The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-25

New York. Feb. 24-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
than half an hour. and then there were
some quick recoVeries- The dullneSS and
the recuperative tendency that followed
showed that the determination to let go
al whatever sacrifice. had been quickly
abandoned, and a late drive by the bears
found prices by no means so unresisting
as in the morning. The covering of shorts
worked substantial rally before the
close The early slump ranged from 1 to
nearly five points in the standard shares
and from that IN to an extreme decline
of u points in Metropolitan Street rail-
way IN the specialties. Recoveries,
though sharp in some shares, were at no
time complete in any stock
WAS WAITING PURCHASERS.
The later tone of the market suggested
that the early break was at least en-
couraged by manipulation and the sub
Stantial character of the buying at the
extreme decline corroborated the view
that there was waiting purchasers anxi-
Gus 10 secure stocks at n lower level of
rheless, 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
trading opened and commission houses re-
port that these came from many sections
of the country. indicating an uneasy feel
ing on the part of holders to realize on
their securities The character of the
buying is evidence that there are owners
of large capital who believe that the stu
alton has been fully discounted in the de-
cline which has been made.
LONDON A LARGE BUYER.
London was also a large buyer during
the day. its total purchases being esti-
mated at 10000 shares, or 100000 shares in
two days. Government bonds were
strikingly weak, the declines bid price be-
ing 4 to 112 per cent
Money was higher. call loans being Il TO
l per cent and time loans for 60 days were
made at per cent. with quite an advance
in them. The calling OF loans released
which was held as collateral, and the ex-
change market broke sharply. demand
sterling being quoted at Is of a cent be-
low yesterdays price. This is near the
able source of relief for any threatened
stringency in the money market
Quite heavy movement of currency
to the 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 course of trade.
SUFFERED HEAVIEST.
In the stock market those securities
which suffered the heaviest declines, not
ably the grangers with Burlington lead
ing. and the internal ional stocks, with
Union Pacific preferred the most active
sufferer, enjoyed sharp rallies, so that the
days net declines are brought within a
range of to points outside the special
ties.
Metropolitan Street Railway dropped u
points. but closed 3 points above that. and
Manhattan. though it fell at one time 93t
shows a net decline of points.
The movement in the bond market was
in sympathy with that in stocks. de-
clines ranging between l and points.
Prices closed somewhat above the lowest.
Total sales, S4,025 600.
Z. S. new As coupon fell IL per cent
ard sold at the bid price. 1851. 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 fell
1 per cent bid. the 5s e. and the old As
registered q bid.
MONEY MARKET.
Money on call frmer 21a9S per cent
last loan 21a. Prime mercantile paper So
1. Sterling exchange weak with actual
business in bankers bills at 4S49sG4S4s4
for demand and 4S234 for so days; posted
rates. 4.S3i2M4.S4 and 4S6G4S61s; CONNER
cial bills, ASP.
Silver certificates. 1000 ounces ar 5s1s;
closed. 55lad56i2. Bar silver, 555s: Mexi-
can dollars. 45l4.
Government bonds weak State bonds,
dull Railroad bonds weak.
SALES OF STOCKS.
New York. Feb. 24.-,Total sales of
stocks today 7SS.400 shares, including:
). 7SS C. & O. ~. 405: G. 3. & O.. $3.50: Erie
preferred; 3,515 Lake Shore; 20990 L. & N;
g. 420 Manhattan: 10 APO Metropolitan; H.
Ss5 Reading preferred; IS. $50 Missouri Pa
cific; 500 NJ. X. & T. preferred; 6.611 n. ].
Central; 1880 n. Y. Central; 1920 North
ern Pacific: 5000 Northern Pacific pre-
ferred; IS 20 Rock Island; $50 st. Paul;
ITO Southern preferred; 1880 Union Pa
cific: $40 Wabash preferred; 1920 To-
bacco; $50 Chicago Great Western; 51.250
Peoples Gas; $500 Consolidated Gas; $40
General Electric; 4,555 Pacific Mail; S6.S25
Sugar; Ass I. c. & l.; 1882 Western
Union.