The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-02-25
New York
Stock Market

New York. February a4.--Thc actor
OF tho stock market to-day could no,
be explained ms the result OF altcra-
tion I'm conditions which determine
speculative opinion. These conditions
were little changed: in fact, some i'm
provoment might have boon discerncd
had Wall Street been In more cheer
full frame of mind. But stocks again
broke sharply. many important issues
dropping to now low points. For a
tiyno during the morning quotations
foil back at such u rapid rate that the
market was badly upset. In the last
half of the day trading was 0uieter
and some recovery was made, but nuc-
tuations continued in Il nervous. err
rattle manner.
The break began in Can, which gave
way under n rapid fro from bear
traders Goth the common and the
preferred dropped about six points.
Beading and Union Pacific also were
sold heavily, the former losing 3M. 1t
is necessary to go back several years
10 duplicate low prices made BY some
stocks in the general decline which
followed the slump in Can. North
western sold at 1873. the lowest since
1901: Southern Pacific ut 9SA. the low
point since 1905: Erie at 26H, the first
preferred ut 42Si, AMI Louisville and
Nashville AT 1905. touched the bot
tom figures since 1910. The weakness
among spccialtics, which has been q
recent feature of tho market was
again apparent, such stocks as Rumely.
Woolworth. Goodrich and Mexican Pc
trolcum showing substantial losses.
Tobacco dropped - points
Tho weakness Of the market gave
rise 10 various rumors. mainly con
corning government proceedings
against corporations. but none of them
was substantiatcd. The decline served
merely TO illustrate the excess of bear
ishncss in speculative opinion ut pres
emf for to-dny's selling appeared to
be little more than a bear raid. the
effect of which was augmented by the
uncovcring OF some stop loss orders.
In another mood the street might
have derived some comfort from the
more cheerful sentiment abroad on eN-
pectations OF peace In the Balkans.
London bought 5000 shares of stock.
Lehigh Valleys report OF a $4,000
gain in net last month. decrease in
the number of idle freight cars. cheer
full reports from Western traffic man
ayers and the gain in surplus by the
banks. were developments which at
other times might have been construed
favorably.
The bond market continued to be
heavy. Total sales. par value, S2,15O.-
coo.
United States bonds unchanged on
call.
Total sales to-day. 4s2.4oo. includ-
ing: Amalsamatcd Copper. $1,000;
American Tobacco. 400: A. c. L., 100:
c. e o., 1900; Lehigh Valley, $500:
l.. & ~, 1900; y. & w. 400; Reading.
10000; Seaboard preferred. 500: South
ern Railway. 1900: Southern Railway
preferred. 200; Union Pacific, $500;
Steel, $500; " c. c.. 200.
New York, February 24-Money on
call easier, % 6D3H per cent: ruling
rate, 3; closing bid. "a: offered at
~. Time loans. easier; sixty days.
Az OAK per cent; ninety days and
SIX months, Az @D4sl; prime mercan-
tile paper. 8 per cent Sterling cx-
change, steady, with actual business
in bankers bills at 4.S320 for sixty
day bills, and $3.50 for demand
Commercial bills, 4S22.
Bar silver. 81.
Mexican dollars, 4Sia
Government bonds steady railroad
bonds heavy.