The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-27
PrOfit-taking Drove Prices Below
Fridays Level.
REVIEW OF THE WEEK
SOME EXPLANATIONS OF DRAS-
TIC LIQUIDATION.
Views of Experts On the Movement
of Money From New York to the
Interior-London's Persistence In
Buying American Securities In
Face of Decline.

New York, Feb. 2s.-The stock market
was hstless and without decided tone to-
day. The net changes were trivial in most
| cases and the market moved up and down
within narrow range. London buying
gave a slight upward impetus at the
opening and then profit-taking by yester-
days buyers drove prices below last
nights level. The close was above the
lowest, but net changes were much
mixed. The course of prices was IN
settled and conflicting in the final deal
ings. some stocks moving upwards and
others downwards simultaneously and ap-
parently without manipulation. The whole
of the trading was by small room trad
ers and large operators were apparently
content to stand by for the present and
watch the course of things. Canadian
Pacific ruled higher. Northern Pacific
preferred was notably firm all day.
WITHOUT EFFECT.
The bank statement was without par
ticular effect, as the conditions disclosed
had made themselves felt during the
week. The heavy decrease in loans indi-
Gates liquidation on the stock exchange,
but probably does not fully measure it, as
the loans which have been called have
been in part replaced in time loans and
commercial paper.
Prices of standard stocks are l to 6
points lower than week ago. Declines
IN the speculative bond issues are ! to 3
per cent; government bonds are ~ to 31a
per cent lower; call money rates have
risen from IL to per cent and exchange
has fallen 10 the gold import point, with
s., 100000 engaged for shipment or in pas
sage. This, in brief represents the
changes in the financial situation from
last Saturday.
DRASTIC LIQUIDATION.
Prices of stocks are considerably above
the low point of Thursday morning, when
the downward plunge took on panic con-
liquidation in the stock market was
forced by the marking up of call loans.
Coming on a market poorly supported be-
cause of the threatening outlook of the
Cuban question, and with many orders TO
see out long stocks. these offerings pre-
cipitated a decline that wiped out all mar
gins and brought a torrent of stock on
an already weak market From teen
meal standpoint the stiffening of money
rates precipitated the decline. The higher
money rates were in turn due TO with
drawals of currency from New York
banks for shipment to the interior.
Competent expert authorities differ as
to whether this movement of money TO
the interior is to be attributed to the
preparation for the regular spring settle
ment and is thus to meet regular bust
ness demands or whether it is a cautious
safeguarding by interior banks against a
possible need growing out OF present
complications over Cuba. AS against the
latter view. il is to be considered that
interior banks are permitted by law to
count as in their legal reserves certain
proportion of money that is on deposit
in New York banks designated as de-
positories. the same as though it We're in
their own vaults. 1t is also true that
there is an increasing amount of CONNER
cial paper offering at interior financial
centers.
LONDON. BUYING.
The London market has persisted in
buying American securities in face of the
violent decline in prices. Even the gold
the way from SO. co., coo to $50 Ge0. 600. has /
not put stop to London buying of Amer |
lean securities. a result which usually |
follows almost Immediately. sarSe CAP
italists and corporate interests on the
lookout for bargains are credited with /
having absorbed large lines of stocks in /
New York as well as in London at the |
low L prices reached.
FALL IN BONDS.
AS for the sharp falling of the bonds, /
a rise in the money rate is naturally CO. /
incident with a fall in governments. The 1
banks which became repositories for the |
Union Pacific payment 10 the govern
ment had to give government bonds as
security and the demand thus created |
made record prices for the bonds. Now
he government is Withdrawing its de-
Dosits, and reissuing the bonds to the
banks. thus making them available in the
MONEY MARKET.
Money on call, steady. per cent; last
oan. ?. Prime mercantile paper. 3l5N4
Der cent. Sterling exchange, firmer, with
,ctual business in bankers bills at 4-S4li
a. S4s. for demand and 4/iSs for 60. days
Posted rates. 4.S3Gf4. S3is and 4.S5l2GI4.S6
Commercial bills. 4.S1lh.
Silver certificates. 55$sd563s. Bar silver,
81. Mexican dollars. 45h
State bonds quiet. railroad bonds
teady. government bonds irregular; new
s registered, 1914; new As coupon. 124A;
s registered ILL.,; As coupon, 11219; 2s
egistered. 9eia; IS registered and coupon.
y: Pacific SIS of 49, 1927.
SALES OF STOCKS.
Total sales of stocks today. 17S,4OO
hares. including: 10. 7O5 c.. 3. & Q. $3.50
!. & N 1875 Manhattan, 1880 Metronol-
tan 1890 Reading preferred. 40i5 New
FORK Central. 1880 Northern Pacific pre-
erred $500 Rock Island. IS 800 st. Paul.
$50 Union Pacific $685. Peoples Gas, 81
p Sugar 3.SS2 leather preferred, 1854
Western Union.
BOND QUOTATIONS.