The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-24
HEAVY SLUMPS ON
STOCK MARKET.
Further Decline in Many Securities
And Stocks feveriSh.
TWO PER CENT. ON CALL LOANS
Made at That Ratc--Whcat ard
Corn Heavy and Decline-Cotton
Dull But Stcndy-Provisions fr-
rcgular--Ricbmond Market

NEW YORK. Feb. 23.-To-day's further
decline in stocks undoubtedly reflected a
condition Of real apprehension in the
minds Of holders OF securities as to the
developments in the Cuban question.
Commission-housc orders TO sell were in
large volume. even at the opening. and
these soon swept away the advances over
Mondays level. which had been clabo-
rately arranged by use OF cable TO estab-
ush higher range Of prices in London
over the holiday. There was professional
buying at opening designed 20 same end.
hut not even the first quotations were up
10 the London parity. Gains were speed
lily wiped out by the slump which fol-
lowed tho abandonment of professional
attempt 10 sustain prices. Uncovering Of
margins and selling orders 10 stop losses
brought "a flood of stocks on the market.
Sugar led the break. with decline or
over = points. rise followed but the
stock was fcvcrish all day. closing near
The lowest at an excitement decline or
over points. The local spccldlties were
also centres OF weakness. The Great
Northern preferred dropped off Z points.
The weakness of the morning was IN spite
of large buying in this market Tor LONDON
account Estimates OF the volume OF TINS
buying ran as high as slrty thousand
shares Of stocks. The London market
and The continental exchanges showed an
improved tone I'm subsistence OF apprehen-
sion regarding the West African situa-
fiou but there was "a significant decline In
London and Paris In the Spanish as. the
losing price i'm London showing loss OF
H. as compared with Mondays closing.
The DAYS net losses exceeded points M
only "A few Of the standard stocks. but
were over points IN some OF the special
ties.
The outlook in the money market is
not such as 10 encourage speculation.
can loans were made at . per cent. TO-
day. Currency continues TO move 10 the
interior. and the Sub-ITcasurN hdu
credit balance az the clearinghouse to-
day of SfT72.51G. rejecting the with
drawal of another 10 per cent. instalment
of the Governments deposits OF the
Union Pacific payment Foreign exchange
weakened only slightly in face of the
large London buying Of stocks The de-
cline in exchange I'm Paris was more
marked This development offers some
Confederation of the report that a portion
of the money which IS going from Paris
20 London on account Of the disturbed
condition of affairs at the French capital
10 going into American securities. stand
ard oil U0uidating certificates are not
dealt in on the exchange. but to-day they
sold AZ $40. as against 800 at the opening
to-day. Before the recent 10 per cent.
dividend distribution the stock sold at
The bonds were weak in sympathy with
stocks especially I'm the speculative is
sues There were very heavy dealings IN
Union Pacific. Total sales 4.275.OJO Cow
eminent bonds were decidedly weak.
United states new As. registered, declined
"a. do coupon. u. the old As, registered,
the 5s and the 2s. y bid.
The total sales Of stocks were 5212OO
shares. including Atchison preferred. TO-
POO. Canada Southern. 500, Chesapeake
and Ohio. G43j; Chicago, Burlington and
Quincy. 27119. Louisville and Nashville,
1860. Manhattan. 291G1; metropolitan
street railway $3.50: Reading first pre-
f.rred. GG3O. Missouri Pacific. $50; New
Jersey Central $3.50. New York Central.
u.s. OoO. Northern Pacific, $500 do. pre-
ferred 3l729. Chicago Northwestern,
o. 4gt Rock Island. 1854; St. Paul. 44.626;
Union Pacific 1896; American Tobacco.
f5i. Peonlc's Gas. $3.50; Sugar. = o3J;
Western Union. 1l,72O.
MONEY AND EXCHANGE.--Mon on
cali easy 40 1isa2 per cent; last loan at
ia. per cent, prime mercantile paper.
@dl per cent. Sterling exchange easier.
with actual business i'm bankers bills at
1SlA for demand and az 4S3aiS34 for
sixty days; posted rates. 4Sia4S6la' COM
mcrcial bills 49,. Silver certificates 55l3
nlGi4. bar silver. J5ia. Mexican dollars.
$685.. Government bonds weak. state
bonds dull. railroad bonds weak.