The age-herald., 1898-02-22
The Days stock Market

New York, Feb. A-Today's heavy de- cline in the stock market was made with out any actual new development in the situation but was rather to be attrib buted to combination of impressions which have been the underlying force in specula- tion for a week or more. Today's market demonstrated for one thing that last week s declines would have been much heavier on the developments in the Cuban question had it not been for the support of bhe pow erful interests who desired an opportunity to realize.
 The entire absence of support today gave "a color to the suppostion that tlroae in- tereStS had completed their liquidation and were indifferent to the course of the mar ket. The motives assigned for the selling had less apparent basis in fact than were furnished by the events of last week. So far as they turned on the Cuban question they dealt with speculatfons on poesa.b e future events or abstruse points of inter national law without any convincing au- thorty to back them.
 Apprehensions growing out of the rate war for passenger business between the Canadian Pacific and our own transcontl- mental lines had a more substantial basis, though a soothing suggestion was offered ti,lat the profits and dividends were not largely dependent upon passenger business anyhow.
 The great snow storm in the west was
 
 reason of the interruption to railroad traf- fic and the possible damage to crops.
 Whatever the real motive it was beyond dispute. that there were large offerings or securities for which there was no adequate demand and selling orders to stop losses were uncovered on the decline.
 There were large offers of securities for which there was no adequate demand and selling orders to stop losses were uncov- cred on the descending scale. Declines were so great that the prices looked at tractive as bargains in many cases were reached and these steadied prices and worked some notable recoveries. This pro- cess was repeated several times during the day and the market closed with one of the rallies in full force, thus leaving the net declines decidedly smaller than the ex- treme declines during the day. In the cases of sugar and Metropolitan street rail- way this recovery was between and 4 points in the final dealings after an earli- CT loss of s points. The local and indus trial speculations were the severest suf- ferers by the early decline and the grang- CTS also were notably affected by reason of the storm. New York Central reflected marked liquidation on recent speculative buying. Manhattan was one of the chief sufferers and after fall of 49sc rallied 11zc. Metropolitan Street railway was points lower at the lowest point. London was Ia buyer on balance on the 4NeW 1OIh HAaikot tOudy The course or the bond market was strictly in accord with stocks in both declines and rallies. The loss at one time was from 1 to per cent. in many leading bonds. Total sales $4, 100000. U. S. fours of 1907 and of 1923 were Ac lower bid.
 Money on call easy, 1hc@1A per cent; last joan, 1% per cent.
 Prime mercantile paper 304 per cent. Sterdng exchange was steady, with &C., tual business in bankers blils at s4S53s0 4.S51a for demand and at $4.SSG4.S3A for sixty days; posted rates, s4.S6al4.S6ia com mereial bills, $S2
 Silver certificates, 55k@56c. Bar silver, 555sc.
 Mexican dollars, 545Ac. Government bonds weak. State bonds dull.
 Railroad bonds weak.