The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-04-21
UNABLE TO CHECK
SLUMP ] N IN PRICES [ IS
Decline Contested III Early
Stages, But Gathered Force
as Day Advanced.
CLOUD Of DlsTRUsT !. BREAKS B +. ] *
Equitable Scandal, Northern Sc
curitics Situation and Wheat
Break Affect. Stocks. 81
S


NEW YORK APRIL 19.-Thc cloud OF
suspicion and dlstrust which has been
gathering over the stock market during
the whole OF. the week broke to-day With
some violence. The decline was contested
In the early stages but 1T gathered force
as II was extended The quick exhaustion
or the buying demand on the occasional a.
& rallies was d s,ifIlc4cnt evidence to the
professional traders that the speculative
position was still vulnerable They re- re-
turned to the attack accordingly again
and again. and on each successive slump
the weight OF the offerings dlslodged was
greater. The market proved to BIO honey
8a combed with stop-loss orders. when nave
q been greatly Increased as the coincidence,
4 IN the stability OF the Inslrkbt was was iill-i
Z paired. The amount OF the decline was
suficcnt also e wipe out some u, mar re
b cases OF speculative holdings TO Impair the
margin to sucli,a extent as 70 leaa 70 ,a
very general call for add tlona coilatesr.ai.3
The principal Influence In the tradlngs
4 probably was the Northern Securities Sit
81 uatjon. The announcement made during
X the session that the SIZE. 0Oo. 900 Of Mort crn
1 Pacific stock would be admitted TO be trad
h ed ia on the Stock Exchange In. the unllst-
q ed department on Monday mex was re-
Y garded az O. danger to the speculative posi-
q ton In that STOCK ana III Inc fINuTLueIu
& Securities owing to the free market that
viii bio thus afrordcd for the stock. North-;
4 ern securities on the curb ell 70 the. low
az level OF Tuesdays break. nd 1T Will be
e observed that the transconttnental Stocks
Il and those connected with them in the deal
h r,Inlors werc tho principal sufferers on the
9 Stock Exchange. The determination Of
Il operators to get out OF their holdings was
n accumulated BY the three.days hol " to be
4 faced. practically all the important ex-
II changes OF the world Being closed until
next week. The embittered controversy
\ in the Equitable Life Assurance Society
Z was feared for its disturbing effect on con-
4 fidence In financial conditions at large.
x The f1urry4in cal. money and the slumplin
!; tho wheat market aggravated the weak
ness OF stocks and opposed an attempted
II late rally. The market closed weak ( a I
a8 a bout the lowest. 3s.. Z.
Bonds were weak In sympa thy. Total
II sales par value, 50, O00, 0OO .8ys
aJ The total n sales O stocks for the day
q amounted to 1,Ss5 100 shar res.
MONEY AND ExcHASGE-CLosE
Money on cali strong and higher at e3-4@
II 1-2 per cent: closing bid. per cent:
offered at s ~ per cent; time loans, slight
z w easier; sixty and ninety days Q lag
B 12 per cent six months, 3 1-2 per cent. !;
prime mercantile paper, 4G4 IL per cent
s Sterling exchange steady WI tn actual busi-
n ness In bankers bills at 4.80.20f4.sG.25 for
4 demand and at 4.S4.4oGl4.S4.6U sSfor sixty
day bills; posted rates. {. S.8544.87; Is COM
Al n1ercial bills. S4S41-alD3.S4 Ia. Bar silver,
ST. Aiexica n dollars, AZ 1-2. Il, .F5