The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-26
SHARP RECOVERY
IN STOCK PRICES.
The Early Importation of Gold Is
ForeshadOwed.
WHEAT FROM STRONG TO WEAK.
A Distinguishing Feature OF Business
Was the Large Number OF Small
Lots OF Stocks Changing
Hands---Cotton Steady,
WHEAT FROM STRONG TO WEAK.

NEW YORK. Feb. 25.-Therc was a
sharp recovery In the prices Of stocks to-
day, In which the engagements Of gold
FOR import was the prcminant influence.
The course OF the exchange market yes
terday fOreshadowed the early impOrta-
lion OF gold. which is the direct outcome
OF tho stiffenlng OF the rates for call
money. The amount of sterling exchange
held I'm New York is variously estimated
AT from S4O,00oOoO upward. large part
OF IL has been used as collateral for loans.
and the large liquidation Of loans has re-
leased "a quantity of this exchange and
brought 10 upOn the market. In other
words. the rise in money rates makes IL
more profitable to bring home funds which
has been lett abroad on account Of the
higher rate hitherto prevailing there. The
import movement Of gold Is likely 20 con-
unuc unless there should be sharp
advance I'm the money market IN LONDON
and Paris. The bears made an ehOrt 10
retain control Of the stock market az the
opening to-day Of a few specalties. nOta-
hly Metropolitan street railway and Man
haitian. but they were unable 10 wipe out
the gains shown In sympathy with Lon
don A distinguishing feature OF business
WAS the large number OF small lots OF
stocks changing hands. rejecting large
investment demand, which was invited
by the low prices after yesterday slump
Large corporation interests were credited
with continued absorption OF stocks to-
day. The days level OF prices was not
fully maintained but net gains gener-
ally were from j 10 points.
Money loaned al per cent. but later
became easier in response 20 the gold en-
gagemeuts. Rates were frmer in both
the time money and commercial paper
markets There is a continued large
movement OF currency to the interior 20
meet an expanding demand Tor money
there
There was a sharp rally in bonds to-
day I'm sympathy with stocks. Total
sales s. $4,000 United states new 4 s.,
coupons. declined y. do. registered, !, and
old as. registered. and the SIS y bid.
The total sales Of stocks were $4,000
shares. including Atchson preferred
77i5. Chesapeake ana Ohio. SGD; Chi-
rago Burlington and Quincy. $40;
Louisville and Nashville. 1870. Manhat-
tan. 1880. Metropolitan street railway
Sis. Reading first preferred S,d51' MIS-
souri, Pacific. 66O2, New YORK central
157iO. Northern Pacific. $40; 90. pre-
f.rrcd Is $50. Rock Island. 1860, South
orn railway preferred, GOO. Union Pacihc'
13175. American Tobacco, II 500; Peoples
Gas 2O.GGO. Sugar. $500; Western Union.
1oO97.
MONEY AND EXCHANGING on
call firm az 203 per cent; last loan at
rcr cent. prime mercantile paper j14
per cent Sterling exchange weak win
actual business in bankers bills at 4s4
for demand ana AT tNl"fWf'- A'A 0inAe
davs. posted rates. 4S364S3ia and 4Sji24
iSG. commercial bills 4sl04Sllz. Silver
certificates. J5is0j6ia; bar silver. 3o'2;
Mexican dollars. 4ji4. Government BOMBS
weak. State bonds DUH; railroad pohds
strong.
Rank CLEARINGS.-The total bank
Dleurincs in the United states Tor the
week were 81 2Oi S74.15G. per cent in
crease no Exclusive Of New York,
Sf57Gli 500. per cent increase, 2as.