The daily morning journal and courier., 1898-02-25
Etmnmetal.
 slump in the Stock Market.


 New York, Feb. 24.-The slump in the stock market this morning was as sud- den and so violent that the trading all most took on panic conditions, but the avalanche of liquidation was practical ly over in less than half an hour and then there were some quick recoveries. The dullness and the recuperative ten- dency that followed showed that the determination to let go at whatever sacrifice had been quickly abandoned, and late drive by the bears found prices by no means so unresisting as in the morning. The covering of shorts worked a substantial rally before the close. The early slump ranged from one to nearly five points in the stand ard shares and from that up to an ex- treme decline of twelve points in Met ropolitan Street Railway in the spe- cialties.
 Recoveries, though sharp in some cases, were at no time complete in any stock. The later tone of the market suggested that the early break was at least encouraged by manipulation and the substantial character of the buying at the extreme decline corroborated the view that there were waiting pur- chasers anxious to secure stocks at a lower level of prices. But the fact was obvious, 1levertf~ ess, that appre- hension over the Gu V situation was more acute than at any time hereto of orders to sell at the market when trad ing opened, and commission houses re- port that these came from many sec tions of the country, indicating an un- easy desire on the part of holders to realize on their securities. The char acter of the buying is evidence that there are owners of large capital who believe that the situation has been full ly discounted in the declines which have been made.
 London was also large buyer during the day, it's total purchases being esti- mated at 10000 shares, or 100000 shares in two days. Governmen bonds were strikingly weak, the declines in the bid price being h to 1h per cent.
 Money was higher call loans being IIldue lTOlu ly2 to Q pcA Ccllt., dilu Lllie loans for sixty days were made at per cent, with quite an active demand. The calling of loans released quite an amount of sterling exchange, which was held as collateral, and the ex- change market broke sharply, demand sterling being quoted at three-quarters of a cent below yesterdays price at 4.84%. This is near the gold import point and suggests an available source of relief for any threatened stringency in the money market.
 Quite a heavy movement of currency to the interior is still in progress, but 1t does not appear that this is due to any other cause than the expanding needs of business. Money is going into loans and thus into the active course of trade.
 In the stock market those securities which suffered the heaviest declines, notably the grangers, with Burlington leading, and the international stocks with Union Pacific preferred the most acute sufferer, enjoyed sharp rallies. so that the days net declines are brought within range of to points outside the specialties. Metropolitan Street Railway dropped F points, but closed points above that, and Man haitian, though it fell at one time 9A, shows a net decline of points.
 The movement in the bond market was in sympathy with that in stocks, declines ranging between and points.