The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-25
ANOTHER HEAVY
SLUMP IN STOCKS
Sudden and Violent and Almost Panic
Conditions.
QUICK RECOVERY, HOWEVER
While Due Partially TO Manipulation
Apnrchpusiou Over the Cubau
QUICK RECOVERY, HOWEVER
While Due Partially TO Manipulation
Apprehension Over the Cuban
Trouble IL More Acutc--Noney
Firmer--Cotton Steady.

NEW YORK. Feb. 2f.--The slump in
the stock market this morning was so
sudden and violent that trading almost
took on panic conditions. but the ava
lanchc of liquidation was practically over
IN less than half an hour. and then there
were some quick recoveries The dizziness
and the recuperative tendency that fol-
lowed showed that the determination 10
let go al whatever sacrifice had been
quickly abandoned and a late drive by
the bears found prices by no means so
unresisting as I'm the morning. Ihe Gov
ering OF shorts worked substantial laly
before the close. The early slump ranged
from 1 10 nearly : points In the STANDARD
shares, and from that mp 10 an extreme
decline OF II points In Metropolitan strcel
railway I'm the specialues. tecoNeties,
though sharp In some shares were AT no
. time complete. I'm any stock. Inc iater
tone OF the market suggested that tne
early break was at least encOuraSe9 py
manipulation. and the substantial ch4I-
acter of the buying at the extreme de-
cline corroborated the view that there
were waiting purchasers anxious 10 Sc
cure stocks at a lower Level OF prices
But the fact was obvious. nevertheiess'
that apprehension over the CUBAN situd-
lion was more acute than at any time
heretofore. London was also a large
buyer during the day. its total purchases
being estimated at 10000 shares, or lVJ'-
coo shares in two days.
weak the declines I'm the bid price being
l,n1h per cent. Money was hlsner can
loans being made from 2i&nS per cent
and time loans for sixty days were MADE
at per cent. with quite an advance de-
mand The calling OF loans released qulte
an amount OF sterling exchange, when
Was held as collateral. and the exchange
market broke sharply, demand steIlng
being quoted al &c. below yesterday
price at 4SitS. This Is near the gold I'M
port point. and suggests an availaDie
source of relief for any threatening
Stringency In the money market.
In the stock market those securities
which sun ered the heaviest declines, nota-
bly, the gTangers. with Burlington leadihg
and the international stocks. with Union
Pacific preferred the most acute SUFFERER.
enjoyed sharp rallies, so that the day.
net declines are brought within a range
OF I to points outside the specialties.
The movement I'm the bond market was
in sympathy with that in stocks, declines
ranging between l and . points, and prices
closed somewhat above the lowest. otal
sales. S4.O2J 600. United States new As.
coupons. fell X per cent. and sold at
the hid price 1885, The registered bonds
Of the same issue fell "a, but sold per
cent. above the bid price at the asked
price. The old As. coupon, fell per
cent. hid. the SIS p. and the old rs regis
tered a bid.
The total sales OF stocks were T3s.400
shares. including Atchison, $40: do. pre-
ferred. 9,110; Chesapeake and OHIO, 9!3J;
Chicago. Burlington and Quincy. AZ 400
Louisville ana NASHVILLE -Vs'trus hethiiie-
tan. Is 40: METROPOLITAN Traction. Is. 400;
Reading first preferred. 11,315; Missouri
Pacific 10 $50: New Jersey Central. 6,6ll:
New York Central. 81, 62O; Northern Ia
cifc. 1920: do. preferred, 5000; Chi
cago Northwestern. 5.210; Rock Island.
Is. 400: st. Paul. 90. $50: Southern railway
preferred, 7f10; Union Pacific. 1850;
Wabash preferred $3.50; American To-
bacco, 1920: Peoples Gas, 81 40: Con-
solidated Gas. $500: General Electric,
= TSn. Sugar Sc 500. Western Union, To-
1872.
MONEY AND ExCHANGE.-Mone on
call frmer at 2lad2% per cent; last loan
ut 2i5 per cent; prime mercantile paper,
3G4 per cent. Sterling exchange weak,
with actual business in bankers bills at
4S4ssH4S4st for demand. and at fS2% for
sixty days: posted rates. 4S3lsn4S4 and
sssd4S615: commercial bills. Az. Silver
certificates, 1000 ounces at 56l2; closed
Mt 55i5GfJGIs: bar silver. 555s; Mexican dol
lars 45It Government bonds weak; State
bonds dull: railroad bonds weak.