The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-03-01
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HEAVY DECLINE
IN STOCK PRICES
No Development In Condition Of
Affairs to Account For
Heavy Liquidation.
MONEY RATES GO HIGHER.

usy Associated Prcss.3

NEW YORK, February 2S.,rherc were
today TO account in any measure for
the Heavy LIQUIDATION and tile violent de-
clinqs In prices which occurred Ii, Tho
stock market. An active demand de-
veloped for money, and there were cor
siderable Withdrawals OF credits from
the stock market. But IL Is not probable
that restrictions OF credits were large
enough TO force liquidation IN any pro-
portion to the act,inl selling which &C.
Cured. The rise In money rates. how
ever, and the selling which was irttoc.i
proved amply sufficient To topplc over Il
market Which had become top-Iicnyv and
easily vulnerable by n progressive growth
of distrust over the level of prices ruling
and the means which httve been employed
TO achieve that lercl. An important i'm
stance Is the project for the purehase of
the ore lands held BY the Great Northern
Railroad Company In the interest OF the
United States Steel Corporation. The ac-
complishnient OF this project has boon
accepted as Il certainty, although no atl-
tilentic or official ysinforrnation on it's
terms have eyer been given the public.
reports IN the last two days OF n liitci,
IN the negotiations linvc aroused a fear
that the project might fall through. Tic
'o . A'S %NtItI .Ai'l IIiftHtH Al NlptkS
shows the results OF similar conditions in
the speculation. Rumor has continued
busy In an effort 10 sustain priccs with
the alleged further projects since tho
Montana settlement, and skepticism over
the grounds or these ri,mors has been
ginning force. Similar cages on "a minor
scale might he citetl ut various points
In the list az active securities. When
the money supply grew restricted to-day
and active efforts had 10 be made 10 Sc
cure funds by speculative holders OF se-
cnrities thus situated. II vas found ;htft
n kccr discrimination was used against
them Ms collateral for lending money.
The usual margins demanded on the
market value az securities in the amo;:nt
of-thc loans were widely extended, and In
some cases IL was reported that such
stocks We're thrown OH; ns collateral alio-
gether. The requirements for the March
list settlements nncessiiate some large
borrowing, and the contcring of this
demand on The restricted banking sun
plies left the stock market Spectators
without means 20 hold their stocks. TIE
only relief to be had was by liquidation.
The liquidation seemed to ave spent
much OF It's force in the late dealings,
but the nervous fluctuations at the last
We're not far from the low level Of tie
day.
Losses In some OF the stocks most SCI
veroly affected ran TO 10 and u points.
while the declines ranged very generally
between two and five points.
Bonds were weak. Total sales, par
value. s2,6So.Wo.
United States Is. registered, advanced
Y per cent. n call.
Total sales stocks were 1880 sharcs.
NEW YORK. February 2S.-Moncy on
call strong and higher: 4tsd7 per cent;
ruling rate. 6; closing bid. ~: offered. S:
last loan, 6. Time loans %firricr; sixty,
lays and ninety days. 5Ma5i4: six months,
Sa5H. Prime mercantile paper, 5G5is.
Sterling exchange weak, with actual bust
ness in bankers, bill ut st.S6ii;t.S6,05 for
demand ard at siS2.G5atiSe.1 40 for sixty
day bills. Poster rates, s4.S3isAs4.Si and
tt.sIaA.s,k Commercial bills. si.S2,,., Bar
silver, 66 3-S. Mexican dollars. 5lh.