The age-herald., 1898-02-26
In W all Street.

In Wall Street.
 New York, Feb. 25-There was a sharp recovery in the prices of stocks today in which the engagement of gold for import was the predominant influences. The course of the exchange market yesterday foreshowned the early importation Of gold which is the outcome of the stinening or call money.
 The amount of sterling exchange held in New York is variously estimated at $4o,- 900 900 upwards. A large part of 1t mas been used as collateral for loans and the large lioudation of loans has released a quantity of these exchange and brought IL upon the market. In otherwords the rise in money rates makes it more profitable to bring home funds which nave peeh lelt abroad on account of the higher rate hitherto prevailing there. The import movement of gold is likely to continue less there unless there should be sharp advance in the money market Tn London and Paris. The calling in of this countrys gold credits abroad Is likely to put stop for the present to foreign buying or our securities, which has been large of late, and which continued even today. The bears made an effort to retain control of the stock market at the opening today by raiding few of the specialties, probably Metropolitan street railway and Manhattan, b,lt they were unable to wipe out the gains shown in sympathy with London.
 Trading was nervous during the first hour, but after that the upward tendency became fairly settled and continued throughout the day with occasional slight reaction. A distinguishing features of business was the large number or small lots of stock changing hands, renecting d large investment demand Whach was in- vited by the low prices after yesterday lump The short interest created m the recent decline was material factor in to- day's rallies the bears having evidently placed stop loss orders, which were un- covered as the rise progressed. Lah se corporation interests were crediteu With continued absorption of stocks today. Ihe dav's highest level of prices was not fuliy maintained, but net gains generally were from 1 to 2 points.
 Money on call loaned at per cent, but later became easier in response to the golu enga agements. Rates were hrmer Tn poth the time money and commercial paper markets. There is a continued large move ment of currency to the interior to meet an expanding demand for money there. With regard to assertions that this move ment of money is designed to strengthen hank reserves against possible contlnsen- cies. it should be borne in mind that banks are allowed to keep part Of their re- serve in the New York city banks, Whlch are designated as Repositories. These de- nosits will figure in the legal reserves Tn the banks as much as though they were Ill their own vaults
 There was a sharp recovery in bonds to- day in sympathy with stocks. Total saies' $2. $40 000 so.,,.,oa
 Tinted States new four coupon declined 1h do registered and the old fours reg S. tered and the fives, F bid
 Total sales stocks today ,6cO shares including Atchison, 4,75O; do preferred 7'4I'; Chesapeake and Ohio, 8,165; Burlington, al'- SSO. Louisville and Nashville, 12,g75; Man hattan s,s50; Metropolitan. s.ns; Reading nreferred. S.s35 Missouri Pacific, 6,662 New York Central, 15,71o; North American. 3eSo; Northern Pacific, 8,720 Northern Pacinc nreferred. 1S,S7o; Rock Island, l36So; St. PauI g1 5O6; St. Paul and Omaha. 4,5So; Southern preferred, 6.750; Union Pacinc iS,- TX. Tobacco, il ,s99: Peoples Gas, 2o.66o; General Electric. 1885; Sugar. 6S,9 Ten nessee Coal s,6Oo Western Union, 1o,osl.
 Money on call firm, 263 per cent; last Brine mercantile paper, BOA per cent
 Sterling exchange weak, with actual bus svecs in bankers bills at AA for demand and at s4S1%G4s2 for sixty days.
 Posted rates, $iS3d4.S31s and As51sQ4'SS'
 Commercial bills, s4Sl@48l1s
 Silver certificates, 551z@56x.
 Bar silver, 55la.
 Mexican dollars, 45A.
 Government bonds weak.