The San Francisco call., 1898-02-25
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. Feb. A-The slump In the stock market this morning was so sudden and violent that the trading almost took on panic conditions, but the avalanche of liouidation was over in less than half an hour and then there were some quick recoveries. The dulIness and the recuperative tendency that followed showed that the determination to let go at whatever sacrifice had been quickly abandoned and a late drive by the bears found prices by no means unresisting as in the morning The covering of shorts worked a substantial rally before the close. The early slump ranged from l to nearly points in the standard shares, and from that up to an extreme de- cline of F points in Metropolitan Street Rail- way in the specialties. Recoveries though sharp in some shares, were at no time com plete in any stock. The later tone of the mar ket suggested that the early break was at least encouraged by manipulations and the sub stantial character of the buying at the ex- treme decline corroborated the idea that there was waiting purchasers anxious to secure stocks at lower level of prices. But the fact was obvious. nevertheless, that apprehension over the Cuban situation was more acute than at any time heretofore. There was evidently a mass Of orders to sell at the market when trad ing opened, and commission houses report that these came from many sections of the coun- try, indicating an uneasy feeling on the part of holders 10 realize on their securities. The character Of the buying is evidenced that there are owners of large capital who believe that the situation has been fully discounted in the
 
 London was also a large buyer during the day, us tota! purchases being estimated at 900 shares. 100. 000 shares in two days Gov ernment bonds were strikingly weak. the de- clines in the bid price being Ad1Ia per cent.
 Money was higher. call loans being from z12 10 per cent. and time loans for sixty days were made at per cent, with quite an ad- vance in them. The calling of loans released quite an amount Of sterling exchange which was held as collateral. and the exchange mar ket broke sharply. demand sterling being quoted at a4c below yesterdays price. at si S4s he p0ld irpn gests an available source of relief for any threatened stringency in the money market interior Is still in progress. but it 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 of trade.
 In the stock market those securities which suffered the heaviest declines. notably the Changers. with Burlington leading and the in ternationai 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
 Metropolitan Street Railway dropped I2 points but closed points above that, and Manhattan though it fell at one time ss4. shows a net de
 The movement in the bond market was in sympathy with that in stocks. declines rang somewhat above the lowest Total sales and sold at the bid price, i25ls
 The registered bonds of the same issue fell Ia, but sold per cent above the bid price at the asked price. The old As coupon feii per cent bid. the 5s r and the old 4s registered X bid.
 Total sales Of stocks to-day, 73s 4oO shares including 53l0 Atchison 9110 Atchison preferred sl3s Chesapeake and Ohio. 42 405 Burlington 32OO Erie preferrd, 35l5 Lake Shore 20 sao Louisville and Nashville. 3S, APO Manhattan. 15 = 420 Metropolitan Street Railway, II 3s5 Read ing preferred. 13. $50 Missouri Pacific 6e7o Ms souri. Kansas and .o Texas preferred. ss11 New Jersey Central 3l, s2o New York Central. Is. 22o ferred. 1s.42o Rock Island. CO., S20 St Paul. 7lIo Southern preferred. 19s20 Union Pacific 53e0 Wabash preferred. A. 920 Tobacco. 3S7O Chicago Great Western, 51,250 Peoples Gas. $500 Con soldated Gas. 57so General Electric 4555 Pa cifc Mail. S6,S20 American Sugar 44s7 Tennes see Coal and Iron, 3192 Western Union.