Worcester morning daily spy., 1898-02-22
HEAVY DECLINE.
Slump Had Little Apparent
Justification in Outside Events.
The Losses So Heavy That Many Stocks
Seemed Attractive as 6argains-Bonds
Also Suffered a Decline,

New York, Feb. 21.-Today's heavy de-
cline in the stock market was made
without any actual new development in
the situation, but was rather to be at
tributed to a combination of impress
sions which have been the underlying
force in speculation for a week or more.
Today's market demonstrated for one
thing that last weeks declines would
have been much heavier On the devel-
opments in the Cuban question, had it
not been for the support OF powerful in
terests who desired an opportunity TO
realize. The entire absence of support
today gave color to the supposition that
those interests had completed their liq-
uidation and were indifferent to the
course of the market. The motives as
signed for the selling had less apparent
basis, in fact, than were furnished by
the events of last week 50 far as they
turned on the Cuban question, they
dealt with speculations on possible fu-
ture events, and on abstruse points OF
international law without any convinc-
ing authority to back them.
Apprehensions growing out of the rate
war for passenger business between the
Canadian Pacific and over transconti-
mental lines had more substantial ba-
sis. eThough a soothing suggestion was
offered that profits and dividends were
not largely dependent upon passenger
business anyhow There seemed to be
no realizing sense that this suggestion
was inconsistent with the large advan-
ces which had been forced in the prices
of securities on hopes of Klondike
traffic
The great snow storm in the west
was also a tone of real Importance by
reason of the interruption to railroad
traffic and the post damage to crops.
Whatever the real motive, it was be-
yond dispute that there were large Of
ferings of securities for which there was
no adequate demand, and selling orders
to stop losses were uncovered on the
descending scale.
Declines were so great that prices
that looked attractive as bargains
were reached in many cases, and the
buying thus invited, steadied prices and
worked some notable recoVeries. This
process was repeated several times dur
ing the day, and the market closed with
one of the rallies in full force, thus
leaving the net declines decidedly
smaller than the extreme declines dur.
ing the day. In the cases of Sugar
and Metropolitan Street Railway, the
recovery was between and points
and Third Avenue made an extraordi
nary rally of II points in the final deal
ings, after an earlier loss of points
The local and industrial specialties were
the severest sufferers by the early de
cline and the grangers also were nota
bly, affected by reason Of the storm
New York Central reflected marked
liquidation Of recent speculative buying
Manhattan was one of the chief suf
ferers, and after fall of 5-8 rallied
H. Metropolitan Street Railway was
z points off at the lowest. A feature o
the day was the marking up on cal
loans to l "a per cent, in accordance
with the reduction in the surplus re
serve
The loca, arket paid no attention t.
the firmer tone on foreign exchange
due to the subsistence of apprehension
over the west African situation, whicl
was regarded with such acute misgiv
| ings on the local exchange on Saturday
London was a buyer on balance in tn
New York market today.
The course of the bond market wa
strictly in accordance with stocks bot
in the declines and on the rallies
Losses at one time were from 1 to 2 pc
| cent in many leading bonds. Tota
sales 81, 100,0 900. The U. S. As of 1907 an
of 1925 were IA lower bid.
NEW YORK QUOTATIONS.
February 81.
RAILROAD COMPANIES.