Worcester morning daily spy., 1898-02-25
ALMOST A PANIC.
Stocks Had a Great Fall at Open
ing of the Market.
A Rally of Considerable Strength Followed
Which Substantially improved Prices
London Heavy Buyer All Day.

New York. Feb. 24-The slump in
the stock market this morning was sud
den and so violent that the trading took
on panic conditions, but the avalanche
Of liquidation was practically over in
less than half an hour, and then there
were some quick recoveries. The dull
ness and the recuperative tendency
that followed showed that the determine
alton to let go at whatever sacrifice
had been quickly abandoned, and late
drive by the bears found prices by no
means so unresisting as in the morn
ing. The covering of shorts worked a
substantial rally before the close. The
early slump ranged from 1 to nearly
points in the standard shares, and from
that up to an extreme decline of 12
points in Metropolitan Street Railway
in the specialties.
Recoveries in some shares, though
sharp, were at no time complete in
any stock. The later tone of the mar
ket suggested that the early break was
at least encouraged by manipulation,
and the substantial character Of the
buying at the extreme decline corrob-
GRATED the view that there We're wait
ing purchasers anxious to secure stocks
at lower level of prices
But the fact was obvious neverthe-
less, that apprehension over the Cuban
situation was more acute than at any
time heretofore.
This was evidently mass of orders
to sell at the market when trading
opened and commission houses report
that these came from many sections of
the country and caused an uneasy de-
sire on the part of holders to realize on
their securities The character of the
business is evidence that there are own
ers of large capital who believe that the
situation has been fully discounted in
the declines which have been made.
London was also a large buyer during
the day, it's total purchases being es-
timated at 10000 shares or 100000 shares
in two days. Government bonds were
strikingly weak, the declines in the bid
price being Il to 11a per cent. Money
was higher, call loans being made at
from 21s to per cent, and time loans
for sixty days were made at four per
cent with quite an active demand. The
calling of loans released quite an
amount of sterling exchange which was
held at collateral, and the exchange
market broke sharply, demand sterling
being quoted at q of cent below yes
terday's price, at 4S49s This is near
the gold import point and suggests an
available source of relief for any threat
ened stringency in the money market.
Quite a 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 expanding needs
of business. Money is going into loans
and thus into active course of trade.
In the stock market those securities
which suffered the heaviest declines,
notably the grangers, with Burlington
leading. and the international stocks
with Union Pacific preferred, the most
! acute sufferer, enjoyed sharp rallies SO
that the days net declines are brought
within a range of / to.4 points outside
| the specialties.
! Metropolitan Street Railway dropped
! u points, but closed three points above
| that, and Manhattan, though it fell .at
one time 934, shows a net decline of six
| points.
The movement in the bond market
was in sympathy with that in stocks
declines ranging between / and points
! Prices closed somewhat above the low
est. Total sales. $4,025,0O0. U. 5. new
As coupon fell IL per cent and sold a
the bid price, 1251a The registered bonds
of the same issue. fell IL, but sold pei
cent above the bid price at the asked
price. The old As coupon fell per cent
the 5s q and the old As u bid.