The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-25

ness and the recuperatlyc tendency that
followed showed that the determination
to let 20 at whatever sacrifice had been
quickly abandoned and a late drive by
the bears found prices by no means so
unresisting as in the morning. The
covering Of shorts worked a substantial
rally before the close. The early slump
ranged from / to nearly 5 points in the
standard shares and from that UP to an
extreme Of twelve points i'll Metropoli-
tan Street Railway, in the specialties.
Recoveries though sharp in some shares
were at no time complete in any stock.
The later tone of the market suggested
that the early break was at least en-
couraged by manipulation and the sub
stantial character of the buying ut the
extrtme decline corroborated the view
that there were waiting purchasers anx-
lous 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
London was also a large buyer during
the day, its total purchases being esti-
mated at 10000 shares, or 100000
shares III two days. Government bonds
were strikingly weak the declines in
the bid price being Il to IL per cent.
Money was higher. call loans being
made from 212 to 3 per cent, and time
loans for sixty days were made ut 4
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 sterling
beig qouted at 4 of a cent below yes
terday's price a,t 4S43s. This is near
the gold import point. and suggests an
available source of relief for any threat
ened stringency in the money market.
In the stock market those securities
which suffered the heaviest declines. no
tably the Changers. 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 Il range of l to t points outside
the specialtipS
The movement i'll the bond market
was in sympathy with that in stocks.
declines ranging between / and points.
Prices closed somewhat above the low
OFT Tot2l sales $4,025.00O.
United States new As coupon fell Ia
ror cent. and sold at the bid price, 1871. |
The registered bond Of the same issue
fell III, but sold / per cent. above the
bid price at the asked price. The old
As coupon fell l per cent. bid, the IS
u and the old As registered a bid.
The total sales of stocks were 73S. 40Ol
shares, including Atchison, $40; Att
Gibson, preferred, 9.110; Chicago and
Ohio, 9,T35; Chicago Burlington and
Quincy, 42,405; Louisville and Nashville. |
20,990; Manhattan L., 3S420; Metro
poltan Traction, 1920; Reading. 1st
preferred. 1885; Missouri Pacific, 49,
800; New Jersey Central, 6,611: New
York Central. 31,620: Northern Pacific
1920; Northern Pacific. preferred. 30
020: Chicago Northwestern, 5.21O: Rock
Island, 1920; st. Paul. 60.S20; South |
ern Railway, preferred, ITO; Union Pa
cific, 1890: Wabash, preferred $500; |
American Tobacco. 1920 Chicago Gas. |
,420: Consolidated Gas. $500; General |
Electric $50; Sugar, $3.50; Western
Union, 1892