The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-02-27
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News Mining Stocks,
Metal Quotations-Wool Prices and
Movements Grain and Pro-
duce-Review of Trade.

New York Feb. 26.-The stock market
was listiess and without decided tone to-
day. The net changes were trivial in most
cases and the market moved up and down
within narrow range. London buying
gave a slight upward impetus at the
opening and then profit-taking by yes
terday's buyers drove prices below last
nights level. The close was above the
lowest but net changes were much mix
ed The course of prices was unsettled
and conflicting in the final dealings some
stocks moving upwards ond others DOWN
ward simultaneously and apparently
without manipulation. The whole OF the
trading was by small room traders, ana
large operators We're apparently content
to stand by for the present and watch
the course of things
Canadian Pacific ruled higher. Northern
Pacific preferred was notably firm all
day The bank statement was without
particular effect. as the conditions dis
closed had made themselves felt during
the week The heavy decrease in loans m
dieates liquidation on the stock exchange,
but probably does not fully measure IL,
as the loans which have been called have
been in part replaced IN time ioaHs anu
| commercial paper
Prices of standard stocks are one to SIX
/ points lower than a week ago. Declines
/ in the speculative bond issues are from /
/ to 3 per cent. Government bonds are liz
1 to 3D. per cent. lower. Cali money rates
have risen from liz to per cent. and ex-
| change has fallen to the gold import point,
! with 81, 200. 900 engaged for shipment or in
passage. This, in brief. represents the
| changes in the financial situation from
| last Saturday.
Prices of stocks are considerably above
! the low point of Thursday morning, when
| the downward plunge took on panic con-
, ditions for a time. The weeks drastic
| liquidation in the stock market was
| forced by the marking up OF call loans
Coming on a market poorly supported,
because of the threatening outlook OF the
| Cuban question and with many orders
to sell out long stocks these offerings
precipitated decline that wiped out all
margins and brought a torrent OF stock
on an already weak market
From a technical standpoint the stiffen-
ing Of money rates precipitated the de-
cline The higher money rates We're in
turn due to Withdrawals of currency
from New York banks for shipment to
the interior Competent expert authorities
differ as to whether this movement OF
money to the interior Is to be attributed
to the preparation for the regular spring
settlement and is thus to meet regular
business demands. or whether 1t is a eau
tious safeguarding by interior banks
against possible need growing out OF
present complications over Cuba. as
against the latter view, it is to be consid-
| cred that interior banks are permitted
by law to count as in their legal reserevs
certain proportion of money that is or
deposit in New York banks designated
as repositories the same as though 4
was in their own vaults. 1t is also true
that there is an increasing amount OF
commercial paper offering at interior
financial centers.
The London market has persisted II
buying American securities i'll face of thu
violent decline in prices. Even the golt
movement To New York, estimated al
the way from $40 100000 to $50, 900. ha
not put stop 10 London buying o
. American securities, result which usu
! ally follows almost Immediately. Larg
, capitalists and corporate interests on tn
lookout for bargains are credited witt
!, having absorbed large lines of stocks il
New York as well as in London.
AS for the sharp falling of the bonds,
! rise in the money rate is naturally co
incident with a fan in governments. TIL
banks which became repositories for tn
Union Pacific payment to the government
had TO give government bonds as securi
! ties, and the demand thus created mad
: record prices for the bonds Now the gov
eminent is Withdrawing its deposits an
reissuing the bonds to the banks, thu
: making them available in the market.