The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-22
HEAVY DECLINE
IN STOCK MARKET
A Combination Of UufavOrable i'm
pressions at Work.
WHEAT MARKET IS UNSETTLED.
News m shc Main BcariSb---Fcaturc of
Day on Stock Markc Was Marking
Up of Can Loans 20 One and
Thrcc-Tourths Per Cent.

NEW YORK. Feb 2l.--To-day's heavy
decline ln fhc stock market was made
without amy actual new developments ia
tnC situation, bat was rather 10 Doe at
frlhutcd Co combination OF impressions
which have been Doe underlying force in
speculation FOR week or more. To-day's
market demonstrated one thing. that last
'NcDka declines would have been much
heavier ON developments in thc Cuban
question had SO not boon for the support
OF powerful interests who desired an OPP
tom 20 rcHliz. THE entire absence of sup
porl to-day gave color Co the supppsillpn
that those Interests had completed thtlr
liquidation and were Indifferent TO tnc
course of the market. Tho motives aa-
sigucd for the selling had less apparent
ousls in fact than were furnished bN tine
events of last week SO far as they
turned ou The Cuban question they dealt
With speculation ON possible future events
and ON ahstrusc points OF international
law without any convincing authority 20
back lhtm.
Approximations growing out Of rate war
Tor passenger business between the Cana
ola Pacific and our own transcontlnental
lines had "a more substantial basis, though
a soothing suggestion was ouercd thal
the profits and dividends were not large
lv dependent upon passenger business
anyhow. The great SuoW-siofm ln inc
West was also factor OF real import
auc". both hy reason or interruption 10
railroad truu c and the possible oandec
60 crops Whatever the real motive 10
was beyond dispute that there were large
offerings of securities. Tor Which lntfe
VAS mo- adequate demand, and selling
orders 10 stop losses were uncovered in
Tho descending scale Declines were so
great that the prices that looked alirac-
tive as bargains Were reached 10 many
cases and buying thus invited steamed
prices and worked some notable recoN-
cries This process was repeated several
times during the day. and the market
closed with one OF rallies IN run lofct'
thus leaving the net declines decldeuly
-onnllor than the excitement declines dur
ing the day. Third-Avenuc made an cN-
traordiuary rally of II points IN the nnal
dealings after an earlier loss OF pofhlS.
The local and industrial speciaites were
the scvcrest sufferers 10y the early decline,
and the grangcrs were also notably al
fected by reason Of the storm. \ feature
of the day was the marking NJ or call
loans Goo lt, per cent. in accordance Win
fnf reduction ln The surplus reserve.
Tho local market paid no attention 10
Tho nrmer tone on foreign exchange, due
fo the subsistence OF apprehension Win
vhirn tho West African situa ION was re-
r-Irdod with such acute misgiVing on the
local exchange Saturday London was
buyer ON balance on the New YORK mar
kct To-day. The course of the Dohd mar
ket WIS strictly in accord with STOCKS,
DOB both declines and rallies. Inc loss az
ono time was al from / 20 2 per cent. in
many leading bonds. Total sales NiV'
on United states As of 1907 ana OF
142j were lower bld. ..,.
Tho total sales of stocks were jls.2p
shares including Atchison preferred, TO-
71G. Chicago Burlington and Quincy,
as s76. g.. e. G. and ST. Louis, 200.
louisville and Nashville. Is 265; Man
haitian. Elevated. n 80. Metropolitan
street railway. 97Sj. Missouri Pacihe'
q SGI. Missouri. Kansas and Texas pre-
ferred. - 2Gt. New York Central. 223Je'
Northern Pacific 1880. do. preferred,
st2p. Reading J23O. Rock Island ~
pll. ST. Paul IS $50. Southern railway
preferred 400. Union Pacific. 10 $50
American Tobacco. 1884,; Peoples Gas
ID S1O. General Electric. Oslo. Sugar. W
7.o. United States Leather preferred,
5000. Western Union, $40.
MONEY AND E%CHANGE.-Moncyo on
can easy at 1is01A per cent; last Joan
at fR per cent. prime mercantile paper.
a14 per cent Sterling exchange about
steady. with actual business i'm bankers
bills az 4S5NH4Siia for demand and al
4s2G4S3it for sixty days posted rates.
4SGn4SG5. commercial bills, 49,. silver
certificates. Jji~45G4, bar silver, J17s;
Mexican dollars. 45i,. Government bonds
weak. state bonds dull. railroad bonds
weak.