The times. [volume] (Washington [D.C.]) 1897-1901, 1898-03-20
THE STOCK MARKET DULL
The Possibility of War Holds Cap
i!al in Cheek.
Weekly Statement of Associated
Banks Shows Unusually Heavy
Liquidation Of Loans.

New York, March f9.-There has been
a further falling off in transactions on
the stock exchange this week, the deal
ings in stock averaging only 100000
a day, and in bonds a little more than
$500, 600 par value. The number OF is
sues dealt in was also smaller than last
week. In both the bond and stock de-
partments the transactions were less
widely distributed than they have been
for long time past. On the other
/ hand. prices for stocks are, as a rule,
materially higher than they were
week ago. The Improvement in bonds
! has not been as pronounced, for the
! reason that the market for the under
/ lying securities of railway and other
corporations has not been affected by
! purely Speculative developments such
/ as an undue expansion of the short in
/ terest in stocks, nor by uncOntlrmed
/ rumors foreshadowing a speedy and
amicable settlement of the Spanish-Cu-
| ban situation. Substantial interests do
not base their operations in securities
/ which, as a rule, are of a permanent
character, upon reports that frequently
/ influence the speculative community,
nor are they deceived by the tenn
porary exhibition of strength that be-
/ trays an oversold condition of the mar
! ket.
The dealings in stocks this week have
been more largely professional than for
a long time past. Two or three opera
tors who apparently became convinced
| that the throwing over Of securities
last Saturday was unWarranted by the
! facts governing actual value, took hold
| of the market in a fOrceful way on
Monday morning, and during the first
half of the week, compelled the short
interest to cover good many stocks.
At the subsequent and logical decline,
a fresh short interest was created,
| which closed a part of it's contracts
yesterday and this morning. The liqui-
dation of speculative long accounts has
been so thorough that the advocates of
lower prices find very little material to
work on in their campaign against
values.
The weekly statement of the associ-
ated banks shows that there has been
unusually heavy liquidation of loans
and, as general business is fairly brisk,
it seems safe to assume that Wall
Street is chiefly responsible for the con-
traction. The current rates for money
are evidence that the liquidation has
not been forced by leaders. AS stocks
! are comparatively scarce both in the
loan crowd and in the general market
there is a good deal of natural curiosity
regarding the reduction of the supply.
Todays stock market was dull and
irregular. The opening was strong.
The prices sold off for a time, only to
rally again in the late dealings chiefly
on the covering of shorts. The short
interest has apparently become as
nervous as the speculative holders Of
stocks We're a week ago, Operators for
both accounts appear to be disposed TO
make no new extensive engagements
until the Spanish Cuban situation is
more definitely defined than at pres
ent. 1t is generally conceded that the
circumstances directly affecting values,
such as the volume Of business that is
being transacted throughout the coun-
try the condition of our foreign trade.
the prices Of staple commodities, and
the immense amount of capital seeking
investment, are favorable to an i'm
prOvement in the market for securities.
The possibility of a conflict with Spain,
however holds capital in check. At the
same time extraordinary disbursements
| by the Government, the extraordinary
foreign demand for breadstuffs and the
resulting transfer of money from Eu-
rope to this country, are stimulating
nearly every industry and keeping the
money market down to a comparatively
| low level