The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-02-25
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News Mining Stocks,
Metal Quotations Wool Prices and
Movements-Grain and Pro-
duce-Review OF Trade

New York, Feb. 2-The slump in the
stock market this morning was SO sud
den and violent that the trading almost
took on panic conditions. but the ava
lanche 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 to
let go at whatever sacrifice had been
quickly abandoned and late drive by
the bears found prices by no means so
unresisting as in the morning.
The covering of shorts worked a sub
stantial rally before the close. The early
slump ranged from one to nearly 1--WE
points in the standard shares and from
that up to an extreme decline of u points
in METROPOLITAN Street Railway in the
specialties. Reeoveries. though sharp in
some shares, were at no time complete
in any stock. The later tone of the mar
kets suggested that The break was at
least encouraged by manipulation and the
substantial character of the buying at
the extreme decline corroborated the
view that there We're waiting purchasers
anxious to secure stocks at a lower level
of prices. But the fact was obvious, new
ertheess, that apprehension over the Gu
ban situation was more acute than at
any time heretofore.
There was evidently a mass of orders
to sell at the market price when trading
opened and commission houses report
that these came from many sections of
the country, indicating an uneasy feeling
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 decline which
has been made.
London was also large buyer during
the day, its total purchases being esti-
mated at 40. 900 shares, or 100000 shares in
two days.
weak the decline in the bid price being
hm1la per cent Money was higher call
loans being Am1 per cent. and time loans
for 80 days were made at per cent, with
quite an advance in them. The calling of
loans released quite amount of ster-
ling exchange which was held as collat-
eral. and the exchange market broke
sharply, demand sterling being quoted at
&c below yesterdays prices. This is near
the gold import point and suggests an
available source of relief for any threat
ened stringency in the money market.
Quite heavy movement of currency to
the interior is still in progress, but it
does not appear that this is due to any
other cause than the expanding 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, nota-
bly, the grangers, with Burlington lead
ing, and the international stocks, with
Union Pacific preferred the most active
sufferer, enjoyed sharp rallies. SO that
the days net declines are brought with
in a range of one to four points outside
the specialties.
Metropolitan Street Railway dropped IL
points, but closed three points above that
and Manhattan, though 1t fell at one time
a n & "
points.
The movement in the bond market was
in sympathy with that in stocks, declines
ranging between one and two points.
Prices closed somewhat above the low
est.
Total sales, 81. 025. 900. u. S. new As cou-
pom fell ~ per cent. and sold at the bid
price, 12515. The registered bonds 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 per cent. and the old As regis
tered 4 per cent. bid.