The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-20
UNEASINESS IN
STOCK MARKET.
American Securities Affected BY the
Cuban Question,
MAY WHEAT IS AT FLOOD MARK.
July Shove Even More Sensational
Strength--Corn. Oats and Provisions
Adyancc--Buils' and Bears Bat
tile Royal over Sugar

NEW YORK, Feb. 19.-There was
fet ling of uneas'ness over the European
political situation reflected from al Tor
elgn exchanges to-day before the opening
Of trading On the New York ExchaAge.
The collision OF Brit 81 and French au-
thority I'm the Niger district Of Africa ana
the ,Ac.ted C0noItion OF the pubic nina
in Franco were the motives for the heaNi-
ness which in London resulted IN raj
OF D. 10 isriush cOnsols American Securl-
ties were affected 10y the neral heaVi-
ness as we'll as by the special conslotra-
lions growing out OF the Cuban question
Decl mes in Americans reached point IN
London in number of cases before the
Oncnl4 < here. ana, as a consequence ~
the opening selling orders were placed LOT
London account. There was no local sup
port for prices. on the contrary, there
was a resumption Of liquidation, ana the
bears were encouraged TO raid the mar
ket Prices quickly fell, not only 10 the
London party, but below II. TIE declines;
ranging up 10 3 points and oVr. invited
covering by the shorts, and prices mar
den O. nut at no time did they fuily re-
cover 20 yesterdays close. The weakness
mt in sugar make IL the centre OF
a fierce raid Ia the final dealings ana II
sank 4L points 10 12S;S, the whole hst
selling off 10 the lowest. There was very
determ ned support for Sugar at and be-
low 100 and the closing Of the market
saw d battle royal IN passage between
the bulls and the Dears, ana the market
consequently in n very unsettled cOndl-
ton. Rallies OF over a point were maze
bv a number of stocks besides Sugar, but
net losses were left on an average OF over
point. London selling was feature OF
the day. and the supply OF I. aPul from
that source was sufficient 10 meet large
demand here and keep the price down.
The rate war in prospect between Cana
dian Pacihc and granscOntinental lines IN
the United States for klondtke trdnic
was a depressing factor. causing de-
cline of 3 points in Canadian Pacific, and
L. n ~
fccted. Union Pacific IS were very n aV-
ily dealt IN, two individual transactions
of a par value Of $4,000 and $ljOVD, re-
spectiVely. being recorded. one block OF
10000 OF Rock Island extension 0s also
changed hands.
The weeks developments In the Cuban
question effectually unsettled the market
and precipitated a heavy liquidation OF
speculative accounts The bears showed
some hesitancy at times during the week,
which caused a rally on two days-name-
~, Tuesday and Thursday The days OF the
everest declines. To-days bank state
ment reflects conditions that may also
account for some of the weeks hQuida-
ton I'm Wall street. II was expected that
the movement OF money away from New
York and the withdrawal or an install
ment of the Government deposits OF the
Union Pacific payment might be offset
nv "A contraction of loans resulting from
the liquidation on the Stock Exchange.
Instead there has been an expansion IN
loans OF over Sf.f'NsiNf anu a u AiiiAf III
the surplus reserve of S6.7isGOO The
loan account is probably affected by the
operations I'm connection with the Kansas
Pacific sales. The astonishing growth OF
our foreign trade. as indicated in the
Governments report for January, the
large consumption Of iron at advancing
prices the continued foreign demand Tor
grain at high prices. and the favorable
tranic returns of railroads, all point 10
an increase in values, but prices on the
Stock Exchange were unable TO with
stand bear pressure for the time being.
Bonds held relatively much iirmer than
stocks during the week and showed me
evidences of continued large absorption
hv investment. Total sales S2i 220OOO
United States new As. coupon, declined
a. do. registered, *: old Is. registered,
=; do. coupon. ~, and the 0s, rs.
Total sal s. 277, 600 shares including At
Gibson preferred. 5,355: Chicago, Burling-
ton and quincy. 1860; Manhattan. s.4S5;
Metropolitan Traction. $50: New York
Central. $500; Northern Pacific, 104aO;
do. preferred. $50: ST. Paul 2l.J0i;
Union Pacific. G,73f; Peoples Gas BOD;
Sugar, 81, GOO.
MONEY AND INCHANGE-Mone on
call easy at ~ per cent; last loan, IL
per cent; prime mercantile paper ga
per cent. Sterling exchange iirmer, with
actual business In bankers bills at 4S1H
days. posted rates, 4SIH4SGia; CONNER
cial bills, Az. Silver certificates, 5JhH
56is bar silver. 559i: Mexican dollars
45i3. state bonds quiet railroad bonds
weak; Government bonds weak.
BANK STATEMENT The weekly bank
statement shows the following changes:
Surplus reserve, decrease ....... S674StOo
Loans. increase ...... ........'. t'VtS NV
Specie, increase ...-. ..........- i'opp'loV
Legal tenders, decrease ........ S.6ia5iD
Deposits. decrease 90. ......... l23SOo
Circulation decrease 80. az. -, loopoV
of the requirements of the - per cent.
rule
The Financier says: The statement Of
the Associated Banks for the week end
ing February 18th IS remarqable Tor us
loan and cash showing. ordinarily an In
crease OF S707S $40 in loans Is accom-
panied BY a proportionate expansion in
the deposits but in the current state
showing a decrease of Sl36G0 ON the
other hand, there was "A loss of Sj1I9 100
I'm cash, the gain of 81 sG,lcO IN specie
having been offset by a decrease 0t
s. 6i5JOO In legal tenders Where IN
money went Is somewhat prOblcmatcal
but the statement analysed as 20 indicate
changes shows one large bank 20 nave
lost nearly five million in cash. It's loans
remain at or near the same ngure pre-
ViOusly reported. and its deposits have
fallen OFF five millions. Three of the other
large banks seem 20 have lost three mil
lions in cash thus accounting Tor the
total ChdOEt OF lDt Nr'hs lie biiiN lnlti-
snce Is that cash loaned or an amount
as large, has gone ont Of the banks, since
II does not show in the deposits. and the
Increase in loans and the decrease in
cash almost exactly Offset each other
As the reserve requirement of the week
were not affected by heavy deposit
changes. the loss in cash reduces the sur
plus reserve by almost the same amount
drawn out OF the banks The excess
money In bank is now down 10 S25 6SS $50,
an amount about one-half as large as re-
ported for the same week last year nee
January 10Th. this year. the loss I'm re-
serve has been SO.OOOODo. while deposits
have increased SlG.OOO00O and loan S2S.-
oOO.OO. In other words, loans are eX-
panding faster than deposits, and cash
s. decreasing as a result Although the
latter has been the case for only a week,
Il Is significant. as showing that the flow
OF money 10 this centre has been checked
20 meet growing demands AZ interior
points. New York exchange NJ nearly ali
domestic centres rs at discount and
the actual shipments OF currentcy 10 The
banks IN a number OF cities widely sepa-
rated is a healthful indication Of better
trade The outlook is that nrmer
morey market viii be only natural
result.