The herald., 1897-02-21
MARKETS OF THE WORLD
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
Prices Are Firmly Held but the market
Is Flat
C-pitaIicts Of California Load Up Eastern
Banks to Escape the Taxes On
Cash In Hand

NEW YORK, Feb. GA total of "a, 900
shares sold tells of the stasnation which
prevailed on the stock exchange today
The narrowness WGs added to by the pros
pective full holiday Monday. The fact
that trading would be SUSPENDED over two
days caused some of the professional
short interest to start to covering, as
provision against possible contingencies in
the interval. This movement was not ex-
tensve or long lived. but it caused an up
ward tendency in prices, Northwestern
preferred being the only stock however,
in which the improvement reached the
dimensions of a point touching 155. The
weekly trade reports, which for the most
part were favorable, ana the strength in
wheat also had a sustaining influence on
the market Such reports CT railway earn
ings as were at hand today were also. for
the most part favorable. The covering
came to a stop, however. and the advance
In prices was checked in the last half hour.
One of the causes of the check was the pub
lication of the bank statement, which
shows an increase In the reserve of "a o25,-
12o. and decrease in the loans of sl,G20
000. was generally regarded as unfavora-
be. The decrease in the loans is looked
upon as being due to a contrast with re-
cent large transactions. An increase of
cash, both specie and legal tenders. of
sj,siG.5oJ is shown and this is supposed 10 be
dus for the most part to the receipt of
goit{ from California. The tax upon cash
In hand under the California state law
comes on the lst of aMrch and an increase
of funds from California is the conse-
quence. Some depression was reflected in
this market from foreign exchanges
where uneasiness over the Cretan i'm
broglio continues. The market sagged un-
der these combined influences. so that the
early ga lns were almost all lost and the
market left off heavy 1t is subject of
some surprise among many skilled OBJ
servers that there has been as yet no
marked revival Of trading and specula-
ticn in stocks. The habit of anticipation
and discounting probable developments on
the stock exchange is well known, and that
the outlook for business is good there is no
room for doubt. The evidence of a coming
revival is mos conspicuous in the iron
and steel trade as consequence of the dis
solution of the steel rail pool. the reduction
Of price and the enormous contracts which
nave been made as a consequence. The
demand for raw material thus created the
employment assured to labor and the i'm
Petus given TO all branches Of the iron
trade are confidently counted upon to help
pn the end. The iron interest is so enor-
nous and its ramifications so remote that
Its prosperity cannot fail to have marked
effect on the whole business of the country.
The undertone Of firmness on the stock eX-
change. as a result of these conditions. Is
clear, even in a market restricted to The
narrowcst professional limits. Railroad
properties. although some Of them begin to
SHOW some Improvements In earnings, are
very far from feeling any benefit yet from
the general Improvement in business. Some
benefit has accrued from the cheapness of
steel rails. but the profits present and i'm
med.ately prospective of most railway
properties are on an enormously reduced
basis. and fears of a reduced lacking
dividend are prevalent among the share
holders of Il great many properties. The
BOND market during the week responded
reaGty to a variety Of favorable factors
raising the value of a number of issues
government bonds ruled very active and
higher on a demand by local and foreign
investment interests.