The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-02-27
NEW. YORK STOCK MARKET.

q NEW YORK, Feb .2s-The stock market was
ustless and without decided tone to-day. The
net changes were trivial in most cases and the
market mpveds up and down within narrow
range. London buying gave slight upward
Impetus at the opening and then profit taking
by yesterdays buyers drove prices below last
nights level The close was above the lowest.
but net changes were much mixed. The course
of prices was unsettled and conflicting in the
final dealings some stocks moving upward and
: emily without manipulation. The whole of the
trading was by small room traders and large
operators were apparently content TO stand by
for the present and watch the course of things.
Canadian Pacific ruled higher. Northern Pa
cif1c preferred was notably firm all day.
The bank statement was without particular
effect. the conditions disclosed had made
themselves felt during the week. The heavy
decrease in loans indicates liquidation on the
Stock Exchange but probably does not fully
measure 1t, as the loans which have been
called have been in part replaced in time loans
and commercial paper.
: Prices of standard stocks are 196 points
lower than week ago. Declines in the specu-
lative bond issues are 1Q3 per cent. Govern
ment bonds are 14ag31a per cent lower, call
money rates have risen from 11zG3 per cent
and exchange has fallen to the gold import
point, with 5000. 600 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
for time. The weeks drastic liquidation In
the stock market 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 pre-
cpitated decline that wiped out all mar
gins and brought torrent OF stock on an
already weak market. From technical stand
point the stiffening of money rates precipi-
tated the decline The higher money rates
were in turn due to Withdrawals of currency
from New. York banks for shipment to the
interior. Competent expert authorities differ
as 10 whether this movement OF money to
the interior is to be attributed to the prepapa-
ton for the regular spring settlement, and is
thus 10 meet regular business demands or
whether It is a cautious safeguarding by in
terror. banks. against q possible need growing
out OF. political complications over Cuba. AS
against the latter view IL Is to be considered
that interior banks are permitted by law to
count as in their legal reserves a certain pro-
portion OF sInoney which is deposit in New
York banks -adesignated' as repositories the
same though it were sin their own vaults
1T lis also. true that There is increasing
amount Of commercial paper Offering at in
terror financial cefters. The London mar
:ket has persisted in buyipg American securi-
ties in the face OF the violent decline in
prices. Even the% gold movement to- New
York. estimated all the way from so. 900 900
to $50 900, COO has not put stop to London
buying of American securities, result which
usually follows. almost Immediately. Large
capitalists and corporate interests on the look
out for. bargains credited with having alb
sorbed large lines Of stock in New York as