The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-27
SECURITIES ARE DOWN
Stocks | to 6 Points and
Bonds | to 8 IL
SINCE LAST SATURDAY
Call Money Is Up and Ex-
change at import Point

New York, Feb 2s.-Prices Of standard
stocks are from l to points lower than
a week ago. Declines IN the speculative
bond Issues are ] 10 3 per cent. Govern
ment bonds are IL to 8 - per cent lower,
call money rates have risen from 1-2 to
per cent, and exchange has fallen to the
gold import point, with $4,000 900 engaged
for shipment or on passage. This in brief
reports the changes in the financial stu
alton from last Saturday. Prices Of stocks
are considerably above the low point of
Thursday morning, when the downward
plunge took on panic conditions for a time
The weeks drastic liquidation in the stock
market was forced by the marking up Of
cal loans. Coming on a market poorly
supported because of the threatening out
look of the Cuban question, and with
many orders to sell out long stocks, these
offerings precipitated a decline that wiped
out all margins and brought a torrent Of
stock on an already weak market From
a technical standpoint the stifening of
money rates precipitated the decline. The
higher money rates were in turn due to
Withdrawals OF currency from New York
banks for shipment to the interior. The
Cuban question was, of course, the direct
incentive for very large offerings of
stocks and bonds but the forced uquida-
ton was largely augmented by the ex-
panding uses for money In other fields
than speculation. The hardening of
money has been promptly followed by a
fall in exchange and an important move
lnent Of gold. The stock of exchange
available to be thus drawn upon being
estimated all the way from $40 100000 to
$50, 600 900.
The London market has steadily refused
to take alarm at our Cuban complications
and has persisted in buying American
securities in face Of the violent decline
in their prices. This buying had added
materially 10 the stocks Of exchange.
Even the gold movement to New York
has not put stop TO London buying Of
American securities, a result which
usually follows almost Immediately. Large
capitalists and corporations and corporate
interests on the outlook for bargains"
are credited with having absorbed large
lines Of stocks in New York as we'll as
in London. at the low prices reached. As
for the sharp falling of the bonds, a rise
in the money rate is naturally coincident
with a fall ngovernments. For anything,
the banks which became repositories for
the Union Pacific payment TO the govern
nent had to give government bonds as
security and the demand thus created
made record prices for the bonds. Now
the government is Withdrawing Its depos-
its and realizing the bonds to the banks,
thus making them available in the mar
ket. The Irregularities of nc decline in
the bonds points to some such special
cause, the price of the fours registered of
1897 having fallen below that OF the fives.
Prices in the bond market have moved
In sympathy with stocks but over a much
narrower range and on a largely de-
creased volume Of business. Declines in
government bonds are from 4 to So per
cent, the latter the new tours coupon.
FOREIGN STOCKS.
New York, Feb. 26.-The Evening Posts
London financial cablegram says:
The stock markets here were again
better today, but still unsettled. Ameri-
-ans were bought less confidently today.
Money rates have hardened on the further
fall in New York exchange and the con-
.inued American demand for gold. which
raised the price Of bars to rs 924d Two
stock exchange failures were announced
.eday, operators in Grand Trunks and
West Australian mines. It is rumored
hat the Chinese loan will be brought out
here by England. This Is important If
rue. because II means a lookup of money
EARLIER than if an outside bank did it.
also hear a report that the Greek loan
guaranteed by. the powers may be 215
per cent Ioar. and issued at about IS per
sent. hut I can not confirm this
London. Feb 26.-Consols for money,
z 1916; for the account, n2 5-l6
LOANS AND EXCHANGE.
New York. Feb. 26.--Money on call
Der cent: last loan. ,; prime mercantile
oaper. SlL64. Sterling exchange, firmer
NTH actual business in bankers bills at
aSF.G& for demand. and at sASl& for
sixty DAYS; posted rates, 4S3di2 and
fiN5tsa4 Sc. Commercial bills. A.Sla 2.
silver certificates 559sG5e2s. bar silver
81: Mexican dollars. 45i4.
WEEKS EXPORTS AND IMPORTS.
New York. Feb. 2G-The imports at the
sort Of New York for the week were;
Sold. $I35. $50: silver. 81. PSI: dry goods and
general merchandise. 50 39Sl2L The ex-
sorts Of specie were: Gold, $5I2lo: silver
N1a.547.
THE BANK STATEMENT.
New York. Feb 26.-The weekly bank
statement shows the following changes
surplus reserve. decrease s., '29.l25; loans
decrease s.. oS6.So0; specie. increase $2,S25,-
zoo. LEGAL tenders. decrease $1.1S.4oo: de-