The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-25
STOCK LIST ON THE SLIDE
AVALANCHE OF LIQUIDATION DIR.
ING THE FIRST HALF-HOUR
That for a Time the Market Took
on Panic ConditiOns-RaIIy in
the Late Dealings, and Good but
Not Complete Recovery.

NEW YORK. Feb. 24.-The slump in the
stock market this morning was SO sudden and
SO violent that trading almost took on panic
Wa put the avalanche Of liquidation
hour, and then there were some quick re-
coveries. The dullness and the recuperative
mination to let go at whatever sacrifice had
been quickly abandoned. and late drive by
the bears found prices by no means unre-
slst1ng as IN the morning.
Ihe covering by shorts worked a substantial
rally before the close. The early slump ranged
from fSnno to nearly points in the standard
shares, and from that up to extreme de-
cline Of II points in Metropolitan Street rail-
way, in the specialties Recoveries though
sharp in some shares were at no time COM
plete in any stock.
The later tone of the market suggested that
the early break was at least encouraged by
manipulation and the substantial character
of the buying at the extreme decline corrobo-
rated the view that there were waiting pur-
chasers anxious to secure stocks at a lower
level Of prices. But the fact was obvious,
nevertheless, that apprehension over the
Cuban situation was more acute than at any
time heretofore.
There was evidently mass Of orders to sell
at the market when trading opened and COM
mission houses report that these came from
many sections of the country indicating an
uneasy desire 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 situation
has been fully discounted in the declines
which have been made London was also
large buyer during the day, its total pur-
chases being estimated at 10000 shares or
100, 600 shares in two days.
Government bonds were strikingly weak
the declines in the bid price being 4 to ~
per cent.
Money was higher, call loans being made
from 21s to per cent and time loans for
sixty days were made at per cent with
quite an advance demand. The calling of
loans released quite an amount of sterling
exchange, which was held as collateral and
the exchange market broke sharply demand
a nrli inc tnd nt 81 h01A
s Pree at Th fsni is 9esr
the gold import point and suggests an avail
able source of relief for any threatened
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 than the ex-
panding needs of business. Money is going
into loans and thus into the 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 pfd,
the most acute sufferer, enjoyed sharp rallies
within a range of l to points outside the
specialties. Metropolitan Railway dropped y
Manhattan, though it fell at one time ga,
shows net decline of 6 points
The movement in the bond market was in
sympathy with that in stocks, declines rang
ing between 1 and points Prices closed
somewhat above the lowest. Total sales, 81
coo. United States new As coupon fell
~ per cent and sold at the bid price, 1851.
The registered bond of the same issue fell
~ but sold 1 per cent above the bid price
at the asked price. The old 4c coupon fell
l per cent bid, the 5s. y and the old As regis
tered. Il bid.
Total sales of stocks today were 73S, 400
shares, including: $50 Atchison lilo do D d,
9,175 G. & O., A. $50 Burlington, 1920 Erie pfd,
$3.50 Lake Shore, 2O5s0 L. & ~. SO, 40 Man
haitian, Is. 400 Metropolitan. 1885 Reading i'd,
$3.50 n. ]. c., 81 go n. Y. c., 10 200 Northern
Pacific, 10000 do pfd. 10, 42O Rock Island, 60
$50 St. Paul, LILO Southern pfd, 1892 Union
$40 Chicago Great Western, 81, APO People s
Gas, $500 Consolidated Gas, $3.50 General
Electric, 4,555 Pacific Mail, $3.50 Sugar, 49,
1872 Western Union.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by C. H. f. Smith & Co., members
New York stock exchange and Chicago beard
Of trade: