The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-02-27
STOCK MARKET LlS7LESS.
Changes 10 Prices Mere Uusettled
and Conflicting.
RATES FOR CALL MONEY HAVE RISEN
Currency Novlnx from New York 60
the intcricr--Ioudon Buys Our
Securities LtbcraJly.

WV 'ttnt FtbtuNff @u.~~ nv ttpck mufNNI
vas llst'esA and w.,hou. Decided tone today
Tho net changes were trivial in most cases
anu the market moved up and down within a
marrow range. London buying gave slight
Upward irpotus n, the upcuins, ami then
proht taking by yesterdays buyers drove
prices below last nights level. Tho close Was
ABOVE the lowest, but changes were much
mixed The course OF prices was unsettled
ana eonnieting In the Grsl dealings, some
STICKS moving upward and others downward
simultaneously and apparently without ma
niru,etton, The whole OF tho trading was
oy small room traders. aud tho opsratora
wers content to stand ny COR the proeen, aud
watch the course Of things. Some stocks wsY,
notably arm all day. such MS the Readns aua
hric Issues, Northern Pacific rrcfergea ASA
some OF the Southern and Southwestern rcaas.
inc bank statement was without psrticu sr
eject as the conditions disclosed hal maze
,htn,folNcs tclt during the week. The 6cnxv
decrease In lnnns Indicated liluldatinn a \ mo.
stock eNclapee Tut prnhatly Go,5 ,io. ttliy
Menture II, as the loans witch have been
ioa,,s and commercial paper
frices or standard etocha are lflG potnts
lower than q week ago, declines In the succu.
, ,aMSe ISSUES helns efs pCr cent Government
bonds ara is5ISg per cent lower. Cali money
iatcs have risen M6fs per cent and exchange
has fallen TO this Koli Importing point. with
s-lspe,vN cnga Cd fer shipment or on pms.
saNe. Ihis IN brief ianres,nts the changes IN
the financial situation from last snturtsv.g
rieca Of stcciss are considerably above the
low Point Of Thursday morning WHOM the
downward plunge took on panic conditions FOR
q tihe. the weoks drastic liquidation In
the stock market WAS forced by the marking
up OF call loans Coming on a market bontiy
tuppertsd because Of the threatening OUTLOOK
OF the Cuban situation. nmd With many nr6tre
TO sell out stocks these cserlngs precipitated
a uecithc that wiped out all margins nnd
market.
From a technical stnuapoint thu stiffej,lng
OF money rates prccipitatad decline. l'he
n'EHer money rates were In turn due 10 with
draWhls of currency from New York pantp
FOR shipment TO the interior Comp.utilt os-
per. authorities dffer as Ia mAetnpy tnis
movement OF money to the Interior IN tn he
nuiitrted 20 the preparation Tor the rognia.
aIiinB settlement and Ii titus 10 meet regu-
lar business demands, or whether II ~ u .tni-
u0ub sategu0rdng by Interior banks ara!nat
ptssibe need growing out OF the prnsent
complications over Cubn. An against the ,af-
ter View IL Is 10 be considered that Interior
hAnts ARE permitted by law to count ~ as
IN tncr leRnl reserves a eertnin proportion or
money which is on dopneit IN Now York lonla
DESIGNATED as deposlto,ios the same rs though
II wore In their own vaults II IL alsn true
thht there In an increasing amount q, COM
mefrlai paper offering ut intlri1r fuanf,s.
contcrs, rejecting growing demand ,or
meney for husineas purposes, aud domestic
exchange nj interior points has been against
New York. The Cuban question WAX, nf
course. the direct Incentive for very iarg. OF.
fefings Of stocks and honda, hut tho Forced
liqerHtion was lnrgciy augmented by the cx.
parolne uees for money In aclea nther thnn
speculation. The hardening OF money tns
hHon promptly followed by n fall IA rxrhang-
and MI import movement OF gold. ibn ;'orh
OF exchange available 10 be thus sisldrBNn
being ohtimated All tho way from S'9oao,l0C 10
$50. 0ri 01O.
'rrs London mnrkct hns staadiiy refused 10
talis alarm AT our Cuban rompl', Etinus and
has persisted In buying American Fpcuiiitci
IN the face Of the violent dc iiire ~ iuei
priete This bushes added nla'oitai.v Ia tho
stocks OF exchange, Even the soil inoro.i NJ
10 New York has not put SOP In LonInn
bus ms Of American securities, result aiiipi
usnnliy follows almost Immediately large
capitalists and corporate interests on the TOOK.
ou' Tor hareHips are credited with having az
so 'ed large linee ~ stncka, 10 Ne " York as
VOL ns IN London At tho low pricrg rcae.,rd
As for the sharp fall In goyefan,' II inrds.
q rise IN the money rate Is nathnlly ooln,l.
dent With a fall In government bonds. iff
another thing, the banks which became de-
noeitories Of the Union Pacific payment 10 tho
government had to give government bonds M
security and the demand thus created made
record prices for the bonds. Now the EDverr-
men, IL Withdrawing itE depo1ltH nnd releasing
the bonds to tho bRnltE thus making thoin
available In the market The irreRularity OF
the decline Of the bonds points to some such
sIerinl pnhEe, the price Of the registered sonrs
OF 1907 having fallen below that OF the fyos
Prices In the bond market have moved IN
sympathy with stocks, but over riurh bnr-
ruwtr range and on q largely decreased Y'ii-
utno NJ busiDHss. Declines In government
bends are 2MsM per cent, the latter II ms
nov fcurs coupons.
Iiy private wire 10 Carrlii & Ninhnrdsont