailed on preclpitately to each move ment e this kind for several weeks past, was very large element in the buying Increasing trepidation has been felt amongst commission brokers and lenders of money who assume re- sponsibilites for speculative buyers, that many of this class were stretching their resources unduly, dependent as they are on the maintenance of the prices of securities to keep their credit good. As consequence there has been an increasing pressure from commission houses upon their customers to take their profits and tighten their load. But the buying demand has been constantly reinforced by new corners and the in-
 
 The preliminary figures to to-morrows bank statement made 1t clear that only a weak showing can be hoped for from that statement. and the bankers began calling loans to recuperate their posi- tion The call loan rate ran up in con sequence to per cent. and the specula- tors began to manifest acute distress as they found themselves obliged to look about for new accommodations. The extreme sensitiveness of the situa- ton was manifest in the violence of the reaction caused by what was rally moderate hardening in the money rate, The delicacy of the situation was en- hanced by the furious speculation this morning in Atchison, St. Paul, Rock Is- land, Baltimore and Ohio, Missouri Pa cifis, and a number of stocks influenced by these movements. Advances of 3A to 7M had resulted during the morning amongst these stocks, St. Paul being particularly buoyant, When the pres sure came upon the market these stocks were naturally amongst those which were most acutely affected by the sell ing. Enormous blocks were unloaded oh the decline at successive drops of a half to point through many points de- cline. The drop in Atchison reached | sN. St Paul 95s, Rock Island sss, North ern Pacific 8, Baltimore and Ohio 7ts, IIricn Pacific 7as, Missouri Pacific 6A, | New York Central 6, Illinois Central 5, Wabash pf, 5&, Kansas and Texas pf | 4M, Atchison pf 4, Sugar Az, and a large number of other stocks between 1 | and points. The bears were so eager l to take profits after their long absti- | hence that their demand to cover caus- ed rallies amongst these stock of from 2 to 4A But the rallies were not well held and the prices went off again In some cases to the lowest. The closing | was feverlsh and unsettled and the un- dertone continued weak The prelimi- nary figures of to-morrow's bank state ment indicate a gain on the interior of less than $2000,000 to off, set the loss to the sub treasury which was reduced in to-days statement by the payment of government interest checks and bond redemptions to $4,715,- 100. But the extent of the disturbance n the money market to-day indicates hat the available surplus of the banks lad been considerably impaired by the treat demand of the stock market spec llation, as we'll as by this indicated loss n cash of nearly s3,000000. The easier one of the sterling exchange market ollowed naturally from the sharp de- nand for money and there was no fur her engagement of gold for export to- 
 Bonds gave way in sympathy with tocks, but there was no great activity n the general list. Total sales par 'alue s5,755,OO0. United States 3s and '5s declined E nd the new As and refunding 2s and efunding coupons 4 per cent. on the ast price.
 AHW YORK STOCK MARKET ,pening. Highent, Lowest Quotatian ,n tho New York Stock Exchange, reported by Prince x Whitely, Brokers, 15 Center street. New Haven. Il
 Open. High. Low Last. m. Sugar Re fin co. 116 152lb 146 146ia m m. Tobacco % Co 127la 12s,s 120ls ai74s t., Top. X St. F.. 90 90 S1 S2% $ t. ". X St. r pf. .10i1a 108 103B 104I : ,at. X Ohio .... .1141a 114H 107M 1t0Ss I aito. X Ohio pf ... .931a 94M 93 DS(b