The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-08
THE BEARS N ADJ
A FIERCE RAID.
Playing Hovoc With Accounts Held
on Marrow Margins.
The CLOSING WAS IRREGULAR IF &
The Rush OF the bears to Cover at the
Low Level Caused Some Violent
Isaliics-Bond Market Com
tinucd Active.
The CLOSING WAS IRREGULAR.

NEW YORK. Feb. THE stock mar
ket to-day offered a striking demonStrd-
ton OF the weakness cnscndered ps a
sudden and violent advance in prices am. anu
the reckless speculative ventures 1Hei Guy
invited. The professional bear ope'a.olSS
found an easy prey IN me swarm ~, "
spectators who have been buying sto o
Tor week past on margin VAIN ooA
ToWed money.
In the latter. part of the day the bears
swooped upon the market, o!tcrlis piiSsSa
down with apparent reckieSSness, aiu
playing havoc with speculative accounts
held on narrow margins. me Wlpliis on a
of these margins left no alternative 10 tie
holders but to throw over their STOCKS IN IN
order to avoid losses. The Dun !GaoeIs
OF larger calibre had either realized pro-
fits at the higher level. and We're Wllhns
TO see a reaction in prices to get INTO
the market again. or "l!nheio SuPpo,r
from the market with a view 10 siidhi,ls
off the undesirable following or spccula-
tors with small resources. VINO Gonsu
tuted 4 menace to the further ADVANCE
in prices. This is the class OF specu ,laI.
tors who come into the market ana pus
stocks simply because there mas been
IN advance in prices. with SanSulnc hopes
that there will be further indefinite az
vance. The weakness OF their postum
makes them timid. and they are quicfN
to sell at the first note oil alarm II was
this class that We're the principal su11sr-
ers in to-day's shaking out. People VINO
control large capital and who bought IN
the panic of December and started Inc
bull movement last week. have taken
profits on a very large scale Ihc,r sell
ing was met by so large a demand up 10
Today as to keep up the level OF prices.
There was evidence during the morning
of continued large absorption at some
points in the list, notably in sugar, Sild
TO be covering for the bear account. and
Pennsylvania, Union Pacific and Tobacco.
Some stocks of minor Importance also
continued TO advance but it soon became
manifest that the selling pressure was
greater than the new demand could ap-
sorb. 1t WAS then that the bears MADE
They clipped ~ points from the price Of
Tobacco and in number of the meta!
stocks. conspicuously National Steel and
Steel Hoop, and in Sugar and the local
from = to points. In the railroad Hst
Baltimore and Ohio reacted rs Kock
Island nearly 3 points: St Paul S ear1rsi
Pennsylvania and Missouri Pacific from
At the low level the rush Of the bears
TO cover caused some violent rallies,
Metropolitan being pushed up o9 points.
In Third-Avenue. Sugar, Tobacco, Ma,
uonal Steel; Baltimore and Ohio am. and
13a to over 3 points.
There was very heavy ABSORPTION all
day of Union Pacific, which in the final
from lower level and at fixed net changes.
The market Tor bonds continued active;
sales. par value So go 900. United States
old as coupon advanced 4 in the bid
price.
The total sales of stocks to-day We're
Sal, 800 shares, including Atchison, 1000;
do. preferred. 1885; Baltimore and Ohio.
80 ,G30: Burlington and Quincy 13-lS'
Rock Island. 11.!5o: Louisville and Nash
WILLIE 7,77a; Manhattan. 1900: Metropoil-
tan 2O..,5O: Missouri Pacific. 11,53O: Nor
folk and Western, 21,3c5: do. preferred.
$50; Northern Pacific, 5000: Ontario and
Western, 14.O50; Pennsylvania. $50;
Reading first preferred, 300: St Paul,
81 .450; Southern Pacific, 19.64S: Southern
railway preferred, 5000, Texas Pacific,
5000; Union Pacific. 1880: do. pre-
ferred, 1920: Wheeling and Lake Erie,
I, 49,; American Steel and Wire, 14,S:o;
American Tobacco. 40.6o0: Brooklyn
Rapid Transit, aS!5V; Colorado Fuel and
Iron, S. 100; Federal Steel 14.GSi: National
Steel 2l.S40; Peoples Gas, 10,213; Sugar,
IS 80: Tennessee Coal and Iron. 1000;
Leather, 1880; Republic Iron and Steel,
9,1G0.
MONEY AND ENCHANGE.-Monev on
call steady at 2G2la per cent; last loan
at ..;% per cent: prime mercantile paper,
4a:5 per cent Sterling exchange easy,
with actual business in bankers bills at
81 S71.GII .S71a for demand and at S4.SiA
m4.S4I, for sixty days; posted rates, S4.S5
and SI.SSla: commercial bills S4.S;'la. Sill
yer certificates, .3iSnuy -; bar silver, !93s;
Mexican dollars. Az. Government bonds
strong: State bonds 1irmer; railroad bonds
IRREGULAR.