Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-02-27
STOCK MARKET DULL
.,,r oHANGKs TRIVIAL. AND THE
RANGE NARROW.
WEAK DAY IN WHEAT.
corn lower, a. Also Are Provisions
FORK the wcnkcst In the List-
Other General MSrLess-rhe Quota
lions. 4,...
~


ions
NEW YORK. February a.--The stock
market was nsiloss and without decided
conc to-day. The net changes were tri-
,sl In most cases. and the market
moved up and down within marrow
range London buying gave a slight up
ward impetus at the opening. and then
,r,et-taking by yesterdays buyers drove
,-.ccs below last nights level The close
VAS above the lowest. but net changes
we're mixed.
The course OF prices was unsettled and
conflicting IN the final dealings, Some
stocks moving upward and others down.
ward simultaneously and apparently
without manipulation. The whole Of the
trading was by small room-traders.. and
large operators were apparently content
10 stand by FOR the present and watch
The course OF things.
some Of the stocks were notably firm
Ell day, such as the Reading and Erie
issues Northern Pacific preferred, and
some Of the Southern and Southwestern
roads. Canadian Pacific also ruled high
Cr.
The bank statement was without par
ttuIar erect as the conditions disclosed
had made themselves felt during the
week The heavy decline in loans indi-
Gates liquidation on the Stock Exchange
lut probably does not fully measure IT,
rs the loans which have been called have
been in part replaced by time loans and
commercial paper.
The prices OF standard stocks are to 6
rer cent lower than a. week ago, de-
clnes in the speculative bond issues are
90 per cent, government bonds are a
half TO 8 l-2 per cent. lower, call money
rates have risen from ID to per cent,
and exchange has fallen to the gold-im-
port point. with S2,3)0.0O0 engaged for
Shipment or on passage. This in brief
represents the changes in the financial
situation from last Sunday. The prices
az stocks are considerably above the low
point of Thursday. morning, when the
downward plunge took on panic condi-
tons for time.
The weeks drastic liquidation in the
stock market was forced by the mark
ing up Oh caN loans. Coming on a mar
get poorly supported. because OF the
threatening outlook of the Cuban ques-
ton. and with many orders 10 sell out
lying stocks these offerings precipitated
G. decline q az wiped out all margins, and
brought a torrent of stock on an already
weak market.
From a technical standpoint. the stiff
ftning Of money rates precipitated 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 authori-
ties differ as TO whether this movement
OF money 10 the interior is to be attri-
Duted TO the operation of the regular
spring settlement, and is thus to meet
business demands. or whether it is
cautious safeguard by interior banks
against a possible need growing out Of
our present complications over Cuba. The
Cuban question was, of course, the d.
rect incentive for very large offerings Of
stocks and bonds, but the forced liquida-
ton was largely augmented by the ex-
banding uses for money in fields other
than speculative. The London market
has steadily refused TO take alarm at
our Cuban complications, and has per-
sisted in buying American securities in
the face of violent declines in their
prices. .1.
Prices IN the bond market have moved
I'm sympathy with stocks, but over a
much narrower range. and on largely
decreased volume of business. Declines
IN government bonds are from IL to 8 IL,
the latter in the new As, coupon.
The total sales Of stocks were FS,4OO !
shares. including Chicago, Burlington and !
Quincy. 1906 Manhattan, 1875; North
ern Pacific preferred, 1850; Rock Island,
+ 4os; St. Paul. 1890; Union Pacific, $3.50; !
Peoples Gas. 6ss5; Sugar, 1925 Vest
ern Union. 50S2.
MONEY AND EXCHANGE.
Money on call steady at per cent; |
last loan at 2 per cent; prime mercan-
tUe paper. 31-204 per cent
sterling exchange drmer, with actual
,,,siness in bankers bills at S+S4 lao |
n S4a-S for demand and $i.a 81 for sixty |
savs: posted rates. s4Ssq$iS IL anu anu
as i-2dSiS; commercial bills A.Sla
SILVER certificates. So S-Sa5e 80 Bar sill
YER 551-4. Mexican dollars, 40 Il
St,te bonds quiet. Railroad bonds
steadv. Government bonds Irregular
.,.,,f,L QUOTATIONS.