The age-herald., 1898-03-12
In w cn Street.

New York, March n.-There was brief show of strengh in some stocks in the early trading this morning, due to prices having been ad- vanced on the London exchange above the New York parity last night The advance did not reach the London level so that there was considerable arbtrage buying for London account. There were some buy ing orders also. which were executed through the channel usually employed by Washington operators. This buying soon came to an end and gave color to the sup position that the orders were merely placed for effect The whole list soon yielded to depression and the decline was only ocea- sionally arrested by unimportant rallies during the rest of the day.
 The strength displayed by American se- curitfes in the early dealings in London was in strong contrast to the weakness in Spanish government bonds, which were poorly supported either in London or Paris. The only rational explanation that seems available for this movement is that Lon don felt that there was prospect of avoid ing hostlities between the United States and Spain, but was alarmed by the Spanish governments acute financial straits. Sem timent on the local exchange with regard to values was not in accord with that of Lon don. as is shown by today's net declines, which run between 1 and 2 points all though the list and over that In excep- tional cases. The fall of prices was at no time violent, but the offerings of securities were constant and there was no support apparent at any point in the list There was, indeed, a less acute depresson shown by St. Paul than by other grangers, the price having crossed Burlington during the day and closing was over. Kansas and Texas preferred was exceptionally weak and fell at one time IA points. The ex- traordinary weakness of exchange made it possible today to withdraw gold from the Bank of England in spite of the virtual premium asked by that institution. The demand in Paris for gold was reflected also in a stiffening of the discount rate in Paris. Yesterdays late decline in local call money rates proved to have been manipulated and the rate steadied to 1R per cent. again to- day. The local banks continue to lose money to the interior, and how far this movement is offset by the receipts of im- ported gold will not be definitely known untl tomorrows bank statement The de- cline today in the exchanges in the New York clearing banks to less than $109 900 900 indicates the decreased use of money. The banks are contracting their loans, but quite a large part of this contraction goes to re- lease sterling exchange which was used as collateral and which is being liquidated for the importation of gold.
 Money on call 21sd2 per cent; last loan 9 per cent, closing at IF.
 Sterling exchange weak with actual busl ness in bankers bills $4S3% for demand, and at s4S0A@4S1 for sixty days.
 Posted rates $4.S2lk@4.S3 and siS5k@4S5s4.
 Commercial bills $iS0A@4.S0A.
 Silver certificates 54a4d55Ac.
 Mexican dollars 4iaIc
 Government bonds weak.
 State bonds dull.
 Railroad bonds weak.
 The weakness in the bond market today was rather more marked than hitherto, but business was not on a large scale. To- tai sales 000 United States new 4s are 1 per cent. lower; the old As coupon F per cent and the registered A per cent. lower bid.
 New York, March n.-Total sales of stocks today 1885 ,000 shares, including Atchi- son, preferred, 6,550; Burlington 4O1OS; Louisville and Nashville 9075: Manhattan 190S2; Metropolitan 6,725; Reading, prefer red, 3990; Missouri Pacific 3905; Kansas and Texas, preferred, 4645; New York Central 7S20; North American 9,e40 North ern Pacific 7.052; Reading 3,62O; Rock Is- land 15,5Ot; St. Paul 2377; Union Pacific 7,52O Tobacco 17.150 Peoples Gas 13,eS5; l3 1885; Sugar 55S2S; Leather, (preferredD 3,s2O; Western Union 6,720.