Worcester morning daily spy., 1898-02-24
. PRICES GO DOWN.
Stocks Refuse to Rally from the
General Break of Tuesday.
Cuban News Said to Have Created Feel.
Ing of Real Apprehenson-Bonds De-
cline With Stocks.

New York, Feb. 23.-Today'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 house orders to sell were in
large volume even at the opening, and
those soon swept away the advances
over Mondays level, which had been
elaborately arranged by the use of the
cable to establish a higher range OF
prices in London today There was
professional buying here at the opening
assigned to the same end, but not even
the first quotations were up to the Lon
I.don parity Gains were speedily wiped
out by the slump which followed the
abandonment of the professional at
tempt to sustain prices.
The uncovering of margins and selling
orders to stop losses, brought a flood OF
stocks on the market Sugar lead the
break with decline of over points
after the rise Of a point, and then fiuc-
tuated feverishly all day. closing near
the lowest, at an extreme decline of over
points. The specialties were also CEN
tres of weakness, Metropolitan Street
Railway losing points, and Manhat-
tan about 8, and Great Northern pre-
fered dropped over points The weak
ness of the morning was in spite of
large buying in this market for Lon
don account. Estimates of the volume
Of this buying ran as high as 10000
shares of stocks.
The London market and the conti-
mental exchanges showed an improved
tone on the subsistence of apprehension
regarding the West African situation
but there was a significant decline in
London and Paris in the Spanish As, the
closing prices in London showing loss
of SIS as compared with Mondays clos
ing. The weakness in the stocks which
were the favorite in the London buying
was deferred in the day, but they ul-
| timately succumbed along with the rest
of the list In fact, the weakness OF
these stocks in the afternoon, after the
sustaining force of the London buying
had been withdrawn, contributed to the
final break in the market. The days net
losses exceed l IA points in only few
of the standard stocks, but were over
3 points in some of the specialties.
Call loans were made at 2 per cent
today. Currency continues to move to
the interior, and the sub-trea asury had
a credit balance at the clearing house
today of Sl,7125l6, rejecting the With
drawal Of another 10 per cent install
ment of the governments deposits of the
Union Pacific payment, Foreign ex-
change weakened only slightly in the
face of large London buying of stocks
The decline in exchange on Paris was
more marked. This development offers
some confederation of the report that a
portion of the money which is going
from Paris to London, owing to the dis
turbed conditions of affairs in the
French capital, is going to American Sc
curities. Standard Oil liquidation GER
tificates are not dealt in on the eX-
change, but in the outside market to-
| day these sold at $40 as against 800 at
the opening today. Before the recent 10
per cent dividend distribution, the stock
| sold at 44S.
Bonds were weak in sympathy with
stocks, and especially in the speculative
issues. There were very heavy deal
ings in the Union Pacific As. Total sales
| 81, ,275, O00
Government bonds were decidedly
weak, United States new As registered
declined ga Do. coupon 1-2, the old As
registered and the 5s and Is IA bid.