The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-27
STOCK MARKET
WAS LISTLESS.
A Rise in the Price Of Money On
Call.
WHEAT WAS WEAK AND DECLINED
The Eepor, Of The Associated Banks
Not Nearly So disappointing a. was
Observation-Disclosures Mar.
kcts aud Quotations.

NEW YORK. Feb 2G.-Thc stock mar
kct was listlcss and without decided tone
to-day Tho ret cuunees were tuVai 10
most cases ana thc market moved up nd
down within "a narrow range. LONDON
buyng save "a ~ eht upwas0 impe.~a q,
The opening. and thlu prOnt-taking by
yesterdays buycrs drove prices below last
nights level The close was above inc
lowest bnt net changes were mixed Ihc
course o. prices was unsettled aud cou-
ihcing m ono FINAL dealings, some stocks
moving upward AID 9th rs downward
simultaneously and apparently without
manipulation. The whole Of tho iranins
vos by small room traders. and large
operators were apparently content 10
stand uy Toy The present and watch the
course OF things. some Of the stocks W.
notably hrm all das. such as the Reading
and Eric issues. Northern Pacific pre-
fcrrcd, and some of tho southern ana
eouthWcetcru roads. Canadian racine
asc ruled higher. The bank stat ment
was without particular cneci os the con-
diions disclosed had made themselves
felt during che week. The heavy decline
I'm loans indicate liquidation on the Stock
Exchange. but probably does not fuIy
measure Dr. as thc loans which have been
call "a have been Boz part replaced in time
loans and commercial paper Prices OF
ctandord stocks are TO per cent. lower
shan a. WCCE AGO. Declines ln the spcluitL-
tive bond issues arc 1 10 per cent Gov
ernmCut bonds are D. 10 3is per cent.
lower Call money rates have risen from
1is 20 3 pew cent, and exchange has fallen
20 the eola-import point w.tn $2,1j1WO
engaged for shlpm.Ot or ola passage. Inis
tu hrfcf rcprca nts the chunEta ln lhe
financial Situation from last sunday.
Prices Of stocks arc considerably above
the low point 0f Thursday morning. when
the downward plunge took on panic con-
ditOns Tor q time. Tie week uiaSllc
nQu dalon iu The stock market was forced
"..FH
on market poorly supported. because OF
threatening outlook of Cuban quest ON,
and with many orders 20 sell outlying
stocks. these offerings prccipiialeo "a de-
brought a torrent of stock on an already
weak market From technical stand
point the stiff ming OF money rates pre-
cipitatcd the decline. The hlgncr money
rates were in turn due 20 Withdrawals or
currency from New York banks Tor snip
ment 10 interior Competent expert au-
thorities differ as 10 whether this move
ment of money 90 trrlor Is 10 Or Al-
tribufed 90 the operation or regular sprlhE
settlement and is thus 10 meet business
demands or whether 10 is o cautious safe
guard bv interior banks against possi-
bic need growing out OF present coInputa-
tons over cuba. The CUBAN question W tS'
Of course. The direct incentive for very
large offerings or stocks and bonds Dut
the forced iQu dalton was largely aug
monted by the expanding uses Tor mon
m fields other than spr cula n. ! ne 10 10
don market has steadily refused Co take
alarm at our cuban compl cations. and
has persisted in buying American secufl-
tees iu face Of violent declines 80 thelr
prices.
Pr Ces in the bond moiktl nave moNe9
in sympathy wi b stocks. but over "A much
narrower rs 20. ana ON largely oe-
creased volume of business. bacilnfs lh
Coy ruincut bonos are from y 10 "'- t"9
latter the new a r. coupon ..,.
.. 81
Shares including tmrafo bltilnslou d ia
Quincy. 13 IO1. Manhattan. ibiJt Nol'u-
en- Pacific prclD "a, iH''' tu'h lniauu'
4oS. ST. Paul. l@b-u. I % ON IdclIc' -. 4'V'
People Gas. b'', sugar -''"-'' WEST
ern Union 5o-2.
-....,, 80.
MONEY AND LNChANtih money "n
cr' sitI'N at DOT cent. iis. lD"u P,I
cent prime mercantile p.p'I, 800 Pe'
cent. .fr ING rAfhdutt lIntI' WIN ace
tual business bon bankers DIS az 1elhW
ISL ior demand. ana 3l foih TOT p ~.
GAYS posted iat'o NJ. -, a.
@>". rnmm' p. ai ul.i-' tNi 80 "-N'.
ceriucdie~. ' 'ei.t~. paf SHNtt' "''t
i"llIo.o 'ph"7 sled"' "'Nf'"ii''''' JULIUS
uftbUi'i
.-,- ...,..,l-.-,, ,rt lila.
bANh STA hMh4NI - me ehIg d.
pahk stttrW' m SHOVE lh' 10, s G,us
chail. tr. surplus i'H' 80. i'a.iNr' N-''-'
10 lJanr, utcI'haf' fJp 'p ''.'f Hpepl'' 4"-
crease, >-.H-H.tNl. gan tender /decltdAtf
Si4lsAo5 deposits dcerels-' @"io'"y3i
circulation. ocr' 'ast 500 400. The banks
nov hold s22t''.t25 in excess OF the re-
0uircmcrts OF the - per cent rule.
The Imuncier says: Ile statement or
the Associated Banks of New York city
for the week ending February 26ih Us not
as disappout ug iu its showing a5 fad
been anticipated. The events OF the week
made it plain That heavy decreases were
lnfNiitoi,. ana yer. PCS result on ..'' VI
season. ln 1885,, between the latter part
changes fbe banks have reduced thelr
surplus Gag only S2.l23l2'' ah amount
hardly Us large as current engag. ments
oi gold from Europe The actual loss ~
q eel. lld legal tenders was $t4lo. 100 but
this Was part ally offset by an increase
of s. 3j2 200 200 specie. making the net
loss for tho week Sjo6j.1OO The specie
apparently went into half % dozen OF the
larger banks. M 81 int resting 90 note
that of the entire cash reserve of the
New York banks az least - per cent. is
cash was brought about by the heavy
shlpn h'9 '' tn. in .'i1t Gnu I'm 49, - 80