The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-19
BEARS ACTIVE
IN THE MARKET
Offered Prices Down Boldly and
Freely.
CALL LOAN RATE FLUCTUATED.
Advanced and Then Dropped Half n
Point To Two and Half Per
Ceni.-Extraordfnary Moves
mcnt In Steel Stocks.
or Assoc,.ted Prcss.l

NEW YORK. Feb. 1S.-To-day was one
OF active speculative liquidation In the
stock market The bears took a very
active part in the days proceedings. both
by short selling and by manipulation for
the decline, Offering prices down freclE
and boldly. There was not much evil
dence of determined support, except by
the sympathetic influence of the persistent
strength OF :: few individual stocks. Be
sides the extraordinary movement in the
steel stocks there was decided strength
shown by the new Toledo. st. Louis and
Western stocks, St Louis and San Fran
cisco second preferred. Illinois Central,
Cleveland. Lorraine and Wheeling pre-
ferred, Ai1algaInatcd Copper and Consol-
idatcd Gas. There was evidence Of con-
timed activity on the part OF bull pool
in Burlington, but other grangers showed
some sympathy at one time.
There was some support at intervals
also by sympathy with the Delaware and
Hudson, which was extremely erratic all
day. 1t sold down early > points and
then got :I4 over Saturday. There was
downward plunge in the period of gen
eral weakness of S points. and the final
rally left the net loss only 1&. In the
steel stocks it was clear enough that
Spectators were attempting 10 adjust
prices to the supposed terms of exchange
of the existing securities into the stock
of the new combination. The tape made
1t pretty clear that in the present condi-
ton of the plan of combination the pre-
fcrred stocks are intended to benefit in
the exchange far more than the common
stocks. The first class We're all eNtraor-
dinarily buoyant and the common stock
showed signs of decentralization. Hoop
preferred advanced at one time ~, and
other gains by the preferred stocks were
by Tin Plate, 41s by Federal Steel, by
Steel and Wire, and 2H by Republic
Steel.
These advances were checked by the
reaction in the market. National Tube
led the decline in the common stocks of
the steel companies. breaking full points
and closing at ti7> lowest. The losses of
the others We're partly recovered. but at
time Colorado Fuel was down AZ,
Steel and Wire 81 and Tin Plate 23s.
In the general list the reaction ran
from i to So points, the wider losses
being among those stocks which have
been most manipulated for an advance,
notably the southwesterns. including Mis-
souri, Pacific and Kansas and Texas pre-
ferred. and some of the lately developed
obscure stocks. such Nancevllle and
Terre Haute. II was clear that the out
look in the money market was the inn
polling cause of liquidation, and not any
conditions. In fact. the liquidation did
not appear TO be voluntary, but was
forced by the uncovering of stop-loss
orders on the decline. which the bears
With the wiping out of margins stocks
were thrown on the market to protect
brokers and comniSSion-houSeS which
We're carrying them for customers. The
call-loan rate went to 2la per cent. dur
ing the day. but dropped back to > per
cent. partly due to the receipts of S'tO:-
COO credit by one of the banks for Aus
tralian gold arrived at San Francisco
There is no expectation. however. that
closed conditions in the money market
will be escaped in the near future Bank
ers continue to express confidence that
there will be no actual Stringency. but
such large requirements for credits dur
ing the heavy financial transactions in
progress remain still to be- met that
sentiment over the money outlook is
nervous
Very heavy buying of Southern Pacific
IS was the feature of the railroad bond
market. The tendency elsewhere was
generally reactionary. Total sales par
value. $685.. 600. United States old As
advanced Il on the last call.
Total sales to-day were 1850 shares
of stocks.
MONEY AND ENCHANGE.-Money or
on call steady at o@2la per cent; prime
mercantile paper. 2lAGG .41. per cent Ster-
ling exchange steady at the decline. with
actual business in bankers bills at 81. $40
4s71s for demand and at 81. S3ts for sixty
DAYS: posted rates, Si-S41s94 -Soii2 ana
81 .SS04. $751;; commercial bills. S4.S3@
! .S31S. Silver certificates. c.. bar sill
yer. G1k: Mexican dollars. A.. Govern
nent bonds strong. State bonds inactive;