The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-02-22

the opening selling orders were placed
for London account. There was no
local support for prices. On the con
trary there was Il resumption of liqui-
dation and the bears were encouraged
TO raid the market. Prices quickly fell
not only to the London parity but be-
low ii. The declines ranging up 10
3 points and over invited covering by
The shorts and prices hardened, but ut
10 time did they fully recover TO y%estcr-
days close. The weakness apparent
in Sugar made it the centre OF 4
ierce raid in the final dealings and i
sank III points to 12S3s, the whole list
selling off to the lowest. There was
very determined support for sugar al ana
below 129 and the closing OF tie mar
ket saw a battle royal in progress b.
ween the bulls ana bears and the mar
lnt consequently in L very uhSett"a
condition.
Rallies of over a point were made by
number of stocks besides Sugar. but
act losses were left on an average of
over a point. London selling WAS =
feature Of the day and the supply Of
Il. Paul from that source was suf-
fcicnt to meet Il large demand here
md keep the price down. The lines in
he United States for Klondike traf-
ic WIS Il depressing factor. causing a de-
cline of ; points in Canadian Pacific and
Of less amounts i'll the other roads al
fpcted. Union Pacific Is were very
heavily dealt in two individual trans
actions If a par value of S25o.o0O and
100000 respectively being recorded.
One block Of 100000 Of Rock Island
extension IS also changed hands.
Ute weeks development in the Cuban
question effcctually unsettled the mar
kct and prccipitated a heavy liquidation
of speculative accounts.
The bears showed some hesitancy ut
times during the week and their haste
to cover at the low level effected Il
rally on two days, namely, Tuesday
and Thursday, after the severcst de
clines.
But the situation generally aside from
The Cuban question. is recognized as Il
strong one. To-dayn bank statement
reflects conditions that may also ac-
count for some of the weeks liquidation
in 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 a contraction of loans resulting
from the liquidation on the Stock Elk
change. Instead. there has been an en-
panSiOn in loans of over S1,OOO.OO0 and
I decline in the surplus reserve of So
I4S.6OO. The loan account is prOba-
bly, affected by operations in connection
with the Kansas Pacific sale. The as
fOnishin@ growth of our foreign trade rs
ind lated in tb. governments report for
January, the large consumption at adj
vancing prices. the continued foreign
!pmand for grain at high prices and the
favorable traffic returns of railroads
Ill point to an increase in values. but
prices ON the Stock Exchanges were I'M
lble to withstand bear pressure for the
time being.
Bonds held relatively much irmcr
than stocks during the week and
showed the evidences Ct continued sarge
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 S24,220.Oo0.
United States new is coupon declined
Il, do. registered *. old Is registered
Is. do. coupe x; ana the IS K bid.
The total Sl.eS of stocks to-day were
272.000 shares, including Atchison pre-
ferred. 5,335. Chicago. 3. and O.. 13.-
o60: Manhattan L., S.4S5: Metropol-
tan Traction, 5000. New York Central,
800: Northern Pacific, 1880: do. pre-
ferred, 1855; st. Paul. 21,5O4; Union
Pacific. 6.I34; Chicago Gas, $50; Su-
gar, 81 600.