The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-20

the opening selling orders were placed
for London account. There was no
local support for prices. On the CON
trary there was resumption of llqui-
dation and the bears were encouraged
to raid the market. Prices quickly ieil
not only to the London parity hut be
low it. The declines ranging up to
3 points and over invited covering by
the shorts and prices hardened, but at
no time did they fully recover to yester-
days close. The weakness apparent
i'm Sugar made it the centre of Il
fierce raid in the final dealings and il
sank Az points to 1888, the whole list
selling off to- the lowest. There was
very determined support for sugar at and
below 100 and the closing of tine mar
ket saw q Dattle royal in progress be-
tween the bulls and bears and the mar
ket consequently i'll Il very unsettled
condition.
Rallies of over a point were made by
q number of stocks besides Sugar, but
net losses were left on an average of
over "A point. London selling was Il
feature of the day and the supply of
st. Paul from that source was suf-
ficicnt To meet "a large demand here
and keep the price down. The lines in
the United States for Klondikc traf-
fic was a depressing factor, causing de-
cline Of 3 points in Canadian Pacific and
of less amounts in the other roads af-
fecteA Union Pacific As were very
heavily dealt in two individual trans
actions of a par value of $250,OOO and
$150.0O0 respectively being recorded.
One block of 100000 of Rock Island
extension IS also changed hands.
The weeks development i'll the Cuban
question effectually unsettled the mar
ket and precipitated heavy liquidation
of speculative accounts.
The bears showed some hesitancy at
times during the week and their haste
TO cover at the low level effected n
rally on two days, namely, Tuesday
and Thursday, after the severest de-
clines.
But the situation generally aside from
the Cuban question, is recognized as a
strong one. To-day's bank statement
reflects conditions that may also ac-
count for some of the weeks liquidation
i'll Wall street. 1t was expected that
the movement of money away from
New York and the withdrawal of an in.
stalment of the governments deposits
of the Union Pacific payment might be
offset by contraction of loans resulting
from the liquidation on the Stock EX
change. Instead, there has been an ex-
pansion in loans of over $7,000,OOO and
a decline in the surplus reserve of &c.,
74S,6OO. The loan account is proba-
bly, affected by operations in connection
with the Kansas Pacific sale The as
toniShing growth of our foreign trade rs
midi .ated in tn, governments report for
January, the large consumption ut adj
vancing prices. the continued foreign
demand for grain at high prices and the
favorable traffic returns of railroads
all point to an increase in values, but
prices ON the Stock Exchange were I'M
able to Withstand bear pressure for the
time being.
Bonds held relatively much firmer
than stocks during the week and
showed the evidences of continued large
absorption 70" investment. Business
was not as large as in Tie previous
week, but was of considerable volume.
and net declines in prices were unim-
portant. Total sales $24,320.000.
United States new as coupon declined
"A. do. registered *. old As registered
as. do. coupon "a and the IS x bid
The total SIZES of stocks to-day were
212 900 shares. including Atchison pre-
ferred. 5,355: Chicago. b. and O.. 49,
O60; Manhattan L., S,4S5; MetrOpol-
tan Traction, 5000: New York Central,
!, 800: Northern Pacific, 1880: do. pre-
ferred, 11,SS5; st. Paul. 21,504: Union
Pacific. 6,734; Chicago Gas, $3.50; SUI
gar, 900.